PETACH-TIKVA, Israel (AP) _ CyberArk Software Ltd. (CYBR) on Wednesday reported a loss of $37.6 million in its second quarter.

On a per-share basis, the Petach-Tikva, Israel-based company said it had a loss of 93 cents. Losses, adjusted for one-time gains and costs, came to 27 cents per share.

CyberArk better be careful - that's the gist of a new study of the privileged access management market. Long-reigning undisputed leader it may be, but it's not impervious to competitors such as Delinea and One Identity, which are catching up thanks to a few acquired boosts last year to their capabilities.

See Also: OnDemand | Zero Tolerance: Controlling The Landscape Where You'll Meet Your Adversaries

"CyberArk has been the 800-pound gorilla for a long time. They've been the king of the hill," Gartner Magic Quadrant author Michael Kelley tells Information Security Media Group. "They still remain the leader, but I think lots of companies are doing a lot of investment and catching up a little bit on feature and functionality." The consultancy released its latest Magic Quadrant for the PAM industry on July 19, evaluating the competitive standings of 11 companies.

Gartner once again recognized publicly traded Boston-area vendor CyberArk for having the most complete vision and strongest execution ability around privileged access management.

Reasons for the company to closely watch its back paradoxically start with the growing size of the market. Interest in PAM tools has perked up outside its traditional constituency of compliance and audit departments, Gartner finds. Cyber insurance providers are almost bullying corporate Americans into becoming PAM customers by threatening massive rate increases to any client without such tools, Kelley says.

"The cost of a breach is much larger if a privileged account has been compromised," Kelley says. "I think cybersecurity insurers recognize that one way of limiting the impact of cybersecurity breaches - and especially their responsibility to pay for cybersecurity breaches - is to have good controls in place for privileged accounts." Gartner estimated in 2018 that 70% of organizations would implement PAM by 2022, and that prediction has nearly come to pass.

CyberArk competition One Identity, which is splitting from Quest and is fresh from its October purchase of OneLogin, took silver for completeness of vision in the Gartner race. Mumbai-based Arcon took the silver in execution ability.

Silicon Valley-based Delinea was formed in February through the merging of TPG Capital-owned rivals Thycotic and Centrify and was bestowed bronze in both completeness of vision and execution ability. Atlanta-based BeyondTrust and Paris-based Wallix were also recognized as leaders by Gartner.

"Some people are surprised because Arcon and Wallix are more regional companies," Kelley says. "But they've become very, very strong in their region. And they've become very strong from a technical perspective. So we felt that they belonged."

Gartner's take on the privileged access market has changed somewhat from last year, with Wallix progressing from a challenger to a leader thanks to increased innovation, more interesting things on the road map, and a better vision for approaching the market. And BeyondTrust - whose execution ability last year was head and shoulders above all leaders but CyberArk - now ranks fifth in the execution criteria.

Outside of the leaders, here's how Gartner sees the privileged access management market:

• Visionary: Saviynt;
• Niche Players: Broadcom, ManageEngine, Hitachi ID and Netwrix;
• Missing the List: Fudo Security, HashiCorp, Imprivata, Krontech, Microsoft, Remediant, Sectona, Senhasegura and Teleport, which didn't meet technical or revenue inclusion criteria.

"PAM is a fundamental, foundational security control that you just can't do without nowadays," Kelley says.

CyberArk Seeks to Improve On-Premises Experience

CyberArk has focused over the past year on extending its endpoint privilege manager product to include Linux in addition to Windows and Mac so that firms can more easily elevate users to admin privileges no matter which operating system they're using, says Barak Feldman, senior vice president of PAM and identity security. The company wants to more effectively address use cases in the cloud, SaaS and DevOps world, he says (see: CyberArk Execs: 9 Bets on What's Next in Identity Security).

