Privileged Access Management Market worth $7.7 billion by 2028, growing at a CAGR of 21.5%: Report by MarketsandMarkets™

Chicago, Nov. 16, 2023 (GLOBE NEWSWIRE) — The global Privileged Access Management Market size is projected to grow from USD 2.9 billion in 2023 to USD 7.7 billion by 2028 at a CAGR of 21.5% during the forecast period, according to a new report by MarketsandMarkets™. The PAM market has seen marked expansion due to the rapid progression towards digitalization and increased migration to cloud services. The worries about account and password sharing further fuel the market growth. The escalating risks insider actors pose and a heightened commitment to meeting regulatory requirements are significant factors boosting the PAM market growth.    

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Privileged Access Management Market Dynamics:


  1. Focus on digital transformation and accelerated shift to cloud
  2. Increase in account and password-sharing concerns
  3. Rise in menace of insider threats
  4. Greater adherence to regulatory standards


  1. Complex implementation of legacy systems or solutions
  2. Adaptability and budgetary issues


  1. Privilege for remote work & third-party access
  2. Escalation of cybersecurity threats
  3. Provision of education, training, and innovative technologies

List of Key Players in Privileged Access Management Market:

  • Fortinet (US)
  • Beyond Trust (US)
  • CyberArk (US)
  • Broadcom (US)
  • Imprivata (US)
  • Optiv Security (US)
  • Okta (US)
  • IBM (US)
  • ManageEngine (Zoho) (US)
  • Hashi Corporation (US)
  • One Identity (US)
  • ARCON (India)
  • Netwrix (US)
  • Delinea (US)
  • Wallix (France)

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The PAM market shows promising growth driven by remote work & third-party access, education, training, innovative technologies, and escalation of cybersecurity threats. These factors contribute to the wide adoption of PAM solutions and services, expanding industry opportunities.  

Trend: Evolution towards Just-in-Time Access  

The PAM market is experiencing a shift towards Just-in-Time (JIT) access control. This approach centers around granting privileged access only when necessary and only for the required time, substantially reducing the window of opportunity for potential misuse of privileges. This trend is a reaction to the dynamic nature of modern IT environments, where static permissions quickly become outdated and pose security risks. JIT access minimizes the chances of insider threats and reduces the attack surface by ensuring that privileged accounts are not persistently enabled. As digital environments expand and diversify, enterprises realize the need for dynamic access controls that adjust to the continually evolving risk landscape in real-time.

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Trend: Increased Emphasis on Hybrid and Multi-Cloud Environment Support

With the widespread adoption of cloud technologies and the diversification of IT operations across multiple cloud platforms, there is a growing demand in the PAM market for solutions that seamlessly integrate with hybrid and multi-cloud environments. Organizations are often spread across on-premises data centers and various cloud platforms like AWS, Azure, and GCP. Managing privileged access across these diverse infrastructures presents a significant challenge. There’s a clear need for PAM solutions that offer centralized management and oversight across all environments. This integration is crucial for operational efficiency and ensuring consistent security policies and access controls, regardless of where the data or application resides. The ability to oversee and manage access controls across multi-cloud setups will be a defining feature for PAM solutions moving forward.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email:

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