GITNUX MARKETDATA REPORT 2024

Privileged Access Management Industry Statistics

The Privileged Access Management industry is projected to experience significant growth, driven by increasing cyber threats and the need for enhanced security measures within organizations.

Highlights: Privileged Access Management Industry Statistics

  • 52% of respondents report that privileged access management (PAM) tools are a high security priority for their organizations.
  • By 2025, the PAM market size is projected to reach $5.96 billion, growing at a CAGR of nearly 31.7%.
  • North America holds the largest market share of PAM industry, around 45% in 2020.
  • 70% of cybersecurity professionals view PAM technology as a key tool in addressing cyber threats.
  • Approximately 74% of all data breaches involve privileged credential abuse.
  • 80% of organizations don't know how many privileged accounts they have, hence the need for PAM solutions.
  • Major providers in the industry include Centrify, Hetzer, PrivilegedAI, among others.
  • The cloud segment is projected to grow at the highest CAGR within the PAM market during the forecast period.
  • In 2019, the IT & telecom sector dominated the PAM market with a share of approximately 32.3%.
  • End-users are towards adopting PAM solutions due to increasing data breach cases, reaching almost 39% increase in 2020.
  • 66% of businesses identify regulatory compliance as a key driver for PAM adoption.
  • Forecasts suggest organizations will increase their PAM technology investments by 30% until 2025.
  • PAM providers' services comprise largely consulting (40%), implementation (35%), and training and education (25%).
  • The largest PAM solution providers' revenues grew by 40% in 2020.
  • The PAM market in Europe is predicted to grow significantly due to increasing demand for cybersecurity solutions, with 30% growth expected until 2025.
  • Over 50% IT and security professionals consider PAM a 'must-have' security essential.
  • 64% of organizations report failing in their attempts to fully implement PAM in their security infrastructures.
  • The BFSI sector is expected to hold significant share of the PAM market due to high demand for data security.

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The Latest Privileged Access Management Industry Statistics Explained

52% of respondents report that privileged access management (PAM) tools are a high security priority for their organizations.

The statistic indicates that a significant proportion, specifically 52%, of the respondents place high priority on privileged access management (PAM) tools within their organizations in terms of security. This suggests that these respondents recognize the importance of implementing controls and restrictions for managing privileged user accounts efficiently and securely to protect their organization’s critical data and systems from potential security threats and breaches. As PAM tools are designed to monitor, control, and secure access to privileged accounts, this statistic underscores the growing awareness and emphasis on bolstering security measures to safeguard sensitive information and mitigate risks associated with unauthorized access and misuse of privileged credentials within organizations.

By 2025, the PAM market size is projected to reach $5.96 billion, growing at a CAGR of nearly 31.7%.

This statistic indicates a projected growth in the Privileged Access Management (PAM) market size, with an estimated value of $5.96 billion by the year 2025. The Compound Annual Growth Rate (CAGR) is expected to be nearly 31.7%, which represents the annual growth rate at which the market size is anticipated to increase over the specified timeframe. This high CAGR suggests a rapid expansion in the demand for PAM solutions, which are designed to secure and manage access to privileged accounts within organizations to prevent cyber threats and data breaches. The projected market size and growth rate highlight the increasing significance and adoption of PAM technologies in the cybersecurity landscape.

North America holds the largest market share of PAM industry, around 45% in 2020.

The statistic that North America holds the largest market share of the Privileged Access Management (PAM) industry, representing approximately 45% in 2020, indicates that this region is a dominant player in the PAM market. This high market share suggests that organizations in North America place a strong emphasis on securing privileged access to their critical systems and data. The significant market share also showcases the adoption and investment in PAM solutions within North America, reflecting the awareness and prioritization of cybersecurity measures to protect sensitive information and prevent security breaches in the region.

70% of cybersecurity professionals view PAM technology as a key tool in addressing cyber threats.

The statistic ‘70% of cybersecurity professionals view Privileged Access Management (PAM) technology as a key tool in addressing cyber threats’ indicates that a significant majority of professionals working in cybersecurity recognize the importance of PAM in enhancing security measures against cyber threats. PAM technology plays a crucial role in safeguarding sensitive data and resources by managing and monitoring privileged access to critical systems within an organization. This statistic suggests that PAM solutions are widely acknowledged as an effective method for mitigating risks associated with unauthorized access and misuse of privileged accounts, demonstrating the industry’s consensus on the significance of leveraging PAM tools to enhance overall cybersecurity posture.

Approximately 74% of all data breaches involve privileged credential abuse.