With CyberArk's on-premises PAM product, Feldman says the investments have focused primarily on user experience to Improve time to value and the experience around deployment. CyberArk's maturity in the PAM market has allowed it to expand into adjacent areas such as just-in-time access and cloud entitlements while competitors are still focused on maturing and adding core features to their PAM offering, he says.

"Our foundation is so strong that we have the ability now to expand into areas like just-in-time access and cloud entitlements," Feldman tells ISMG. "Our competitors are still in the phase of getting that experience maturing. And so we're very excited about the results."

Gartner criticized CyberArk for poor ease of use and difficulty deploying the software-delivered version of the product. Feldman says CyberArk wants to make its on-premises product easier to manage and upgrade and ensure that the rich features it offers don't introduce additional complexity. Roughly two-thirds of CyberArk PAM subscriptions today are SaaS-based with the remaining one-third still on-premises.

"We definitely are putting a lot of effort to make the customer experience a lot better," Feldman says. "It's a continuous thing."

Delinea Puts Usability Front and Center

Bringing Thycotic and Centrify together has created a best of both worlds scenario thanks to Thycotic's strength in vaulting, managing, collecting and rotating credentials and Centrify's ability to define what users entering the system are allowed to access, says Delinea CEO Art Gilliland. Delinea will incorporate elevated risk scoring alongside privilege accounts when deciding which users get what level of access.

Gilliland says Delinea continues to focus on enhancing the usability of its workflows and interface given the skills shortage and level of attrition many of the company's customers are experiencing. In addition, Delinea wants to consolidate its account management capabilities and apply the principles of least privilege to both traditional super users as well as devices and nonuser-based identities, Gilliland says.

"Products that are intuitive and easy to use are just more effective because you'll use them," Gilliland tells ISMG. "We've invested a lot in upgrading the UI and making the interface a lot more usable."

Gartner criticized Delinea for lacking native agentless recording in its session management offering and lagging behind in service account and credential management for Secret Server. Gilliland says the lack of certain features reflects the strategic choice Delinea has made to focus largely on core use cases without creating custom tooling that would make the product heavier and more complicated for everyone else.

"This allows us to focus very specifically on the core use cases without dragging us down the rabbit hole of individual company integrations, which some of our competitors spend a lot of resource on," Gilliland says. "Part of our differentiation is that the technology is fast and easy to use."

One Identity Sees PAM as Part of Bigger Picture

Although PAM accounts for more than half of One Identity's deployments, customers benefit from the company's presence in the identity governance, access management and Active Directory management and security markets following last year's acquisition of OneLogin, says Larry Chinski, vice president of global IAM strategy and customer advocacy. This allows One Identity to have more than just a stand-alone PAM tool.

One Identity has differentiated its privileged access practice by putting the remediation of events in real time using behavioral biometrics front and center rather than the elevation of privileged accounts, Chinski says. Moving away from the fragmented, siloed PAM tools that exist in infrastructure-focused security postures and toward a more holistic platform featuring PAM will benefit customers, he says.

"Cybersecurity has changed in just the last couple of years," Chinski tells ISMG. "It's moved from an infrastructure-centric protection model to an identity-centric 'verify and validate' model. You're not building your security posture around infrastructure components anymore. Instead, we're building a security posture on top of the identity."

Gartner criticized One Identity for offering only rudimentary stand-alone secret management capabilities and lacking the critical SOC 2 certification for its SaaS offering. One Identity already had plans to address the product and operational deficiencies highlighted by Gartner while preparing for use case feature consolidation by tying its platform back to identity management for privileged governance.

"The-next generation PAM is about being able to integrate with IAM for web single sign-on to the PAM portals and all the benefits we get by snapping into IGA for governance and Active Directory management for zero trust," Chinski says.

BeyondTrust to Join On-Prem, Cloud on Single Console

BeyondTrust has been taking the functions used to manage privileged accounts on-premises and moving them into Amazon Web Services or Microsoft Azure to give customers a more unified understanding of their cloud environment, says CTO Marc Maiffret. The company will debut a platform late this year that will allow customers to manage on-premises, cloud and SaaS users from a single console, Maiffret says.

