Privileged identity management set to rise through 2022

In identity management, privileged accounts pose special risks. These types of accounts generally grant higher levels of access than typical accounts. They provide high levels of access to endpoint operating systems, servers, databases, identity directories, systems management software, and application software among others.

When an insider abuses access, or an adversary of the organization manages to commandeer a privileged-access account, it poses a serious threat to the organization’s data and systems availability. The tools used to secure these systems are called privileged identity managers and they are a growing market. These tools help better manage and monitor these so-called “superuser” accounts.

Market research firm Technavio recently took a look at the global Privileged Identity Management (PIM) market from this year through 2022. According to Technavio, the global privileged identity management market is set to grow 23 percent annually from this year through 2022. One of the primary reasons behind the high growth is the increased focus on insider threats to data.

According to Technavio, in 2017 the Americas held the single largest share of the global PIM market in 2017, followed by the Europe, the Middle East and Africa region and then the Africa and Asia-Pacific region. Interestingly, because many larger enterprises already own PIMs in the Americas, commanding about 43 percent of the global market, the growth is anticipated to come from government agencies and smaller and mid-sized enterprises. Still, there is increased attention on insider risks and the need for privileged account protection with multi-factor authentication.

“PIM solutions aid enterprises mitigate risks in a cloud environment and improve their compliance initiatives. PIM can also help enterprises in reducing insider threats by highlighting the inappropriate behavior of an on-premise privileged user. The incorporation of cloud in PIM solutions will lead to an increase in the adoption of PIM solutions among enterprises,” Technavio said in this news release.

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Security spending continues to increase as a percentage of overall business-technology budgets. According to Statista, the percentage of security in total IT budgets was 7.5 percent in 2005 and has grown rather steadily to reach 10.2 percent in 2016.

I wouldn’t expect that to level-off anytime soon, not with the increased focus on data breaches and many global enterprises scrambling to become compliant to new regulations such as GDPR.