Enterprises are embracing privileged access management (PAM) solutions as a means to better combat insider threats while also meeting new regulations. According to research firm Grand View Research, the PAM market is set to reach $3.5 billion with a 20 percent to 30 percent compound annual growth rate (CAGR) over the next few years. That is a significant market opportunity for vendors seeking to help enterprises looking to address the pain points of identity and access management.
A perfect example of that growth comes in the form of Austin, Texas-based SecureLink, which has demonstrated strong growth in the PAM market. The company claims its growth has exceeded target projections and was fueled by industries with strict regulatory compliance requirements such as healthcare, legal and gaming.
“With the record growth achieved in 2018, we’ve essentially doubled our revenue in the last two years,” said Joe Devine, CEO of SecureLink. “Our total annual recurring revenue (ARR) exceeded our targets and we expect this pace of growth to continue this year.”
SecureLink, like many other vendors in the PAM space, offers technology that helps enterprises establish secure and auditable remote access connections—capabilities that are becoming increasingly more important as cybersecurity threats have grown in recent years.
The interest in PAM is further being fueled by companies looking to take a more proactive approach to managing network access for all users, including employees and contractors. However, a derivative of PAM, vendor privileged access management (VPAM), is also poised for growth. VPAM equips enterprises with the capability to extend secure access technology to third-party vendors and third-party technology vendors that require access to maintain and troubleshoot systems. That’s a critical consideration as more enterprises embrace the managed service provider (MSP) and cloud services models, where technical support may come from third-party resources. It’s also an area that SecureLink has some expertise in.
“Enterprises are adopting PAM solutions, but these solutions are not intended to manage external third-party vendors,” Devine said. “Pairing the SecureLink platform with PAM solutions offers comprehensive protection and greatly simplifies the reporting required to meet regulatory compliance across the board.”
SecureLink is actively building integrations with other PAM providers to give customers of both solutions enhanced capabilities including greater granular command filtering, endpoint security and advanced credential management capabilities for remote vendor users. The company recently announced support for cloud based PAM provider Thycotic, and is working to integrate with other vendors in the PAM space.