Privileged Identity Management (PIM) Market Size, Share, Growth, and Industry Analysis, By Type (Software Licenses and Services), By Downstream Industry (Large Enterprise, Small and Medium Enterprises, Government Organizations and Other), and Regional Forecast to 2032

Updated On: 22 November 2024

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PRIVILEGED IDENTITY MANAGEMENT (PIM) MARKET OVERVIEW

The Privileged Identity Management (PIM) Market Size was US$ 1221.2 Mn in 2023 and is projected to touch US$ 14473.28 Mn By 2032, Exhibiting a CAGR of 28.05% During the Forecast Period.

Privileged identity operation (PIM) refers to information security and governance tool that assists associations in precluding data breaches via privileged accounts. It's also used for covering sessions of privileged users, managing credentials of the participated accounts and securing remote access over bias. It also acts as a safe word operation result that controls executive operations in a database. It enables the associations to cover in- and out- premise threats by centrally handling and reviewing the use of privileged access credentials across platforms. Owing to this, it finds expansive operations across various diligences, including banking, financial services and insurance (BFSI), defense, healthcare, manufacturing, information technology (IT) and telecommunications.

The Privileged Identity Management (PIM) Market is expected to experience significant growth driven by increasing cybersecurity concerns, regulatory compliance requirements, and the necessity for enhanced access controls. The market is segmented by type into software licenses and services, and by downstream industries, including large enterprises, small and medium enterprises, and government organizations. Regional forecasts suggest rising demand in North America, Europe, and Asia-Pacific due to the proliferation of cyber threats and the growing awareness of identity management solutions.

GLOBAL CRISES IMPACTING PRIVILEGED IDENTITY MANAGEMENT (PIM) MARKET - COVID-19 IMPACT

"Privileged identity management (PIM) Industry had a positive Effect Due to increased demand during COVID-19 Pandemic"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Epidemic has led to increased cybersecurity threats and enterprises, creating a higher demand for Privileged Identity Management (PIM) results in the market. Companies are feting the significance of securing privileged access to their sensitive data and systems, driving the growth of the PIM market. As associations decreasingly prioritize cybersecurity measures, the PIM market is anticipated to witness significant growth post-pandemic. Diligence similar as finance, healthcare, and government, which handle sensitive information, are likely to be the major donors of this growth, as they seek to enhance their security measures in the face of evolving threats.

LATEST TREND

"Integration with Security Information and Event Management (SIEM) Tools to Drive Market Growth"

Recent traits inside the privileged identity management (PIM) industry include integration with security information and event management (SIEM) tools. The integration of PIM solutions with SIEM tools enables organizations to correlate privileged identity activities with security events, enhancing threat detection and response capabilities. This integration provides comprehensive visibility into privileged account activities and helps identify potential security incidents.

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PRIVILEGED IDENTITY MANAGEMENT (PIM) MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Software Licenses and Services

• Software Licenses: Privileged identity operation results include features similar as word operation, session operation, access control, and identity governance, enabling associations to manage and secure privileged accounts effectively.

• Services: Privileged identity operation services encompass perpetration and integration, consulting, training and support, and managed services, offering associations moxie and backing in planting and managing PIM results.

BY DOWNSTREAM INDUSTRY

Based on downstream industry, the global market can be categorized into Large Enterprises, Small and Medium Enterprises (SMEs), Government Organizations and Others

• Large Enterprises: Large enterprises with complex IT surroundings and a advanced number of privileged accounts bear comprehensive PIM results to manage and secure their privileged individualities effectively.

• Small and Medium Enterprises (SMEs): SMEs are increasingly adopting PIM solutions to protect their critical assets and sensitive data from cybersecurity threats. PIM solutions tailored for SMEs offer simplified deployment ease of use, and affordability.

• Government Organizations: Government associations play a pivotal part in public administration, policy perpetration, and service delivery. They insure societal stability, uphold laws, and promote profitable development, frequently uniting with various stakeholders for effective governance.

• Others: The PIM market like e-commerce, retail, manufacturing, and logistics. It enhances product data operation, improves client experience, optimizes force chains, and drives deals through streamlined information dispersion and integration.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Increasing deployment of cloud-based services to improve operational efficiencies of the organizations to boost the Market"

A factor in the Privileged Identity Management (PIM) Market growth is the rising deployment of cloud based services to improve operational efficiencies of the organizations. As businesses transition to cloud results, they profit from bettered scalability, inflexibility, and cost- effectiveness, allowing them to streamline processes and reduce outflow costs. Cloud- based services grease real- time collaboration and data availability, empowering brigades to work more efficiently. This shift not only optimizes resource allocation but also enables associations to respond fleetly to market demands, further driving the relinquishment of cloud technologies and contributing to overall market expansion.

"Increasing instances of cyberattacks and data thefts in organizations to Expand the Market"

The increasing instances of cyber attacks and data thefts in organisation are another key aspect of the Privileged Identity Management (PIM) Market. As businesses face heightened pitfalls to their sensitive information, the demand for robust security results is surging. Organizations are prioritizing investments in advanced cybersecurity measures to guard their data and maintain client trust. This growing mindfulness of the need for comprehensive protection against cyber pitfalls is driving market growth, as companies seek to apply effective strategies to alleviate pitfalls and enhance their security posture.