Maiffret wants BeyondTrust to get to the heart of the identity threat detection space through policies, compliance and controls that can lessen the impact of a breach and better understand the identities in an environment that are being compromised. BeyondTrust plans to work with third-party security operations and identity teams to Improve the detection of identities that have been compromised.

"The biggest push across the entire suite of products has really been around how we extend them to cloud service provider and SaaS environments," Maiffret tells ISMG. "It's about taking the timeless aspects of security, like least privilege, and moving that into cloud environments."

Gartner criticized BeyondTrust for low privileged session management scores and lacking support for native authentication mechanisms in its secrets management offering. Maiffret says the critique stems from Gartner not including BeyondTrust's privileged remote access product as part of the evaluation, adding that BeyondTrust's unified platform coming in late 2022 wasn't reflected in Gartner's evaluation.

"We're not too worried because we're more interested in what actually comes out at the end of the year and what we're working on," Maiffret says.

Wallix Expands From Europe to the US

Wallix entered the PAM market three years ago from a session management background to provide customers with a unified way to control access and privilege for any kind of user, says product and marketing director Edwige Brossard. The company recently made it easier to delegate and elevate privileged access so that companies can provision heightened access for a defined period of time.

Brossard says Wallix has implemented a remote SaaS service as part of its portfolio to make it easier for organizations to deploy and maintain their privileged access offering. Wallix has also invested heavily in certain vertical markets such as OT to supply manufacturers and members of the supply chain cyber expertise and better usability without compromising on protection, according to Brossard.

"We do believe that having something more unified and dealing after that with privileges as a task you have to cover is really important," Brossard tells ISMG.

Gartner criticized Wallix for lacking native features for privileged access governance and administration and offering only limited account discovery features. Brossard says Wallix needs to expand the breadth of its product offering and already had a lot of the shortcomings Gartner noted on its product road map. Wallix's push into the United States this year will make the company more visible to global customers.

"Our plan is to keep pushing what we have in the U.S. and accelerate the customer base over there while at the same time developing much more of an MSP and midmarket business in Europe, Brossard says.

Arcon Continues to Play Feature Catch-Up

The Gartner Magic Quadrant report lauds Arcon for making big strides around secrets management, CIEM, and just-in-time functionality over the past year and pricing its privileged account and session management capabilities below most of its peers. Gartner praises Arcon for giving each customer a customer success manager and making its technical account managers available for large accounts.

Gartner criticized Arcon for having a limited number of prebuilt integrations for adjacent technologies and relying on agents and client tools for the best user experience. The company lags behind its peers in gaining new customers, with Arcon's road map focusing largely on adding new features that already exist in competitor products. Arcon didn't respond to an ISMG request for comment.

"A big thank you to our global partners and customers as well," Arcon writes in a blog post. "Your unwavering support keeps Arcon motivated as it continues to challenge every boundary."

Investment Thesis

The trade-commission-free automation progress achieved by markets in serving a continuing flow of individual investor internet-order small trades makes it necessary for Market-Makers ("MM") to have capital at risk while handling the irregular huge-value “institutional” transactions. They protect their at-risk capital endangerment by hedging actions which reflects the coming price range expectations of the stocks involved – virtually all of the actively-traded issues.

The pricing and structure of such hedges reveal the coming-price expectations of both the MM protection-buyers and that of the MM industry protection-sellers.

Our selection of CyberArk Software Ltd. (NASDAQ:CYBR) is prompted by its currently-attractive stock pricing coupled by a large following of Seeking Alpha readers.

