At 14.5% CAGR, Asia Pacific Privileged Access Management (PAM) Solutions Market is Projected to be Worth US$ 1,202.67 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific privileged access management (PAM) solutions market was valued at US$ 405.75 million in 2023 and is expected to reach US$ 1,202.67 million by 2031, registering a CAGR of 14.5% from 2023 to 2031. Rise in demand for protection against insider threats and increase in number of cyberattacks are among the critical factors attributed to drive the Asia Pacific privileged access management (PAM) solutions market growth.

Insider threats involve cybersecurity risks from within an organization, typically involving employees, former employees, or individuals directly accessing the organization's network and sensitive data. These insiders know internal processes, company policies, and other malicious information that can be exploited. PAM solutions are helpful in mitigating insider threats by implementing robust security measures. They enable organizations to monitor and control privileged access to critical resources, reducing the risk of unauthorized access and potential insider attacks.

Insider threats can have severe consequences for establishments, such as data breaches, theft of intellectual property, and disruption of operations. PAM solutions offer features such as credential management, session monitoring, controlled command elevation, and secrets management for applications and devices. These capabilities assist organizations in detecting and preventing unauthorized privileged access, enhancing their overall security posture. Hence, the rising demand for protection against insider threats is boosting the adoption of PAM solutions to safeguard against these risks.

On the flip side, high cost of implementation hampers the growth of Asia Pacific privileged access management (PAM) solutions market.

By offering, the Asia Pacific privileged access management (PAM) solutions market is bifurcated into solutions and services. The solutions segment held 70.7% share of Asia Pacific privileged access management (PAM) solutions market share in 2023, amassing US$ 286.78 million. It is projected to garner US$ 880.09 million by 2031 to register 15.0% CAGR during 2023–2031.

In terms of deployment, the Asia Pacific privileged access management (PAM) solutions market is bifurcated into on-premise and cloud. The on-premise segment held 60.9% share of Asia Pacific privileged access management (PAM) solutions market share in 2023, amassing US$ 246.97 million. It is projected to garner US$ 699.77 million by 2031 to register 13.9% CAGR during 2023–2031.

Based on enterprise size, the Asia Pacific privileged access management (PAM) solutions market is bifurcated into large enterprises and SMEs. The large enterprises segment held 69.0% share of Asia Pacific privileged access management (PAM) solutions market share in 2023, amassing US$ 280.10 million. It is projected to garner US$ 802.51 million by 2031 to register 14.1% CAGR during 2023–2031.

Based on end- use industry, the Asia Pacific privileged access management (PAM) solutions market is segmented into BFSI, IT & telecom, healthcare, energy & utility, retail & e-commerce, manufacturing, government & defense, and others. The BFSI segment held 23.9% share of Asia Pacific privileged access management (PAM) solutions market share in 2023, amassing US$ 97.08 million. It is projected to garner US$ 292.78 million by 2031 to register 14.8% CAGR during 2023–2031.

Based on country, the Asia Pacific privileged access management (PAM) solutions market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.5% share of Asia Pacific privileged access management (PAM) solutions market in 2023. It was assessed at US$ 135.80 million in 2023 and is likely to hit US$ 405.78 million by 2031, registering a CAGR of 14.7% during 2023–2031.

Key players operating in the Asia Pacific privileged access management (PAM) solutions market are BeyondTrust Corporation, Broadcom Inc, Delinea Inc, Fortinet Inc, International Business Machines Corp, Microsoft Corp, Okta Inc, and Persistent Systems Ltd, among others.

• In 2024: CyberArk, the identity security company, announced the launch of the CyberArk MSP Console, a new tool for managed service providers (MSPs) that improves operational efficiency and scalability. Now, MSPs can seamlessly view and monitor customers using the CyberArk Identity Security Platform via a dedicated, comprehensive dashboard.

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