According to a new report, published by KBV research, The Global Privileged Access Management Solutions Market size is expected to reach $16.9 billion by 2030, rising at a market growth of 21.1% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 23.7% during (2023 - 2030). This segment is expanding due to the services' ability to safely connect privileged users to important systems, programs, files, and networks. They give privileged accounts complete visibility and control while enforcing strong authentication, allowing administrators to demand Multi-Factor Authentication (MFA) before access is granted.
The On-premises segment acquired maximum revenue share in the Global Privileged Access Management Solutions Market by Deployment Mode in 2022 thereby, achieving a market value of $10.3 billion by 2030. This is because businesses only have to pay for user licenses once with an on-premise solution, their Total Cost of Ownership (TCO) may be lower than it would be with a cloud-based system. With on-premises PAM solutions, organizations have complete control over configuration, enhancements, and system modifications.
The Small & Medium Enterprises (SMEs) segment has shown the growth rate of 22.8% during (2023 - 2030). This is because a secure, robust password vault helps SMEs defend themselves from account compromise and, most importantly, insider threats. One of the most crucial aspects of this solution is ensuring that the platform is user-friendly, with no obstacles to account access. Additionally, the solution must be fast and simple to deploy, as SMB organizations have significantly fewer resources than larger teams.
The Government & Public Sector segment is leading the Global Privileged Access Management Solutions Market by Vertical in 2022 thereby, achieving a market value of $4.3 billion by 2030. This is because a cybercriminal or malevolent insider can access personally identifiable information, government intelligence, and other sensitive data with the proper government and public sector credentials. National security is jeopardized by their ability to escalate privileges and move laterally across systems to close down public communications, infrastructure, and supply chains.
The North America market dominated the Global Privileged Access Management Solutions Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.7 billion by 2030. The Europe market is exhibiting a CAGR of 20.3% during (2023 - 2030). Additionally, The Asia Pacific market would showcase a CAGR of 22.1% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/privileged-access-management-solutions-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
By Vertical
By Geography
Companies Profiled
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