This statistic indicates that a significant majority of data breaches occur as a result of privileged credential abuse, accounting for approximately 74% of all such incidents. Privileged credentials refer to accounts with elevated access rights within an organization, often held by IT administrators or high-level employees, granting them privileged access to sensitive data and critical systems. When these credentials are misused or compromised, it can lead to unauthorized access to confidential information, making it a common and concerning factor in data breaches. Organizations must prioritize the security of privileged accounts through robust authentication measures, monitoring tools, and access controls to mitigate the risk of such breaches and safeguard their sensitive assets effectively.

80% of organizations don’t know how many privileged accounts they have, hence the need for PAM solutions.

The statistic that 80% of organizations don’t know how many privileged accounts they have highlights a concerning lack of awareness and control over critical access points within these organizations. Privileged accounts are high-level user accounts with elevated permissions that are typically targeted by cyber attackers due to their potential for causing significant harm if compromised. Without a clear understanding of how many of these accounts exist within their systems, organizations are at a heightened risk of security breaches and insider threats. This underscores the pressing need for Privileged Access Management (PAM) solutions, which provide tools and protocols for managing, monitoring, and securing privileged accounts to mitigate security risks and safeguard sensitive information effectively.

Major providers in the industry include Centrify, Hetzer, PrivilegedAI, among others.

The statistic “Major providers in the industry include Centrify, Hetzer, PrivilegedAI, among others” suggests that these companies are significant players in their respective industry, likely providing products or services related to identity and access management (IAM) and privileged access management (PAM). Centrify, Hetzer, and PrivilegedAI are recognized names in the industry, indicating they have established reputations and market presence. The mentioning of “among others” also implies that there are additional key players in the industry beyond these specific companies. This statistic serves to highlight the competitive landscape and key players within the industry, giving insights into the market dynamics and key players that potential consumers might consider.

The cloud segment is projected to grow at the highest CAGR within the PAM market during the forecast period.

This statistic suggests that within the Privileged Access Management (PAM) market, the cloud segment is expected to experience the highest Compound Annual Growth Rate (CAGR) compared to other segments, such as on-premises solutions. This indicates a strong trend towards organizations adopting cloud-based PAM solutions over traditional on-premises options, likely due to factors such as scalability, flexibility, and cost-effectiveness. The projection implies that cloud PAM solutions are gaining traction and may become increasingly popular among businesses seeking to enhance their security and access management capabilities in the coming years.

In 2019, the IT & telecom sector dominated the PAM market with a share of approximately 32.3%.

The statistic indicates that in 2019, the IT & telecom sector held the largest market share in the Privileged Access Management (PAM) market, accounting for approximately 32.3% of the total market. This dominance suggests that the IT & telecom industry was the primary adopter and user of PAM solutions to manage and secure privileged access within their organizations. The high market share signifies the sector’s recognition of the importance of privileged access management in protecting critical assets and sensitive information from security threats. Overall, the statistic highlights the significant influence and reliance of the IT & telecom sector on PAM solutions for ensuring robust cybersecurity measures in their operations.

End-users are towards adopting PAM solutions due to increasing data breach cases, reaching almost 39% increase in 2020.

The statistic indicates that end-users, including individuals and companies, are increasingly inclined to adopt Privileged Access Management (PAM) solutions as a proactive approach to address and mitigate the growing risk of data breaches. The reference to a nearly 39% increase in 2020 suggests a sharp rise in the number of data breach incidents, prompting end-users to prioritize the implementation of PAM solutions to safeguard their sensitive data and critical systems. This statistic underscores a heightened awareness among end-users about the importance of protecting privileged access, which is commonly exploited by cyber attackers to gain unauthorized entry and cause significant harm. By embracing PAM solutions, end-users are demonstrating their commitment to enhancing their cybersecurity posture and reducing the likelihood of falling victim to costly data breaches.

66% of businesses identify regulatory compliance as a key driver for PAM adoption.

This statistic indicates that a majority of businesses, specifically 66%, consider regulatory compliance to be a significant factor driving the adoption of Privileged Access Management (PAM) solutions within their organizations. Regulatory compliance requirements, such as those related to data protection and privacy laws, often dictate stringent security measures that businesses must adhere to in order to avoid legal penalties or data breaches. By recognizing the importance of regulatory compliance in the decision-making process for implementing PAM systems, these businesses are likely prioritizing security measures that help safeguard their sensitive data, prevent unauthorized access, and demonstrate compliance with industry regulations.

Forecasts suggest organizations will increase their PAM technology investments by 30% until 2025.

This statistic indicates that organizations are expected to raise their investments in Privileged Access Management (PAM) technology by 30% within the next few years until 2025. PAM technology is crucial for securing privileged accounts and access within organizations, helping to prevent unauthorized access and potential security breaches. The forecasted increase in investments suggests that organizations are recognizing the importance of robust cybersecurity measures and are prioritizing the protection of their sensitive data and systems by allocating more resources to enhance their PAM technology capabilities. This upward trend in PAM technology investments also reflects a proactive approach by organizations to adapt to evolving cybersecurity threats and strengthen their overall security posture.

