North America Privileged Access Management Solutions Market Forecast to 2031 - Regional Analysis - by Offering, Deployment, Enterprise Size, and End-Use Industry

The North America privileged access management (PAM) solutions market was valued at US$ 968.67 million in 2023 and is expected to reach US$ 2.12 billion by 2031; it is estimated to register a CAGR of 10.3% from 2023 to 2031.

Increase in Number of Cyberattacks Fuels North America Privileged Access Management (PAM) Solutions Market

In recent years, businesses are facing the continuous threat of cyberattacks. According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2020, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyberattacks. During the COVID-19 pandemic, cybercriminals took advantage of misaligned networks as businesses were shifting to remote working environments.

According to OneLogin, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2020. Between 2019 and 2020, cyberattacks in the US increased by 139% as the country registered 145.2 million cases in Q3 2020. Malware attacks increased by 358% in 2020 compared to 2019. Similarly, according to the Clusit Report, cyberattacks across the globe increased by 10% in 2021 compared to the previous year.

Cyber threats are considered a major concern as various organizations continue to operate in a digital environment. They have serious consequences for individuals, corporations, and governments. The rise in the number of cyberattacks has increased the importance of cybersecurity to safeguard critical infrastructures and to ensure the safety of individuals and organizations.

Organizations are increasingly becoming aware of the need to safeguard their critical assets from unauthorized access and potential breaches. Privileged accounts, which have elevated access privileges within an organization's systems and networks, are prime targets for cybercriminals due to their extensive control and access to sensitive information and critical systems.

To address this growing threat, robust PAM solutions are being implemented. PAM solutions help organizations effectively manage and secure privileged accounts by enforcing the principle of least privilege, which limits access to only what is necessary for users to perform their tasks. Organizations can reduce their attack surface by minimizing the number of privileged account holders and rights associated with each account by implementing PAM solutions. This active approach significantly mitigates the risk of unauthorized access and potential breaches. Thus, the increasing number of cyberattacks is a significant factor propelling the growth of the privileged access management (PAM) solutions market.

North America Privileged Access Management (PAM) Solutions Market Overview

The North America privileged access management (PAM) solutions market is segmented into the US, Canada, and Mexico. In terms of revenue, North America dominated the privileged access management (PAM) solutions market share. North America is one of the fastest-growing regions in terms of technological innovations and the adoption of advanced technologies. The region's expanding IT infrastructure and the accelerated shift to cloud services necessitate advanced security measures. In 2023, North America held the largest market share in the privileged access management (PAM) solutions market.

The increasing prevalence of mobile services and the rising number of security breaches linked to privileged access abuse contribute to the adoption of PAM solutions in the region. PAM solutions aim to protect organizations from cyber threats by monitoring, detecting, and preventing unauthorized privileged access to critical resources. These solutions help reduce the attack surface by limiting privileged account membership and minimizing privileges.

North America Privileged Access Management (PAM) Solutions Market Revenue and Forecast to 2031 (US$ Million)

North America Privileged Access Management (PAM) Solutions Market Segmentation

The North America privileged access management (PAM) solutions market is categorized into offering, deployment, enterprise size, end-use industry, and country.

By offering, the North America privileged access management (PAM) solutions market is segmented into solutions and services. The solutions segment held a larger share of the North America privileged access management (PAM) solutions market share in 2023.

• In terms of deployment, the North America privileged access management (PAM) solutions market is segmented into on-premise and cloud. The on-premise segment held a larger share of the North America privileged access management (PAM) solutions market share in 2023.
• Based on enterprise size, the North America privileged access management (PAM) solutions market is segmented into large enterprises and SMEs. The large enterprises segment held a larger share of the North America privileged access management (PAM) solutions market share in 2023.

By end- use industry, the North America privileged access management (PAM) solutions market is BFSI, IT & telecom, healthcare, energy & utility, retail & e-commerce, manufacturing, government & defense, and others. The BFSI segment held the largest share of the North America privileged access management (PAM) solutions market share in 2023.

• Based on country, the North America privileged access management (PAM) solutions market is segmented into the US, Canada, and Mexico. The US segment held the largest share of North America privileged access management (PAM) solutions market in 2023.

BeyondTrust Corporation, Broadcom Inc, CyberArk Software Ltd., Delinea Inc, Fortinet Inc, International Business Machines Corp, Microsoft Corp, Okta Inc, One Identity LLC., and Persistent Systems Ltd are some of the leading companies operating in the North America privileged access management (PAM) solutions market.

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