Privileged Identity Management (PIM) is the monitoring and protection of super user accounts in an organizations IT environment. The Privileged Identity Market was valued at $811.35 million in 2017 and is anticipated to further grow at a CAGR of 19.7% during the forecast period 2018-2023. The major drivers responsible for the growth of PIM is rising demand for technical requirements across industries such as payment card industry data security standards and health insurance. The services segment in the Privileged Identity Market generated revenue of 811.4 million in 2017.
What is Privileged Identity Management Market?
Privileged Identity Management market is a subset of identity management for monitoring and protection of user accounts in IT environments. PIM refers to safe password management solutions that which controls administration operations in database. PIM solution helps enterprise to control in and out premise threats by centrally handling and reviewing the use of privileged access credentials across various platforms. PIM solutions is widely used by end users to secure audit, management and monitor all the activities associated to privileged accounts. PIM controls the most fundamentals of IT such as deployment and configuration. Due to increasing adoption of Bring Your own device (BYOD) technology in enterprise and the efforts of managing the credentials or identities associated with each super user account, Privileged identity is becoming major point of concern for organizations.
What are the major applications for Privileged Identity Management?
The various end users assessed includes Government, Large enterprise and small enterprise. The segmentation by product of Privileged Identity Management market includes Software license and Services. Government measures also affect industries such as health care. Privileged access often controls the most fundamental aspects of IT from deployment and configuration.
Market Research and Market Trends of Privileged Identity Management:
- The new trend in Privileged Identity Management is third Platform. The third platform is one of consumerization. Compared to second platform the shift from identity and access perspective is the revolution of a new type of identity.
- The updation in the entire workforce using their own tablets and smart phones for business purpose accessing applications that are in cloud over untrusted wireless networks and the internet.
- Leading organizations are seeking to take advantage of technology advancements like building new apps that are delivered through new access models. Organizations are using more data than before to make decisions and aggregate public and private data to create new value. They are interacting with a much more diverse supply chain and employing extended workforce.
- PIM solutions is helping enterprise to mitigate the risk in cloud environment and improve their compliance initiatives. PIM is also helping enterprise 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 solution among enterprise
Who are the Major Players in Privileged Identity Management market?
The companies referred in the market research report includes Arcon, Balabit Corp, Beyond trust Inc, Bomgar Corporation, CA, Centrify Corporation, Core Security, Cyberark Software Ltd , Iraje, IBMCorporation and more than 10 other companies.
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