Privileged Identity Management Market - Introduction
- Privileged identity management (PIM) is an identity management capability that focuses in the management of privileged access. PIM is an information management and governance tool that helps businesses to meet the compliance regulations, which results in avoiding data breaches caused by privileged account misuse.
- Increase in usage of IoT is a prominent factors that is projected to drive the demand for privileged identity management during the forecast period. PIM focuses on identifying individuals and monitoring access to various types of data, such as sensitive data, non-sensitive data, or device data. PIM also safeguards an organization from data breaches and malicious activities that occur in the organization from unauthorized users.
Key Drivers of the Privileged Identity Management Market
- Increasing cyber threats is a prominent factor drives the demand of the privileged identity management in the coming future. For instance, according to the Center for Strategic and International Studies (CSIS) and McAfee which includes lost property intellectual property, stolen money, theft data damage and degradation, stolen money, lost property, intellectual property theft, and other fields would costs approximately US$ 600 billion a year, globally. It represents 0.8% of the global GDP.
- However, high implementation and maintenance cost hamper the privileged identity management (PIM) market
- The rising in cybersecurity threats in the various sectors such as IT & telecom, e-commerce, healthcare, is also a major factor that is estimated to drive the demand for privileged identity management in the coming future. Privileged identity management technologies enable businesses to boost their efficiency, which help reduce IT costs and ensures meeting government compliance. Furthermore, rise in adoption of logical and physical securities solutions in the financial sector is another factor that is likely to propel the demand for privileged identity management in the near future.
- However, lack of awareness and technical expertise in developing economies is expected to hamper the privileged identity management market
Impact of COVID-19 on the Global Privileged Identity Management Market
During pandemic situation, global economic face an economic slowdown around the world. Owing to this fact, most of the manufacturing and processing sector has been temporarily halted in the period of covid-19. In most nations, businesses have shifted to work from home concept. As a result it positively impact the demand of privileged identity management industry.
The internet ecosystem has become increasingly important around the world. Rising internet penetration in various sectors such as education, energy and infrastructure, and manufacturing sectors, transportation and logistics, BFSI, retail, healthcare, public sector, results in increasing demand for security solutions which helps these sectors to secure customer data from theft.
North America Accounts for Dominant Share of Global Privileged Identity Management Market
- North America holds a prominent share of the global privileged identity management are market. Rise in government compliance is a key factory that boosts the market. For instance, in 2017, according to the National Conference of State Legislatures, 42 states in the U.S. introduced 240 bills related to cybersecurity in order to fix cybersecurity concerns. States around the country are expected to resolve cybersecurity issues through various programs under this regulatory bill. Furthermore, numerous federal agencies in the U.S. have implemented stringent authentication standards for their employees to access government IT infrastructure and networks, such as hardware-based personal identity verification cards, which in turn is fueling the market.
- The Asia Pacific privileged identity management (PIM) market is expected to expand at a notable CAGR during the forecast period. Furthermore, rapid technical innovations, digitalization, and considerable expansion of SME businesses are key factors that drive the demand for privileged identity management in developing economies.
Key Players Operating in Global Privileged Identity Management Market
Companies active in providing privileged identity management are increasingly spending on research and development, which in turn is expected to increase the demand for privileged identity management in the next few years. The market is diversified with the presence of numerous manufacturers across the globe. Key players operating in the global privileged identity management market include:
- Microsoft Corporation
- Ping Identity Corporation
- Amazon Web Services
- HashiCorp, Inc.
- CyberArk Software Ltd.
- Foxpass, Inc.
Global Privileged Identity Management Market: Research Scope
Global Privileged Identity Management Market, by Component
- Managed Services
- Consulting Services
- Implementation Services
Global Privileged Identity Management Market, by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Global Privileged Identity Management Market, by End-user
- Logistics and Transportation
- Media and Entertainment
- IT & Telecom
Global Privileged Identity Management Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Service Software Management
- Software Management
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.