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Need to Protect Data and Applications to Create Opportunities for the Global Privileged Identity Management Market Until 2020, Reports TechnavioTechnavio analysts forecast the global privileged identity management (PIM) market to grow at a CAGR of close to 20% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global PIM market for 2016-2020. To calculate the market size, the report considers revenue generated from software licenses and services. Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global PIM market:
Regulatory compliance initiatives The need to implement PIM processes in organizations often starts with an instant need to address adverse audit findings or with an executive mandate to improve governance, risk management, and compliance posture. The SOX was signed on July 30, 2002, and this act enabled changes to maintain the precision and reliability of confidential financial disclosures. The main goal of the act is to protect investors by refining the reliability of corporate disclosures made pursuant to the securities laws. Amrita Choudhury, a lead IT security analyst at Technavio, says, "The act mandates the organizations to maintain internal controls to safeguard the availability of data only to authorized individuals. It also requires organizations to identify deficiencies in the internal controls and to correct their vulnerabilities. The SOX section 302 mandates a set of internal procedures, which are designed to safeguard accurate financial disclosure. Section 404 necessitates the management and the external auditor to report on the adequac of the company's internal control over financial reporting." Growing insider threats The rising challenge of protecting data and applications from security breaches have forced organizations invest in security technologies and policies to prevent the breach in-house. The security threat posed by the privileged insider can be more dangerous than that caused by an outsider. These breaches are expensive to resolve, may cause noncompliance with industry standards and government regulations, and also damage business reputation. "Though many organizations employ measures such as physical locks and ID key cards to control physical access, most of them lack the processes needed to control the privileged access that allows individuals to view and change data records and configuration settings on the network at any point of time. In the US, 47% of organizations were vulnerable to insider threats in 2014, and that number nearly doubled in 2015 when 90% of organizations were vulnerable," adds Amrita. High-profile data breaches Hackers have found new ways to access valuable information and disrupt businesses because of the rapidly changing IT environment. The rising dependency on web applications leads to an unprecedented rise in cyber-attacks, including advanced persistent threats. The use of web applications for purchases and related activities has led to an increase in identity thefts. With the emergence of social networking sites, it has become easier for attackers to extract users' information. To mitigate these advanced threats, organizations employ PIM solutions. Need for enhanced employee productivity PIM solutions play a major role in enhancing employee productivity, especially with the implementation of single sign-on and federated identities for using multiple applications. These solutions help identify employees and securely grant permission to access data on a need basis. With the implementation of PIM solutions, employees can overcome the difficulty of multiple logins for different business processes. PIM solutions support globally federated identities, enabling employees to easily manage their identity in an organization spread across various locations. These solutions provide seamless access to cloud applications and services through a single sign-on identity solution, reducing operation time. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
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