Privileged Access Management (PAM) Market Analysis

Privileged Access Management Market Analysis

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Based on deployment model, the on-premises segment held over 60% of the market share in 2023. The appeal of on-premises deployment in the market lies in its capacity for customization and tailoring. Organizations choose on-premises solutions for privileged access management to mold the system according to their unique security requirements and operational nuances. This flexibility allows a more personalized approach to privileged access management, thereby catering to specific organizational needs. The ability to tailor the privileged access management infrastructure is particularly advantageous for industries & enterprises with distinct security policies and complex operational environments.
 

Based on industry vertical, the BFSI segment accounted for 30% of the privileged access management market share in 2023. In the BFSI sector, high-stake security is paramount due to the industry's management of substantial financial assets and sensitive customer data. Privileged access management becomes indispensable as it safeguards against cyber threats and potential data breaches. The critical nature of financial operations necessitates robust privileged access management measures to protect privileged access, ensuring the integrity, confidentiality & security of valuable assets, and ultimately fortifying the sector's resilience against evolving cybersecurity challenges.
 

North America privileged access management market recorded 35% of the revenue share in 2023. The North America market is experiencing propulsion with the introduction of AI-powered auditing features to enhance PAM solutions. This innovation improves the efficiency of access auditing processes by leveraging artificial intelligence, enabling more intelligent and proactive monitoring of privileged user activities.
 

For instance, in October 2023, Delinea, a provider of solutions expanding privileged access management, introduced Intelligent Automated Auditing for the Delinea privileged access management platform. Positioned as an industry pioneer, IAA aims to streamline the compliance process, enhance security postures, and mitigate risks by accelerating the identification & response to privilege abuse.