Privileged identity management (PIM) accounts are secured, managed, audited and rotated to ensure stringent security measures are in place against the potential data breaches through unauthorized access. It helps organizations to secure and keep a track of network access and warns the system security professionals of any potential attempts to enter the sensitive information technology network of the organization. Privileged identity access management market is expected to witness significant growth during the forecast period on account of growing need for deploying stringent security management solutions for securing IT infrastructure of organizations, worldwide.
North America is expected to account for the largest share in the global market for privileged identity access management owing to increasing cybersecurity concerns among organizations in the region. Asia-Pacific is likely to render potential growth opportunities in the privileged access management market as a result of widespread presence of IT systems infrastructure in the region. Moreover, the increasing trend of digitization of significant business processes in Asia-Pacific countries are few other factors to which the potential growth in the PIM market can be attributed.
It has been observed that cloud-based privileged identity management systems are gaining popularity and are the most preferred choice among customers. Ease of use and compatibility of PIM systems are the most important selection parameters for customers to choose from a wide range of vendors offering similar products. In addition, Software-as-a-Service (SaaS)-based PIM solutions are also in great demand by customers owing to the offered provisions of pay-per-model, automated updates and instant access to users. It is therefore expected that SaaS-based PIM solutions would hold a sizable share in the privileged identity management market during the forecast period.
Privileged identity management provides protection against advanced cyber threats such as zero-day attacks, where conventional security solutions may fail. Accelerated response to cyber threats and capabilities to work with existing security framework make the deployment of privileged identity management systems more convenient for organizations, thereby driving the PIM market growth.
Privileged identity management aids in increasing employee productivity, with single sign-in and federated identities implementations on multiple applications. With application of PIM solutions, employees can overcome the problems related to multiple logins for number of different business processes. This further pushes the organizations towards adopting privileged identity management solutions in a bid to achieve higher business outcomes, thereby driving the PIM market growth.
The growing need to comply with executive regulatory requirements, increasing number of IT infrastructure administrators are deploying PIMS solutions, which help them in addressing the adverse audit findings resulting in implementation of better credentials and risk management. Moreover, the PIMS market growth is expected to be majorly driven by the demand from financial services industries owing to their critical security requirements. The growing adoption of BYOD by organizations has also resulted in augmented demand for adoption of PIM solution.
The key players operating in privileged identity management market include ARCON, Balabit, BeyondTrust, Bomgar Corporation, CA, Inc., Centrify, RSA, Core Security, Cyberark, Hitachi-ID, IBM Corporation, Iraje, Lieberman Software, MANAGEENGINE, MICROFOCUS, NRI SecureTechnologies, ObserveIT, Onion ID, Oracle Corporation, Osirium, Quest Software, Silverlake Mastersam, Simeio Solutions, Thycotic, Wallix, and Wheel Systems. The marketplace is observed to have been highly competitive owing to the presence of large number of IT security solution providers. The companies often enter in partnerships to deliver more advanced and comprehensive technologies in a bid to augment their dominance in the marketplace.
For instance, in March 2017, Liberman Software and RSA, two of the major vendors in the PIM market, entered in a partnership to develop an interoperable security solution. The interoperable security solution combines Lieberman' Privileged Access Management(PAM) product, Rapid Enterprise Defence (RED) Identity Management, with the RSA’s Identity Governance and Lifecycle platform. The innovative interoperability helps organizations control and manage privileged user access and end user access to data, applications and systems across the enterprise, through single comprehensive identity governance platform.