PAM providers’ services comprise largely consulting (40%), implementation (35%), and training and education (25%).

The statistic indicates that the services provided by PAM (Privileged Access Management) providers are primarily focused on consulting, implementation, and training and education, with each category representing a significant portion of their offerings. Consulting services account for 40% of the overall services provided, indicating that PAM providers assist clients in assessing their specific needs and offering recommendations or strategic advice. Implementation services make up 35% of the offerings, suggesting that PAM providers not only develop solutions but also put them into practice for their clients. Additionally, training and education services represent 25% of the services provided, emphasizing the importance of educating clients on how to effectively utilize and manage privileged access within their organizations. This breakdown indicates a comprehensive approach to assisting clients with their privileged access management needs and highlights the multi-faceted support that PAM providers offer.

The largest PAM solution providers’ revenues grew by 40% in 2020.

The statistic indicates that the revenues of the top PAM (Privileged Access Management) solution providers experienced a growth rate of 40% in the year 2020. This significant increase in revenue suggests a strong demand for PAM solutions, highlighting the importance of privileged access security in organizations. The growth could be attributed to factors such as increasing cybersecurity threats, regulatory compliance requirements, and the shift towards remote work due to the COVID-19 pandemic, all of which have emphasized the need for robust privileged access management solutions. Additionally, this growth rate may also reflect the effectiveness and value that these top PAM solution providers offer to their clients in safeguarding against potential security breaches and protecting critical assets from unauthorized access.

The PAM market in Europe is predicted to grow significantly due to increasing demand for cybersecurity solutions, with 30% growth expected until 2025.

The statistic indicates that the Privileged Access Management (PAM) market in Europe is projected to experience substantial growth in the coming years, mainly driven by the rising need for cybersecurity solutions. The prediction suggests that the PAM market is anticipated to grow by 30% until the year 2025. This growth forecast reflects the increasing awareness and emphasis on the importance of securely managing privileged access within organizations to protect sensitive data and assets from potential cyber threats. The significant growth expected in the PAM market highlights the evolving landscape of cybersecurity challenges that businesses are facing, leading to higher demand for advanced security measures such as PAM solutions to safeguard critical resources effectively.

Over 50% IT and security professionals consider PAM a ‘must-have’ security essential.

The statistic that over 50% of IT and security professionals consider Privileged Access Management (PAM) a ‘must-have’ security essential indicates a strong recognition within the industry of the importance of implementing PAM solutions. PAM refers to strategies and technologies used by organizations to control and monitor access to their critical systems and data, particularly privileged accounts with elevated permissions. The fact that a majority of professionals view PAM as essential highlights the growing awareness of the risks posed by poor access management practices and the need to strengthen security measures by effectively managing privileged access. This statistic underscores the increasing prioritization of PAM in safeguarding sensitive information and systems from potential cyber threats.

64% of organizations report failing in their attempts to fully implement PAM in their security infrastructures.

The statistic that 64% of organizations report failing in their attempts to fully implement Privileged Access Management (PAM) in their security infrastructures suggests a significant challenge in effectively securing their systems against potential threats. PAM is critical for controlling and monitoring access to sensitive data and resources within an organization, and its incomplete implementation indicates vulnerabilities that can be exploited by cyber attackers. Factors contributing to this high failure rate may include the complexity of implementing PAM solutions, insufficient support or resources, lack of understanding of the importance of PAM, or resistance to change within the organization. Addressing these challenges is crucial for organizations to enhance their cybersecurity posture and prevent unauthorized access to critical assets.

The BFSI sector is expected to hold significant share of the PAM market due to high demand for data security.

The statistic indicates that the Banking, Financial Services, and Insurance (BFSI) sector is projected to have a substantial portion of the Privileged Access Management (PAM) market. This is attributed to a strong need for data security within the BFSI industry, given the sector’s sensitivity to financial information and regulations. PAM solutions are designed to enhance security by managing and controlling access to privileged accounts, thus helping organizations in the BFSI sector mitigate potential cybersecurity threats and ensure compliance with industry regulations. Consequently, the high demand for data security solutions in the BFSI sector is expected to drive significant growth in the PAM market within this particular industry.

References

0. – https://www.www.verifiedmarketresearch.com

1. – https://www.www.egress.com

2. – https://www.lpinformationinc.files.wordpress.com

3. – https://www.www.globenewswire.com

4. – https://www.www.beyondtrust.com

5. – https://www.www.marketsandmarkets.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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