Privileged Identity Management, also abbreviated as PIM is majorly a sub-domain of identity management with a special focus on the security of the IT infrastructure. Privileged identity management services are employed to monitor and safeguard the activities often in a privileged account. Along with providing security, privileged identity management also works as a governance tool through which organizations are able to form various regulations while preventing data breaches. Privileged Identity Management aids in increasing the efficiency of the overall productivity of an employee, mainly with the implementation of federated and single sign-in identities.
With the highly dynamic nature of the IT industry, hackers are coming out with new and different techniques to hack secret information to disrupt businesses. The increasing dependency of private organizations on web and internet applications is leading to an unequalled increase in advanced threats and cyber-attacks. In addition, social networking websites sites coupled with increase in the adoption of e-commerce has in turn led to the growth of identity thefts. Thus, rising dependence on different web applications for both personal and organizational purposes is one of the major factors anticipated to drive the demand for the privileged identity management solutions. Moreover, increasing usage of mobile devices is another key factor driving the growth of the global privileged identity management market. However, high initial costs as well as lack of professionals might hamper the market growth over the forecast period.
The global privileged identity market can be segmented on the basis of component, deployment mode, organization size, installation type, vertical and geography. Based on component, the global market can be divided into solution and service. Based on installation type, the global privileged identity market can be segmented into appliance based and agent based. Based on deployment mode, the global market can be segmented into on premises and cloud. Based on organization size, the global privileged identity market can be segmented into small and medium enterprises and large enterprises. Based on vertical, the global market can be segmented into banking, financial services, and insurance (BFSI), government and defence, healthcare, manufacturing, energy and utilities, telecom and it, retail, others.
The robust and brawny demand majorly in the developing regions across the globe especially Asia Pacific and Latin America regions is anticipated to bolster the overall growth of the global market. In addition to this, India and China are further anticipated to stagger for the largest market share and are anticipated to maintain their lead in the total demand over the forecast period. Key players operating in the global market are focusing on key market strategies including mergers, partnerships, collaborations and acquisitions to maintain a strong hold on the ever competitive market. Some of the key players in the global market include ARCON, BeyondTrust, Hitachi-ID, Bomgar Corporation, Centrify, Core Security, Simeio Solutions, Cyberark, IBM Corporation, Iraje, Lieberman Software, Silverlake Mastersam, MANAGEENGINE, MICROFOCUS, NRI SecureTechnologies, Balabit, ObserveIT, Onion ID, Oracle Corporation, Osirium, CA, Inc., Quest Software, Thycotic, Wallix and Wheel Systems among others.
The global privileged identity market can be segmented
• Appliance based
• Agent based
By Deployment Mode:
• On premises
By Organization Size:
• Medium enterprises
• Large enterprises
• Financial services and insurance (BFSI)
• Government and defence
• Energy and utilities
• Telecom and it