The privileged access management (PAM) solutions market is experiencing a significant opportunity with the emergence of intelligence-based PAM. This indicates that PAM solutions are evolving to incorporate intelligent features that enhance security and access control. Intelligence-based PAM involves the integration of artificial intelligence (AI) and machine learning (ML) technologies into PAM solutions. By leveraging AI and ML, intelligence-based PAM solutions offer several benefits. Also, behavioral analytics enable these solutions to analyze user behavior patterns, establish a baseline of normal behavior, and identify deviations such as unusual access requests or suspicious activity. This allows for the triggering of alerts or preventive actions. Intelligence-based PAM enables risk-based access control, where access decisions are based on risk assessments. Factors such as user roles, privileges, and contextual information are evaluated to determine the level of risk associated with a specific access request. This allows organizations to implement dynamic access controls that adapt to changing risk profiles. Intelligence-based PAM solutions can automate responses to security incidents or policy violations. For example, if an unauthorized user attempts to access a privileged account, the solution can automatically block the access attempt and notify the security team. These factors and features are driving the privileged access management (PAM) solutions market.
Furthermore, intelligence-based PAM solutions continuously monitor privileged access activities in real-time. This proactive monitoring helps organizations detect suspicious or unauthorized behavior and respond to potential security threats before they escalate. Intelligence-based PAM also enables adaptive access policies that dynamically adjust based on contextual information. For instance, if a user’s behavior indicates a higher risk, the solution can enforce stricter access controls or require additional authentication measures. Lastly, intelligence-based PAM solutions enhance the user experience by providing seamless access to authorized users while maintaining strong security measures. By analyzing user behavior and context, these solutions minimize unnecessary authentication prompts for legitimate users, reducing friction and improving productivity. The emergence of intelligence-based PAM aligns with the broader trend of incorporating AI and ML technologies into various domains to enhance security and efficiency. By leveraging these intelligent features, organizations can strengthen their privileged access management practices and mitigate the risks associated with unauthorized access and insider threats.
Privileged Access Management (PAM) Solutions Market: Industry Overview
The privileged access management (PAM) solutions market is segmented on the basis of offering, deployment, enterprise size, industry vertical, and geography. In terms of offering, the privileged access management (PAM) solutions market is bifurcated into large enterprises and SMEs. Based on deployment, the privileged access management (PAM) solutions market is divided into on-premise and cloud. Based on enterprise size, the privileged access management (PAM) solutions market is bifurcated into large enterprises and SMEs. Based on industry verticals, the privileged access management (PAM) solutions market is segmented into BFSI, IT & telecom, healthcare, energy & utility, retail & e-commerce, manufacturing, government & defense, and others. By geography, the privileged access management (PAM) solutions market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America.
Privileged accounts are critical to an organization’s IT infrastructure, as they possess significant power and control over valuable resources and sensitive data. Cyberattacks frequently target these accounts, seeking unauthorized access and exploiting confidential information, including customer data. The increasing prevalence of high-profile cyber security breaches and insider threats has emphasized the importance of prioritizing privileged access management (PAM) driven by executive leadership. IT organizations continue to face the challenge of effectively securing and managing privileged accounts while providing administrators the necessary flexibility to carry out their daily responsibilities. The objective is to strike a subtle balance between robust protection and control of privileged access, safeguarding critical assets and data while enabling administrators to operate efficiently. PAM solutions have emerged as a vital component in addressing these challenges. PAM encompasses a comprehensive cybersecurity strategy that integrates people, processes, and technology to control, monitor, secure, and audit all privileged identities and activities, both human and non-human, across an enterprise IT environment. By implementing PAM solutions, organizations can establish a framework that mitigates the risks associated with privileged access abuse and credential theft.
Privileged Access Management (PAM) Solutions Market: Competitive Landscape and Key Developments
ARCON, BeyondTrust Corporation, Broadcom, CyberArk Software Ltd., Delinea, Devolutions, IBM, Kron, ManageEngine, and One Identity LLC are among the leading market players profiled in the privileged access management (PAM) solutions market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
- In December 2023, Keeper Security, a leading cybersecurity software provider focusing on zero-trust and zero-knowledge principles, recently published the results of its Keeper Security Insight Report: Cloud-Based Privileged Access Management. This report delves into the preferences of IT and security leaders when it comes to Privileged Access Management (PAM) solutions, as well as the advantages of transitioning from traditional on-premises platforms. 82% of the respondents expressed that migrating their on-premises PAM solution to the cloud would be more beneficial. In comparison, only 36% of IT leaders believed that having an on-premises PAM solution is logical given the current economic climate.
- In May 2023, RevBits announced the successful completion of the architectural development of its privileged access management (PAM) solution, specifically designed for deployment in an authentic air-gapped environment. The RevBits Privileged Access Management (RB/PAM) solution is an advanced access management system comprising seven modules and comprehensive session logging, which captures keystrokes and video. These distinctive access control features and the availability of multiple modules minimize the need for managing relationships with various vendors and enhance the overall security of access management.