The North America Privileged Access Management Solutions Market would witness market growth of 19.6% CAGR during the forecast period (2023-2030).
Privileged access management solution is made to keep users', accounts', processes', and systems' elevated access and permissions secure within an organization. Furthermore, privileged account management uses credentials like passwords, keys, and secrets to restrict user access. Privileged access management stores credentials in a secure vault to manage a user's permitted access to and safeguard the IT environment.
These solutions aim to provide security audits, manage, and oversee all activities related to privileged accounts in an organization. Privileged access management has an extensive variety of applications in the public, corporate, and healthcare sectors to ensure that information environments are secure. Furthermore, the rise of hybrid and multi-cloud computing in leading businesses has increased the need for cybersecurity tools like privileged access control systems. All of these factors create growth opportunities in the market for privileged access control solutions.
Because the possibility of insider assaults causing data breaches has increased, the market is anticipated to grow within the given time frame. Furthermore, the market is also anticipated to be driven by an increase in the demand for security and efficiency improvements within organizations. Additionally, the increased frequency of cyberattacks on various end-use industries is anticipated to be advantageous for market expansion. Given these aspects, the market is predicted to increase rapidly in the coming years.
With most businesses reporting that they were the subject of cyberattacks in the previous year, cyber security concerns are growing in Canada. As a result, government and commercial organizations are extremely concerned about cyber security. The Canadian government has endorsed the National Cyber Security Plan. The 2019–2024 National Cyber Security Action Plan (NCSAP) provides information on financing and implementing cyber security. With $382,6 million spread over five years and $82 million continuing, funding started in 2018. This strategy is in response to increased cyberattacks targeting commercial and government entities in Canada. This will drive regional market expansion.
The US market dominated the North America Privileged Access Management Solutions Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,104.7 million by 2030. The Canada market is poised to grow at a CAGR of 22.3% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 21.2% during (2023 - 2030).
Based on Component, the market is segmented into Solution (Identity Management, Access Management and Session Monitoring & Management) and Services. Based on Deployment Mode, the market is segmented into On-premises and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on Vertical, the market is segmented into Government & Public Sector, BFSI, Retail & E-commerce, Energy & Utilities, Telecom & IT, Manufacturing, Healthcare & Life Sciences and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Privileged Access Management Solutions Market is Projected to reach USD 16.9 Billion by 2030, at a CAGR of 21.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ARCON, One Identity LLC (Quest Software, Inc.), BeyondTrust Corporation, Broadcom, Inc., Delinea Inc. (TPG Inc.), CyberArk Software Ltd., Bravura Security, Inc (Volaris Group Inc.), Iraje Inc, Kron Teknoloji A.S. and WALLIX GROUP.
By Component
By Deployment Mode
By Organization Size
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