PIM: Key market research findings
- The Americas dominates the market geographically
- The PIM services segment accounts for a majority of the market’s revenue
- Key vendors – BeyondTrust, CA Technologies, Centrify, CyberArk, and IBM
Technavio’s market research analysts predict the global PIM market to grow at a CAGR of almost 20% between 2016 and 2020. The demand for privileged identity management (PIM) is spurred by the need to comply with regulatory initiatives. The need to implement PIM processes in organizations starts with a need to address adverse audit findings or with an executive mandate to improve governance, risk management, and compliance posture. During 2012, the global market for PIM was dominated by the Americas with a market share of around 45%. Strict adherence regulations and the high frequency of cyber-attacks in the US coupled with the presence of a large number of prominent financial services organizations in the region are expected to fuel growth in the PIM market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the PIM segments based on the product.
“The market is currently witnessing the addition of new features to the PIM suite. PIM solutions are being updated with new features, such as a security wizard, which provides recommendations based on an organization’s particular security configuration. Another addition is an updated security dashboard, along with security alerts regarding privilege changes, with a fix button to undo any unwanted privilege changes,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
According to our research analysts, the services segment will account for almost 64% of the overall market revenue to continue its dominance as the key revenue generator in the global PIM market. The growth of this market segment is driven by the need for a software update following a new version launch. As the demand for PIM solutions is increasing, services related to its management and maintenance will also increase significantly. As a large number of enterprises and government organizations are adopting PIM solutions, the global PIM services market is expected to grow significantly over the next few years.
The prominent players in the global PIM market include BeyondTrust, CA Technologies, Centrify, CyberArk, and IBM. The market has the presence of several established PIM companies, and this report categorizes the vendors in the global PIM market into two main groups. Large diversified IT vendors who have a presence in multiple IT verticals and also have a wide geographic presence who differ from pure-play vendors based on their source of revenue. The majority of their revenue is generated from the services segment. Vendors such as CyberArk and BeyondTrust form the second category of players and are either pure-play vendors operating in the global PIM market or have a presence in other IT verticals as well. The level of vendor competition in the market is intense. Since the IAM (identity and access management) sector offers technology partnership opportunities to leading PIM providers, the market will witness the entry of several IAM platform vendors, which will, in turn, further intensify the level of competition in the market. To sustain the market and retain their revenue shares, PIM vendors have the need to be competitive.
A more detailed analysis is available in the Technavio report, Global Privileged Identity Management Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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