LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global privileged identity management (PIM) market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global privileged identity management market will grow at a CAGR of around 23% during the forecast period. The increasing frequency of insider threats is a major factor driving the market’s growth.
The enterprises face issues where unauthorized employees may have access to critical applications or systems. A key reason for this is privileged account users sharing their privileged identity such as an administrative account with another person. This can pose a serious threat to enterprises. Due to this, some vendors are providing a facility where enterprises can limit the access to Active Directories, and Linux, Windows, and UNIX systems.
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In this report, Technavio highlights the incorporation of cloud in PIM solutions as one of the key emerging trends driving the global privileged identity management market:
Incorporation of cloud in PIM solutions
Cloud solutions are used in PIM for secure remote access, shared account password management, and privileged session monitoring. This PIM can be provided over the cloud by vendors as infrastructure, platform, or software as a service (SaaS). This solution is easy to deploy, secure, and use. Individuals must use this service on a subscription basis, where it will be priced per privileged user. This will assist the privileged users to centrally control network devices in a break glass scenario as well as manage access to all servers. This cloud solution will not only be used by enterprises to get high-quality service at a minimum cost but will also be used to protect privileged accounts from malicious insiders and hackers.
“PIM solutions aid enterprises mitigate risks in a cloud environment and improve their compliance initiatives. PIM can also help enterprises in reducing insider threats by highlighting the inappropriate behavior of an on-premise privileged user. The incorporation of cloud in PIM solutions will lead to an increase in the adoption of PIM solutions among enterprises,” says a senior analyst at Technavio for research on IT security.
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Global privileged identity management market segmentation
This market research report segments the global privileged identity management market into the following end-users (large enterprises, government organizations, and SMEs) and key regions (the Americas, APAC, and EMEA).
The large enterprises segment accounted for around 43% of the global market in 2017. The increase in the number of insider threats and rising need for multi-factor authentication (MFA) for privileged accounts in SMEs and large enterprises are anticipated to increase the market shares of these segments during the forecast period.
The Americas held the largest share of the global market in 2017, accounting for a share of approximately 44%. It was followed by EMEA and APAC. The market share of the Americas is anticipated to increase during the forecast period owing to the growing investments by government organizations in PIM solutions. Many large enterprises in the Americas have adopted PIM.
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