Description of Subject Company

“CyberArk Software Ltd., together with its subsidiaries, develops, markets, and sales software-based security solutions and services in the United States, Europe, the Middle East, Africa, and internationally. Its solutions include Privileged Access Manager that offers risk-based credential security and session management to protect against attacks involving privileged access to provide fast, easy, and secure privileged access to third-party vendors. The company provides its products to financial services, manufacturing, insurance, healthcare, energy and utilities, transportation, retail, technology, and telecommunications industries; and government agencies through direct sales force, as well as distributors, systems integrators, value-added resellers, and managed security service providers. CyberArk Software Ltd. was founded in 1999 and is headquartered in Petah Tikva, Israel.”

Source: Yahoo Finance.

Risk~Reward Comparisons of Portfolio Investment Candidates

Figure 1

(used with prior permission)

The tradeoffs here are between near-term upside price gains (green horizontal scale) seen worth protecting against by Market-Makers with short positions in each of the stocks, and the prior real price drawdowns experienced during holdings of those stocks (red vertical scale). Both scales are of percent change from zero to 25%.

The intersection of those coordinates by the numbered positions is identified by the stock symbols in the blue field to the right.

The dotted diagonal line marks the points of equal upside price change forecasts derived from Market-Maker [MM] hedging actions and the real worst-case price drawdowns from positions that could have been taken following prior MM forecasts like today's.

Our principal interest is in CYBR at location [1]. A "market index" norm of reward~risk tradeoffs is offered by SPDR S&P500 index ETF (SPY) at [4].

Those forecasts are implied by the self-protective behaviors of MMs who must usually put firm capital at temporary risk to balance buyer and seller interests in helping big-money portfolio managers make volume adjustments to multi-billion-dollar portfolios. The protective actions taken with real-money bets define daily the extent of likely expected price changes for thousands of stocks and exchange-traded funds ("ETFs").

This map is a good starting point, but it can only cover some of the investment characteristics that often should influence an investor's choice of where to put his/her capital to work. The table in Figure 2 covers the above considerations and several others.

Comparing Alternative Investments

Figure 2

(used with permission)

Column headers for Figure 2 define elements for each row stock whose symbol appears at the left in column [A]. The elements are derived or calculated separately for each stock, based on the specifics of its situation and current-day MM price-range forecasts. Data in red numerals are negative, usually undesirable to “long” holding positions. Table cells with pink background “fills” signify conditions typically unacceptable to “buy” recommendations. Yellow fills are of data for the stock of principal interest and of all issues at the ranking column, [R].

Readers familiar with our analysis methods may wish to skip to the next section viewing price range forecast trends for CYBR.

Figure 2’s purpose is to attempt universally comparable measures, stock by stock, of a) How BIG the price gain payoff may be, b) how LIKELY the payoff will be a profitable experience, c) how soon it may happen, and d) what price drawdown RISK may be encountered during its holding period.

The price-range forecast limits of columns [B] and [C] get defined by MM hedging actions to protect firm capital required to be put at risk of price changes from volume trade orders placed by big-$ "institutional" clients.

[E] measures potential upside risks for MM short positions created to fill such orders, and reward potentials for the buy-side positions so created. Prior forecasts like the present provide a history of relevant price draw-down risks for buyers. An average of the most severe ones actually encountered are in [F], during holding periods in effort to reach [E] gains. Those are where buyers are most likely to accept losses.

[H] tells what proportion of the [L] trial of prior like forecasts have earned gains by either having price reach its [B] target or be above its [D] entry cost at the end of a 3-month max-patience holding period limit. [ I ] gives the net gains-losses of those [L] experiences and [N] suggests how credible [E] may be compared to [ I ].

Further Reward~Risk tradeoffs involve using the [H] odds for gains and the 100 - H loss odds as weights for N-conditioned [E] and for [F], for a combined-return score [Q]. The typical position holding period [J] on [Q] provides a figure of merit [fom] ranking measure [R] useful in portfolio position preferencing. Figure 2 is row-ranked on [R] among candidate securities, with CYBR yellow-row identified.

Along with the candidate-specific stocks these selection considerations are provided for the averages of over 3,000 stocks for which MM price-range forecasts are available today, and 20 of the best-ranked (by fom) of those forecasts, as well as the forecast for SPY as an equity market proxy.

