Privileged Access Management Market Size

Privileged Access Management (PAM) Market size is predicted to reach USD 9 Billion by the end of 2036, growing at a CAGR of 22% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of privileged access management was USD 3 Billion. This market expansion is set to be dominated by the rising threat of cyber-attacks. There are over 3999 new cyberattacks every day in the world. A corporation is attacked by ransomware every 14 seconds, and while about 550,000 new malware samples are discovered every day, these attacks can cause catastrophic financial losses. Hence, the need to adopt privileged access management is growing.

Additionally, there have been certain strict regulations set by the government in different countries to protect the general public and corporations from cyberattacks. For instance, in the case of Europe, the European Union created the European General Data Protection Regulation (EU-GDPR) as a security framework to shield its people's data from exploitation. Businesses that handle data connected to EU citizens, whether through automated systems or human processes, are required to abide by the GDPR. Therefore, with this, the privileged access management market is also projected to rise.