At 9.2% CAGR, Middle East & Africa Privileged Access Management (PAM) Solutions Market is Projected to be Worth US$ 268.52 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa privileged access management (PAM) solutions market was valued at US$ 132.83 million in 2023 and is expected to reach US$ 268.52 million by 2031, registering a CAGR of 9.2% 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 Middle East & Africa privileged access management (PAM) solutions market growth.

In recent years, businesses are facing the continuous threat of cyberattacks. According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2020, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyberattacks. During the COVID-19 pandemic, cybercriminals took advantage of misaligned networks as businesses were shifting to remote working environments. According to OneLogin, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2020. Cyber threats are considered a major concern as various organizations continue to operate in a digital environment. They have serious consequences for individuals, corporations, and governments. The rise in the number of cyberattacks has increased the importance of cybersecurity to safeguard critical infrastructures and to ensure the safety of individuals and organizations. Organizations are increasingly becoming aware of the need to safeguard their critical assets from unauthorized access and potential breaches. Privileged accounts, which have elevated access privileges within an organization's systems and networks, are prime targets for cybercriminals due to their extensive control and access to sensitive information and critical systems. To address this growing threat, robust PAM solutions are being implemented. PAM solutions help organizations effectively manage and secure privileged accounts by enforcing the principle of least privilege, which limits access to only what is necessary for users to perform their tasks. Organizations can reduce their attack surface by minimizing the number of privileged account holders and rights associated with each account by implementing PAM solutions. This active approach significantly mitigates the risk of unauthorized access and potential breaches. Thus, the increasing number of cyberattacks is a significant factor propelling the growth of the privileged access management (PAM) solutions market.

On the flip side, high cost of implementation hampers the growth of Middle East & Africa privileged access management (PAM) solutions market.

By offering, the Middle East & Africa privileged access management (PAM) solutions market is bifurcated into solutions and services. The solutions segment held 68.8% share of Middle East & Africa privileged access management (PAM) solutions market share in 2023, amassing US$ 91.41 million. It is projected to garner US$ 191.60 million by 2031 to register 9.7% CAGR during 2023–2031.

In terms of deployment, the Middle East & Africa privileged access management (PAM) solutions market is bifurcated into on-premise and cloud. The cloud segment held 63.7% share of Middle East & Africa privileged access management (PAM) solutions market share in 2023, amassing US$ 84.56 million. It is projected to garner US$ 176.18 million by 2031 to register 9.6% CAGR during 2023–2031.

Based on enterprise size, the Middle East & Africa privileged access management (PAM) solutions market is bifurcated into large enterprises and SMEs. The large enterprises segment held 69.5% share of Middle East & Africa privileged access management (PAM) solutions market share in 2023, amassing US$ 92.35 million. It is projected to garner US$ 180.87 million by 2031 to register 8.8% CAGR during 2023–2031.

Based on end- use industry, the Middle East & Africa privileged access management (PAM) solutions market is segmented into BFSI, IT & telecom, healthcare, energy & utility, retail & e-commerce, manufacturing, government & defense, and others. The healthcare segment held 21.9% share of Middle East & Africa privileged access management (PAM) solutions market share in 2023, amassing US$ 29.06 million. It is projected to garner US$ 65.67 million by 2031 to register 10.7% CAGR during 2023–2031.

Based on country, the Middle East & Africa privileged access management (PAM) solutions market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 31.7% share of Middle East & Africa privileged access management (PAM) solutions market in 2023. It was assessed at US$ 42.17 million in 2023 and is likely to hit US$ 77.90 million by 2031, registering a CAGR of 8.0% during 2023–2031.

Key players operating in the Middle East & Africa privileged access management (PAM) solutions market are BeyondTrust Corporation, Broadcom Inc, CyberArk Software Ltd., Delinea Inc, Fortinet Inc, International Business Machines Corp, Microsoft Corp, 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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