According to the report published by Allied Market Research, the global privileged access management solutions market generated $2.47 billion in 2020, and is expected to garner $19.73 billion by 2030, witnessing a CAGR of 23.1% from 2021 to 2030. The report offers a detailed analysis of changing market trends, key segments, key investment pockets, value chain, regional scenario, and competitive landscape.
Increase in cyber-attacks due to internal threats, need to optimize enterprise efficiency, and rise in government regulations to adopt cybersecurity practices drive the growth of the global privileged access management solutions market. However, lack of sufficient knowledge about emerging security risks hinders the market growth. On the other hand, surge in digitization and adoption of privileged access management services present new opportunities in the future.
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The report offers detailed segmentation of the global privileged access management solutions market based on offering, deployment model, enterprise size, industry vertical, and region.
Based on deployment model, the on-premise segment accounted for the highest share in 2020, holding more than two-thirds of the total share, and is estimated to maintain its leadership status during the forecast period. However, the cloud segment is expected to register the largest CAGR of 25.5% from 2021 to 2030.
Based on industry vertical, the government & public sector segment held the highest share in 2020, accounting for around one-fourth of the global privileged access management solutions market, and is estimated to maintain its lead position during the forecast period. However, the energy & utilities segment is expected to witness the fastest CAGR of 26.4% from 2021 to 2030.
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Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is projected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 25.4% during the forecast period.
Leading players of the global privileged access management solutions market analyzed in the research include Arcon, Balabit Corporation, Beyondtrust, Inc., Ca, Inc., Centrify Corporation, Cyberark Software Ltd, Hitachi ID System Inc., Iraje Software, Krontech, Inc., and Wallix are provided in this report.
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Key Findings of the Study –
- In 2020, the government & public sector segment accounted for maximum revenue and is projected to grow at a notable CAGR of 21.5% during the forecast period.
- The large enterprises segment of the privileged access management solutions market is projected to grow at a CAGR of 22.6% during the forecast period.
- Asia-Pacific contributed major share in the privileged access management solutions market, accounting for more than 26.1% share in 2020.
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