Privileged Identity Management (PIM) is the protection and management of user’s accounts across any company’s IT environments. The global PIM market has several key growth opportunities including, rising digitization and prevalence of identity as a service (IDAAS), extensive deployment of intelligence-driven PIM solutions. Some key drivers of the PIM market include, implementation of identity management practices and superior compliance with government regulatory standards, requirement of organizational efficiency optimization and growing threat of data breach driven by insider attacks. However, the growth across the global PIM market face some challenges including, lack of awareness for growing and complex security risks. Similarly, PIM market growth is restrained by notable cost of successful deployment of PIM solutions. The PIM market is anticipated to grow with a CAGR of around 32.20% over the forecast period 2016-2023.
The global PIM market is majorly segmented into industry vertical, organization size, deployment mode, installation type, and component. The industry vertical segment is sub-segmented into retail, energy and utilities, IT and telecom, healthcare and pharmaceuticals, manufacturing, banking, financial services and insurance (BFSI), government and defense, and others. Organization size segment is divided into large enterprises and small and medium-sized enterprises. Deployment mode is sub-segmented into cloud and on-premises. Installation type segment is divided into agent-based and appliance-based sub-segments. Component segment is further divided into services and solutions sub-segments.
Geographically, the global PIM market is segmented into North America (U.S. & Canada), Asia Pacific (Japan, India, China, RoAPAC), Europe (Germany, France, UK, RoE) and Rest of World that include, Latin America, Middle East & Africa. Asia Pacific is expected to be the fastest growing region driven by rapid deployment of PIM solutions across China, India, Japan, etc. Whereas, North America is expected to be the dominating region in the global PIM market primarily driven by extensive use of PIM systems in the IT companies in the U.S. Product launch is expected to be the key strategic growth initiative being implemented by the companies in the PIM market. For instance, Beyondtrust, Inc. launched the privileged password management product used for control and auditing of privileged accounts such as service accounts, database accounts, application accounts, local administrative accounts, social media and cloud accounts, shared administrative accounts, and application accounts. Similarly, Lieberman Software Corporation has launched Privileged Identity Management as a Service (PIMaaS) product for minimizing the IT risks. Some of the key companies operating in the global PIM market include, Bomgar Corporation, Thycotic, Balabit Corporation, Beyondtrust, Inc., Centrify Corporation, Lieberman Software Corporation, etc.