Privileged Access Management Market Share

North America Market Statistics

North America industry is likely to hold largest revenue share of 35% by 2037. The market growth in the region is also expected on account of a rise in the number of key PAM vendors. Furthermore, this region is also observing a surge in mobile penetration which is further boosting the adoption of mobile services. For instance, in comparison to the global average of about 72%, North America's mobile penetration rate is expected to surpass over 90% by 2030. In both the US and Canada, the penetration rate will be approximately 92%, which is the highest. Moreover, 5G connections are expected to more than double to 447 million by 2030, representing about a 90% adoption rate.

Hence, all these factors are expected to increase cyber risk which is why the market is growing. Additionally, the number of startups is also growing in this region which necessitates the use of privileged access management. 

European Market Analysis

The European region will also register huge growth for the privileged access management market during the projected period and will hold the second position owing to the rising number of small & medium enterprises. SMEs constitute the backbone of the EU-27 economy, accounting for almost 98% of all firms in the Union. Cybercriminals find it simple to target small and medium-sized businesses, as they may undermine business continuity with methods including phishing and ransomware. However, PAM can safeguard these organizations from harmful attacks.

Hackers and their cutting-edge tactics have led to a rise in the number of security breaches across businesses. To ensure the protection of vital data, every enterprise shall include possible security measures for a safe operation. In addition, unethical behavior has been encouraged by the increased use of mobile phones and internet accessibility. The expansion of the market has been largely driven by these factors.