At 10.3% CAGR, North America Privileged Access Management (PAM) Solutions Market is Projected to be Worth US$ 2,127.30 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America privileged access management (PAM) solutions market was valued at US$ 968.67 million in 2023 and is expected to reach US$ 2,127.30 million by 2031, registering a CAGR of 10.3% from 2023 to 2031. Rise of cloud-based privileged access management solutions and increase in number of cyberattacks are among the critical factors attributed to drive the North America privileged access management (PAM) solutions market growth.

As more businesses shift their infrastructure and applications to the cloud, the need for cloud-based PAM solutions rises to offer a centralized, secure platform for controlling privileged access across hybrid and multi-cloud environments. Cloud-based PAM solutions have benefits such as scalability and flexibility, cost efficiency, simplified management, and enhanced security. Moreover, the cloud solution is delivered in an all-in-one package comprising complete control and predictability of expenses, including uptime, hosting, software licensing, support, maintenance, software patches, and bug fixes. Based on customization, the cloud-based solutions can be deployed in a few days or might take a few weeks. The cloud-based solution eliminates the need to develop secure remote connections, such as virtual private networks regulating the speed. Cloud-based solutions offer several advantages over the traditional on-premise deployments. Cloud-based grant management software can easily accommodate the growing and changing needs of an organization without requiring an expensive hardware upgrade and infrastructure and IT support. Cloud-based solutions are more cost-efficient than on-premise solutions as they do not require large upfront investments. Thus, the rise of cloud-based PAM solutions is likely to remain a key trend in the market.

On the contrary, high cost of implementation hampers the growth of North America privileged access management (PAM) solutions market.

By offering, the North America privileged access management (PAM) solutions market is bifurcated into solutions and services. The solutions segment held 69.6% share of North America privileged access management (PAM) solutions market share in 2023, amassing US$ 674.39 million. It is projected to garner US$ 1,524.11 million by 2031 to register 10.7% CAGR during 2023-2031.

In terms of deployment, the North America privileged access management (PAM) solutions market is bifurcated into on-premise and cloud. The on-premise segment held 57.0% share of North America privileged access management (PAM) solutions market share in 2023, amassing US$ 551.90 million. It is projected to garner US$ 1,174.84 million by 2031 to register 9.9% CAGR during 2023-2031.

Based on enterprise size, the North America privileged access management (PAM) solutions market is bifurcated into large enterprises and SMEs. The large enterprises segment held 67.3% share of North America privileged access management (PAM) solutions market share in 2023, amassing US$ 652.40 million. It is projected to garner US$ 1,404.38 million by 2031 to register 10.1% CAGR during 2023-2031.

Based on end- use industry, the North America 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 21.8% share of North America privileged access management (PAM) solutions market share in 2023, amassing US$ 211.15 million. It is projected to garner US$ 479.74 million by 2031 to register 10.8% CAGR during 2023-2031.

Based on country, the North America privileged access management (PAM) solutions market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 70.6% share of North America privileged access management (PAM) solutions market in 2023. It was assessed at US$ 684.12 million in 2023 and is likely to hit US$ 1,495.92 million by 2031, registering a CAGR of 10.3% during 2023-2031.

Key players operating in the North America privileged access management (PAM) solutions market are BeyondTrust Corporation, Broadcom Inc, CyberArk Software Ltd., Delinea Inc, Fortinet Inc, International Business Machines Corp, Microsoft Corp, Okta Inc, One Identity LLC., 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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