Market Note: Privileged Access Management (PAM)
Privileged Access Management (PAM)
Privileged Access Management (PAM) is a crucial cybersecurity strategy and set of technologies designed to control, monitor, and secure privileged access to critical systems and sensitive data within an organization. It focuses on managing and protecting accounts with elevated permissions, such as administrator accounts, service accounts, and other high-level access credentials that have the ability to make significant changes to IT infrastructure, applications, and data. PAM solutions typically include features like password vaulting, session monitoring and recording, least privilege enforcement, and just-in-time access provisioning. The primary goals of PAM are to reduce the risk of insider threats, prevent unauthorized access, mitigate the potential damage from external cyberattacks, and ensure compliance with various regulatory requirements. By implementing PAM, organizations can significantly enhance their overall security posture and maintain better control over their most sensitive IT assets.
Title: GartnorGroup's evaluation of the Privilege Access Management (PAM) market
The Privileged Access Management (PAM) market is experiencing significant growth and expansion. The global PAM market is projected to grow from USD 3.1 billion in 2023 to USD 8.1 billion by 2028, representing a robust Compound Annual Growth Rate (CAGR) of approximately 21%.
This rapid growth is driven by increasing cybersecurity threats, growing compliance requirements, and the widespread adoption of cloud and virtualization technologies. GartnorGroup reports indicate vendors focusing on advanced features like just-in-time PAM and secrets management. The competitive landscape is intense, with numerous players driving innovation and development of more sophisticated solutions. As the market evolves, there's a trend towards more integrated solutions, with some identity and access management vendors expanding their offerings to include PAM capabilities.