According to the business intelligence report titled ‘Global Privileged Identity Management Market Size study, byComponent ( Solution (Identity Management, Access Management, Session Monitoring and Management) Service (Professional Services, Implementation and Integration, Consulting, Education and Training, Support and Maintenance, Managed Services)) by Installation Type (Agent-based, Appliance-based) by Deployment Mode (On-Premises, Cloud ) by Organization size (Small and Medium Enterprise, Large Enterprise) by Vertical (BFSI, Government & Defence, Healthcare, Manufacturing, Energy and Utilities, Telecom and IT, Retail, Others)and Regional Forecasts 2021-2027’, available with Market Study Report, global privileged identity management market was evaluated at USD 2.49 billion in 2020 and is estimated to be worth USD 16.33 billion by 2027, growing at an annual rate of 30.8% between 2021-2027.
 

Increasing cybersecurity concerns in e-commerce, IT & telecom, and medical sectors, benefits like reduced IT expenses & higher productivity in an organization, and efforts to meet security regulations are the key growth stimulants for global privileged identity management market. 
 

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For the unversed, privileged identity management refers to the safeguarding & monitoring of user accounts in an organization’s IT settings. PIM primarily applied for system admins, company owners, and CIOs.
 

Increasing government focus on curbing identity theft, adoption of logical database security solutions by finance firms, and growing importance of privileged identity management in government & defense verticals will aid revenue inflow as well.
 

On the other hand, rising concerns over data loss & hacking, high installation & maintenance costs, and dearth of technically skilled labor will act as challenges for businesses in this domain.  
 

Regionally speaking, North America held majority of global privileged identity management market share in the recent past, owing to surging adoption of bring your own device (BYOD) policy. Ease of hacking with increasing number of malicious programs are encouraging the integration of session tracking management & access control solutions.
 

Meanwhile, Asia Pacific market is slated to expand rapidly between 2021-2027, due to growing number of cyber-attacks, and swift development of IT infrastructure.
 

Key players profiled in worldwide privileged identity management industry report are BeyondTrust Corporation, Centrify Corporation, CA Technologies, CyberArk, International Business Machines Corporation, Hitachi ID Systems, Inc., Micro Focus International plc, Thycotic, One Identity LLC, and Zoho Corporation.