Recent Trends in MM Price-Range Forecasts for CYBR

Figure 3

(Used with permission).

This picture is not a “technical chart” of past prices for CYBR. Instead, its vertical lines show the past 6 months of daily price range forecasts of market actions yet to come in the next few months. The only past information there is the heavy dot of the closing stock price on the day of each forecast.

That data splits the price ranges’ opposite forecasts into upside and downside prospects. Their trends over time provide additional insights into coming potentials, and helps keep perspective on what may be coming.

The small picture at the bottom of Figure 3 is a frequency distribution of the Range Index’s appearance daily during the past 5 years of daily forecasts. The Range Index [RI] tells how much the downside of the forecast range occupies of that percentage of the entire range each day, and its frequency suggests what may seem “normal” for that stock, in the expectations of its evaluators’ eyes.

Here the present level is near its least frequent, lowest-cost presence, encouraging the acceptance that we are looking at a realistic evaluation for CYBR. Many of past RIs have been above the present RI, indicating there is more room for an even more positive outlook.

Investment Candidates' Prior Profitability Prospect

Figure 4

(Used with permission).

This comparison map uses an orientation similar to that of Figure 1, where the more desirable locations are down and to the right. Instead of just price direction, the questions are more qualitative: “how big” and “how likely” are price change expectations now?

Our primary interest is in CYBR’s qualitative performance, particularly relative to alternative investment candidate choices. Here CYBR is at location [5], the intersection of horizontal and vertical scales of +20% gain and +88% assurance (ODDS) of a “win.”

As a market norm, SPY is at location [6] with a +3% payoff and a 72% assurance of profitability. CYBR tends to dominate all the return payoffs in this comparison.

Conclusion

Among these alternative investments explicitly compared, CyberArk Software Ltd. appears to be a logical buy preference now for investors seeking near-term capital gain.

Question: Is this form of comparisons more or less useful to you in your investment choice selections than one geared to industry economics or competitive actions?

Pittsburgh, PA. (Aug. 5, 2022) — Intelligent power management company Eaton announced a cybersecurity collaboration with global leader in identity security CyberArk to enhance protection of utility transmission and distribution devices and networks. The collaboration leverages Eaton’s grid automation expertise and industry-leading approach to cybersecurity with CyberArk’s Identity Security solutions to help utilities simplify a critical element of cybersecurity compliance for modern grid automation systems.

“Today’s utility infrastructure is more connected than ever before, which provides unprecedented grid flexibility and stability alongside significant cybersecurity risk,” said Eric Lebeau, product line manager for Eaton. “By working with CyberArk, we are uniquely able to help utilities unify cybersecurity monitoring and management of both OT and IT devices – regardless of manufacturer – to secure the grid and streamline industry compliance.”

The ongoing decentralization and digitalization of power makes it essential for utilities to safeguard connected devices and data against the rising threat of cyberattack. By integrating CyberArk’s capabilities into its IED Manager Suite (IMS), Eaton is enabling utilities to automate the complex task of manually verifying, managing and rotating network access passwords for intelligent electronic devices (IEDs) used in grid automation systems. The CyberArk integration within Eaton’s IMS software also allows utilities to retrieve credentials easily and securely for scans and firmware updates.

“Critical infrastructure continues to be vulnerable to cyber attackers seeking to disrupt operations or cause harm,” said Clarence Hinton, chief strategy officer and head of corporate development, CyberArk. “We believe this integration with Eaton will provide joint customers with greater control and protection of those credentials used to access sensitive systems, especially those credentials that have privileged access. We look forward to continuing to expand our collaboration and work together with Eaton to help drive down risk and exposure to cybersecurity threats.”

Eaton’s IMS software helps utilities manage configuration settings, passwords and firmware for IEDs from a wide range of manufacturers used in grid automation systems. It reduces maintenance costs through secure remote access and helps comply with North American Electric Reliability Corporation (NERC) critical infrastructure protection (CIP) requirements.

