Privileged Access Management Solutions Global Market Opportunities and Strategies to 2033

This report describes and explains the privileged access management solutions market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global privileged access management solutions market reached a value of nearly $3.1 billion in 2023, having grown at a compound annual growth rate (CAGR) of 24.66% since 2018. The market is expected to grow from $3.1 billion in 2023 to $10.5 billion in 2028 at a rate of 27.50%. The market is then expected to grow at a CAGR of 28.25% from 2028 and reach $36.3 billion in 2033.

Growth in the historic period resulted from growing, remote workforce, increase in privileged insider threats and rise in government initiatives. Factors that negatively affected growth in the historic period were complications in new solutions’ adoption.

Going forward, escalation of cybersecurity threats, increased adoption of cloud services, increasing integration with IOT and growing demand for E-commerce will drive the growth. Factor that could hinder the growth of the privileged access management solutions market in the future include low adoption.

The privileged access management solutions market is segmented by offerings into solution and service. The solution market was the largest segment of the privileged access management solutions market segmented by offerings, accounting for 68.1% or $2.1 billion of the total in 2023. Going forward, the service segment is expected to be the fastest growing segment in the privileged access management solutions market segmented by offerings, at a CAGR of 36.10% during 2023-2028.

The privileged access management solutions market is segmented by deployment into cloud and on-premise. The on-premise market was the largest segment of the privileged access management solutions market segmented by deployment, accounting for 64.9% or $2 billion of the total in 2023. Going forward, the on-premise segment is expected to be the fastest growing segment in the privileged access management solutions market segmented by deployment, at a CAGR of 28.16% during 2023-2028.

The privileged access management solutions market is segmented by enterprise size into small and medium enterprises and large enterprises. The large enterprises market was the largest segment of the privileged access management solutions market segmented by enterprise size, accounting for 68.7% or $2.1 billion of the total in 2023. Going forward, the small and medium enterprises segment is expected to be the fastest growing segment in the privileged access management solutions market segmented by enterprise size, at a CAGR of 28.28% during 2023-2028.

The privileged access management solutions market is segmented by end-user into healthcare, BFSI, government, energy and utilities, manufacturing, retail, IT and telecom and other end-users. The BFSI market was the largest segment of the privileged access management solutions market segmented by end-user, accounting for 23.8% or $737.76 million of the total in 2023. Going forward, the retail segment is expected to be the fastest growing segment in privileged access management solutions market segmented by end-user, at a CAGR of 36.86% during 2023-2028.

The privileged access management solutions market is segmented by application into Windows, Unix and Linux, Mac OS and infrastructure devices and IoT. The Windows market was the largest segment of the privileged access management solutions market segmented by application, accounting for 72.6% or $2.2 billion of the total in 2023. Going forward, the Unix and Linux segment is expected to be the fastest growing segment in the privileged access management solutions market segmented by application, at a CAGR of 33.93% during 2023-2028.

North America was the largest region in the privileged access management solutions market, accounting for 37.3% or $1.2 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the privileged access management solutions market will be Asia-Pacific and South America where growth will be at CAGRs of 35.24% and 28.92% respectively. These will be followed by Middle East and North America and where the markets are expected to grow at CAGRs of 29.07% and 28.23% respectively.

The global privileged access management solutions market is concentrated, with a few large players operating in the market. The top ten competitors in the market made up 46.31% of the total market in 2022. Broadcom Inc. was the largest competitor with a 18.30% share of the market, followed by International Business Machines Corporation with 9.99%, Okta, Inc. with 7.94%, Fortinet, Inc. with 7.02%, CyberArk Software Ltd. with 5.67%, Wallix with 4.64%, Volaris Group Inc with 0.89%, ManageEngine with 0.75%, BeyondTrust Corporation with 0.49% and One Identity LLC with 0.43%.

The top opportunities in the privileged access management solutions market segmented by offerings will arise in the solution segment, which will gain $3.7 billion of global annual sales by 2028. The top opportunities in the privileged access management solutions market segmented by deployment will arise in the on-premise segment, which will gain $5 billion of global annual sales by 2028. The top opportunities in the privileged access management solutions market segmented by enterprise size will arise in the large enterprises segment, which will gain $5 billion of global annual sales by 2028. The top opportunities in the privileged access management solutions market segmented by application will arise in the Windows segment, which will gain $4.9 billion of global annual sales by 2028. The top opportunities in the privileged access management solutions market segmented by end-user will arise in the IT and telecom segment, which will gain $2 billion of global annual sales by 2028. The privileged access management solutions market size will gain the most in the USA at $2.5 billion.

Market-trend-based strategies for the privileged access management solutions market include strategic collaborations and partnerships driving innovation in privileged access management (PAM) solutions, development of new privileged access management solutions with improved security features, focus on introduction of remote access technology in pam solutions, expansion strategies drive competitive edge and focus on cloud-based privileged access management solutions revolutionize cybersecurity landscape for PAM solutions.

Player-adopted strategies in the privileged access management solutions market include focus on strengthening its business capabilities through new product launches, expanding the general availability of its products and services to improve the security infrastructure thereby expanding its market share and expanding its operational capabilities through new product developments.

To take advantage of the opportunities, the analyst recommends the privileged access management companies to focus on enhanced security solutions to drive business growth, focus on leveraging remote access technologies, focus on strengthening research and development capabilities for competitive advantage, focus on advancing cloud-based privileged access management solutions, focus on service market segment for growth opportunities, focus on cloud market segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions, prioritize technical webinars for thought leadership and focus on Unix and Linux market segment.