Growth Opportunities in the Privileged Access Management Market, Global, 2024 2028

Revenue Forecast

The revenue estimate for the base year is $1,827.7 million, with a CAGR of 21.6% for the study period from 2023 to 2028.

The Impact of the Top 3 Strategic Imperatives on the Privileged Access Management Industry

Transformative Megatrends

• Why

  • Besides the shift to remote work and hybrid work arrangements, organizations are increasingly migrating their services and assets to cloud environments, resulting in the widespread adoption of hybrid and multi-cloud infrastructures.
  • Increasingly complex information technology (IT) infrastructures expand the attack surface, introduce privileged access challenges, and make it more difficult to accommodate remote workers' requests to access corporate resources and information.
• Frost Perspective
  • When adopting privileged access management (PAM) solutions, customers will increasingly require VPN-less remote access for remote workers and third parties, zero-trust approaches, and MFA.
  • To monitor and protect the growing number of privileged users and accounts, the demand for cloud/SaaS-based, converged PAM that incorporates identity security, zero-trust principles, CSPM, and cloud infrastructure entitlement management (CIEM) will increase in the next 3 years.

Competitive Intensity

• Why

  • Geopolitical tensions have resulted in political and economic uncertainty and macroeconomic impacts, largely affecting organizations' spending momentum for cybersecurity.
  • PAM vendors must differentiate themselves in the global PAM market while offering solutions that help reduce organizations' total cost of ownership (TCO) and meet specific customer needs.
• Frost Perspective
  • In the next 5 years, PAM solutions vendors will continue expanding their technology partnership ecosystem to offer a holistic PAM strategy that supports different environments.
  • Bridging the gap through technology integration with other security vendors and cloud service providers (SPs) to manage security risk in more dynamic environments is vital.

Disruptive Technologies

• Why

  • Organizations are increasingly adopting cloud-native environments and disruptive technologies, including infrastructure as code, container technology, and serverless computing.
  • The increasingly dynamic cloud-native developer environment is driving strong demand for AI/machine learning (ML). Legacy password vaulting is no longer effective in PAM.
• Frost Perspective
  • The adoption of disruptive technologies will continue to increase in the next 3–5 years. Organizations will have to extend privileged access policies to their development operations (DevOps) tools and teams.
  • PAM vendors will increasingly embed AI/ML in their PAM portfolios to enable full visibility and efficiency. They will need guardianship and a deeper understanding of AI/ML, large language models (LLMs), and generative AI.

Scope of Analysis

• PAM refers to technologies and solutions that control, secure, and monitor access to important assets to prevent the compromise and misuse of privileged accounts and systems.

• PAM solutions monitor, audit, and delegate privileges to certain users (e.g., administrators, root access users, superusers). The technology tracks and monitors users, analyzes their behavior, and sets benchmarks for normal operations. PAM enforces policy rules—often automatically—when activity exceeds normal thresholds.
• This study bases all revenue and forecast estimates on vendor revenue. Frost & Sullivan’s in-depth analysis estimates annual revenue based on primary and secondary research activities with industry stakeholders. The revenue and forecast estimates may vary from the previous year’s estimates, depending on the present year’s guidance from vendors, industry stakeholders, and other factors, such as the political and macroeconomic landscape and the supply chain. The study excludes revenue from professional services (e.g., deployment, consulting, maintenance, and managed security).

Segmentation

PAM Solutions

On-premises PAM Solutions

This segment includes hardware or software application deployment on customers’ premises, which their internal IT teams manage.

• On-premises PAM is a dedicated/purpose-built hardware or software application that secures, controls, monitors, manages, and provides auditing for privileged credentials/accounts and privileged access to critical assets.

Cloud-based PAM Solutions

This segment includes virtual deployment or SaaS that a PAM vendor provides through the cloud, usually offering different subscription packages. The vendor’s security operations center manages the SaaS delivery.

• Virtual PAM undergoes deployment as an image in a private or public cloud environment.
• SaaS solutions is a PAM-as-a-Service (PAMaaS) solution that offers the same range of security functionalities that on-premises solutions offer, but without deploying physical appliances on customers’ premises.

Competitive Environment

Key Competitors 

Global

• ARCOS
• Asiainfo
• BeyondTrust
• Broadcom
• Cloudbility
• CyberArk
• DABAPSecurity
• Delinea
• Kron Technologies
• ManageEngine
• MasterSAM
• NRI Secure
• NSFOCUS
• NTT TechnoCross
• One Identity
• OpenText
• PLIDSEC
• QI-AXIN Group
• QZHI
• Saviynt
• SBR-info
• SecureKi
• Senhassegura
• Sunifo
• VenusTech
• WALLIX

NA

• ARCOS
• BeyondTrust
• Broadcom
• CyberArk
• Delinea
• Kron Technologies
• ManageEngine
• NRI Secure
• One Identity
• OpenText
• Saviynt
• Senhassegura
• WALLIX

EMEA

• ARCOS
• BeyondTrust
• Broadcom
• CyberArk
• Delinea
• Kron Technologies
• ManageEngine
• One Identity
• OpenText
• QI-AXIN Group
• Saviynt
• Senhassegura
• WALLIX

APAC

• ARCOS
• Asiainfo
• BeyondTrust
• Broadcom
• Cloudbility
• CyberArk
• DABAPSecurity
• Delinea
• Kron Technologies
• ManageEngine
• MasterSAM
• NRI Secure
• NSFOCUS
• NTT TechnoCross
• One Identity
• OpenText
• PLIDSEC
• QI-AXIN Group
• QZHI
• Saviynt
• SBR-info
• SecureKi
• Senhassegura
• SunIFO
• VenusTech
• WALLIX

LATAM

• ARCOS
• BeyondTrust
• Broadcom
• CyberArk
• Delinea
• Kron Technologies
• ManageEngine
• One Identity
• OpenText
• Saviynt
• Senhassegura
• WALLIX

Revenue Forecast