Privileged Access Management Market Trends

Growth Drivers

• Surge in prevalence of insider threats - Insider threats are increasing swiftly and costing companies money through data breaches.  An insider has access to digital assets, including data in transit, digital media, and other information sources, as well as physical data, such as hard copies of documents and technological equipment utilized by the business. An employee, supplier, business associate, or maintenance contractor may all be considered insiders.
  
  The insider threat environment has contributed to the widespread adoption of privileged identity management. A company's primary concern is protecting this data, and super user accounts have access to a substantial internal database. Therefore, it is predicted that growing security concerns such as insider threat protection programs will drive demand for privileged identity management systems, driving privileged access market expansion.
   
• Access control from a single location - Businesses typically employ organizational silos to handle privileged accounts and credentials, with different departments adhering to different compliance standards and best practices. This raises the risk that the company faces and complicates management.
  
  However, with a PAM solution, corporations may handle all of their privileged accounts from one central location, independent of the platform, hardware device, application, or service being used. The aforementioned benefits of the privileged access management system are therefore predicted to propel the privileged access management market growth.
   
• Growth in the number of people working remotely - Remote work circumstances have grown more prevalent, as evidenced by about 11% of full-time professionals who work from home in 2023. At the same time, over 27% of workers have adjusted to a hybrid work style.
  
  However, with more work being done remotely comes a host of cyber security threats. Phishing and social engineering assaults are particularly common against remote workers. Cybercriminals generate phone emails, messages, or phone calls in these situations to trick staff members into disclosing confidential information or downloading dangerous software.
  
  Additionally, remote workers frequently access company resources over unprotected home networks or unprotected public Wi-Fi networks. These networks are susceptible to compromise, which gives hackers the ability to intercept data and carry out remote device attacks. Therefore, the adoption of privileged access management is estimated to grow.

Challenges

• Absence of granularity - Lack of granularity is one of the main issues confronting the privileged access management market. PAM systems are designed for monitoring and maintaining an eye on privileged access inside a company. However, every single PAM system offers the same level of complexity in its management features. Some have a tendency general to offer precise control over certain domains of privileged access.
  
  A system may, for instance, permit database access without defining which sections of the database are available for use. This wide approach increases the risk of unauthorized access by exposing more data. Inadequate access restrictions provide significant compliance and security concerns, particularly for organizations such as financial or healthcare institutions that handle sensitive data.
• Growing complexity in implementation of privileged access management
• High price of the software