RESTRAINING FACTOR

"High cost of advanced innovative technologies with high implementation cost"" to Potentially Impede Market Growth"

The high cost of advanced innovative technologies poses a significant restraining factor for the growth of the Privileged Identity Management (PIM) Market. Organizations frequently face substantial perpetration costs, which can discourage investment in these essential security results. Budget constraints may lead businesses to prioritize other areas over PIM, limiting their capability to borrow necessary safeguards against cyber pitfalls. also, the complexity of integrating advanced technologies can further complicate costs, making it challenging for lower enterprises to contend and completely influence PIM capabilities.

OPPORTUNITY

"Increasing need for organizations to secure their critical assets and comply with regulatory requirements to Create Opportunity for the Product in the Market"

The opportunity in the Privileged Identity Management (PIM) Market is substantial, driven by the increasing need for organizations to secure their critical assets and comply with regulatory requirements. Factors contributing to this growth include the rising number of cyber attacks targeting privileged accounts, the expanding digital transformation initiatives, and the emphasis on identity governance and security. Moreover, the PIM market is benefitting from trends such as cloud adoption, the shift towards remote work, and the integration of advanced technologies like AI and machine learning for threat detection and response. As businesses continue to prioritize their cybersecurity framework, investments in PIM solutions are likely to increase.

CHALLENGE

"The PIM affecting the convenience of end-users Could Be a Potential Challenge for Consumers"

The impact of Product Information operation (PIM) on the convenience of end- users is poised to be a significant challenge for the privileged identity operation market during the cast period. As associations strive to enhance stoner experience while maintaining strict security protocols, balancing convenience with robust identity operation becomes pivotal. Users may repel complex authentication processes that hamper their access to essential services. Accordingly, merchandisers must introduce and develop results that streamline user relations without compromising security, addressing this critical challenge effectively.

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PRIVILEGED IDENTITY MANAGEMENT (PIM) MARKET REGIONAL INSIGHTS

• NORTH AMERICA

The region dominates the Privileged Identity Management (PIM) Market share, primarily due to the presence of major crucial players and their commitment to invention in security results. The high relinquishment of advanced security measures is essential for guarding critical structure and sensitive data from evolving pitfalls. Organizations are increasingly investing in comprehensive security fabrics that encompass both physical and digital means. This visionary approach not only enhances overall security posture but also fosters trust among consumers and stakeholders, further solidifying the region's leadership in the market.

• EUROPE

 European countries are passing a rising demand for Product Information operation (PIM) results, largely driven by strict data protection regulations similar as the General Data Protection Regulation (GDPR). These regulations impel businesses to prioritize data security and compliance, leading to an increased focus on effective data operation systems. Also, the growing number of cybersecurity incidents has heightened mindfulness among associations about the need for robust results to cover sensitive information. As a result, PIM results are getting essential for businesses in Europe.

• ASIA

The region is witnessing rapid growth driven by heightened mindfulness of cybersecurity threats and the ongoing digital metamorphosis of businesses. As associations increasingly fete the significance of securing their data, investments in cybersecurity measures are surging. Also, the relinquishment of cloud- grounded Product Information operation (PIM) results is gaining traction in arising economies similar as China and India. This shift not only enhances functional effectiveness but also supports businesses in managing their product data more effectively, further fueling growth in the region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Key enterprise players are shaping the Privileged Identity Management (PIM) Marketplace through strategic innovation and marketplace growth. These agencies are introducing superior milling strategies to beautify the fine and nutritional profile. They are also increasing their product traces to include specialized versions like organic and vertical farming, catering to various purchaser preferences. Additionally, they may be leveraging virtual systems for greater market reach and distribution performance. By making an investment in research and improvement, improving delivery chain managements, and exploring new regional markets, those players are riding a boom and setting traits within the privileged identity management (PIM) enterprise.

LIST OF TOP PRIVILEGED IDENTITY MANAGEMENT (PIM) COMPANIES

• Thycotic (U.S.)
• Core Security (Georgia)
• BeyondTrust (U.S.)
• Dell (U.S.)
• Bomgar Corporation (U.S.)
• IBM (U.S.)
• CyberArk (U.S.)
• ARCON (U.S.)
• CA Technologies (U.S.)
• NetIQ (U.S.)
• Centrify Corporation (U.S.)
• Iraje (India)
• NRI SecureTechnologies (U.S.)
• Balabit Corp (U.S.)

KEY INDUSTRIAL DEVELOPMENT

September 2024: Dell Technologies and Red Hat Announce Collaboration to Fuel Open Source AI Workloads on Dell PowerEdge and Red Hat Enterprise Linux AI. Dell Technologies and Red Hat, Inc., the world's leading provider of open source solutions, are bringing Red Hat Enterprise Linux AI (RHEL AI), a foundation model platform built on an AI-optimized operating system that enables users to more seamlessly develop, test and deploy artificial intelligence (AI) and generative AI (gen AI) models, to Dell PowerEdge servers. This joint effort establishes RHEL AI as a preferred platform on the Dell PowerEdge R760xa server. This collaboration helps organizations more readily implement successful artificial intelligence and machine learning (AI/ML) strategies to scale their IT systems and power enterprise applications across their businesses. Dell and Red Hat are providing a more consistent AI experience on optimized, AI-enabled hardware solutions, all delivered on the trusted platform of RHEL AI on Dell PowerEdge. 

REPORT COVERAGE

The Study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.