NEW YORK, March 21, 2017 /PRNewswire/ --
Protection from increasing instances of security breach due to insider attacks is driving the privileged identity management market
The privileged identity management market size is expected to grow from USD 922.0 million in 2016 to USD 3,792.5 million by 2021, at a Compound Annual Growth Rate (CAGR) of 32.7%. Identity management and access management are among the applications contributing to the growth of the privileged identity management market.
Identity management solution is expected to have the largest market size in the privileged identity management market
The identity management solution is estimated to contribute the largest market share during the forecast period. Due to increasing adoption of Bring Your Own Device (BYOD) technology in enterprises and the efforts of managing the credentials or identities associated with each super-user account, privileged identity is becoming a major point of concern for organizations.
Cloud deployment is expected to grow at the highest rate from 2016 to 2021. Among the verticals, the Banking, Financial Services, and Insurance (BFSI) vertical is expected to contribute the largest market share during the forecast period.
North America is expected to have the largest market size in the privileged identity management market
North America has the largest market size in the privileged identity management market, due to the presence of a large number of security vendors, whereas Asia-Pacific (APAC) is expected to be the fastest-growing region. Factors, such as increasing Internet usage, compliance regulation, and implementation of BYOD technology are major forces for the adoption of privileged identity management applications. Furthermore, the market in developing regions, such as Middle East & Africa (MEA) and Latin America is expected to grow due to the increasing usage of mobility, cloud computing, hosting services, and government regulatory compliances.
In the process of determining and verifying the market size for several segments & subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profile of primary participants is as follows:
- By Company: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 – 25%
- By Designation: C level – 60%, Director level – 25%, and Others – 15%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, and RoW – 30%
The various key privileged identity management vendors profiled in the report are ARCON (India), Balabit (Hungary), BeyondTrust (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), Hitachi-ID (Canada), IBM Corporation (U.S.), Iraje (U.S.), Lieberman Software (U.S.), MANAGEENGINE (U.S.), MICROFOCUS (U.K.), NRI SecureTechnologies (U.S.), ObserveIT (U.S.), Onion ID (U.S.), Oracle Corporation (U.S.), Osirium (U.K.), Quest Software (U.S.), Silverlake Mastersam (Singapore), Simeio Solutions (U.S.), Thycotic (U.S.), Wallix (France), and Wheel Systems (U.S.).
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the privileged identity management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report helps stakeholders to understand the competitors better and gain more insights to improve their positions in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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