CHICAGO, July 28, 2022 /PRNewswire/ -- Operational Technology (OT) Security Market size is expected to grow from an estimated value of USD 15.5 billion in 2022 to 32.4 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 15.8% from 2022 to 2027, according to a new report by MarketsandMarkets™.  Some of the factors that are driving the market growth include the increased use of digital technologies in industrial systems, stringent government regulations related to CIP to boost the adoption of OT security solutions, and convergence of IT and OT systems to fuel OT security market growth.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=18524133

Browse in-depth TOC on "Operational Technology (OT) Security Market"

349 – Tables
51 – Figures
295 – Pages

By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period

Based on deployment mode, the OT security market is segmented into two categories: on-premises and cloud. The cloud-based deployment mode of OT security solutions provides organizations with cloud-based solutions that offer scalability, speed, and enhanced OT security. With the deployment of more applications on the cloud, there is an enhancement in the need for cloud-based OT security solutions among SMEs and large enterprises. The cloud-based OT security solutions are preferred over on-premises security solutions because they provide a cost-effective approach for enterprises across industries to enhance cybersecurity. In addition to this, the cloud-based solution for OT security help organizations in reducing the cost associated with expensive hardware equipment required for storage, power, and cooling. The cost incurred for IT maintenance by any organization is also reduced because of the cloud-based deployment mode and thus the cloud segment is projected to grow with a higher CAGR during the forecasted period.

By verticals, the manufacturing segment to hold a larger market size during the forecast period

Among the verticals, the manufacturing vertical is dominating the market size of OT security solutions. The increasing attacks on the manufacturing vertical imply that there is a crucial need for companies with OT infrastructure responsibility that is required to secure the endpoints of their OT systems and networks. The drivers for market size growth of the OT security solutions include the requirement of OT security solutions and services to help organizations overcome operational challenges, overcome the challenges associated with the cost of supplies and increased cost of inventory management, resulting in the increment of OT security solutions demand in the market.

Story continues

Request trial Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=18524133

By region, Asia Pacific to grow at the highest CAGR during the forecast period

The OT security market is segmented into five regions: Americas, Europe, Asia Pacific, and Middle East and Africa. The Asia Pacific region is projected to grow with the fastest growing CAGR during the forecast period. The Asia Pacific comprises emerging economies such as India, China, Japan, and rest of Asia Pacific that are adopting OT solutions rapidly because of effective government regulations and technological advancements. The driving factors for the growth of OT solutions in the region include sector-specific cybersecurity, R&D, and PPPs. Most of the organizations in the Asia region are finding OT security very important for their business security and are taking learnings from developed countries such as Americas and Europe. These factors have resulted in the highest CAGR growth for the Asia Pacific region.

Key Players

Major vendors in the global OT security market include Broadcom (US), Cisco (US), Fortinet (US), Forcepoint (US), Forescout (US), Tenable (US), Check Point (Israel), FireEye (TRELLIX) (US), Zscaler (US), Okta (US), Palo Alto Networks (US), Darktrace (UK), CyberArk (US), BeyondTrust (US), Microsoft (US), Kaspersky (Russia), Nozomi Networks (Switzerland), Sophos (UK), TripWire (US), Radiflow(Israel), SentinelOne (US), Thales (France), Bayshore Networks (OPSWAT) (US), Rapid7 (US), Qualys (US), Claroty (US), Dragos (US), SCADAfence (US), Armis (US), Cydome (Israel), Mission Secure (US), Ordr (US), Rumble Inc (US), and SIGA (OT solutions) (Israel).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=18524133

Browse Adjacent Market: Information Security Market Research Reports & Consulting

Related Reports:

Industrial Control Systems (ICS) Security Market by Component (Solution and Services), Solution, Security type (Network Security, Endpoint Security, Application Security, Database security), Vertical, and Region - Global Forecast to 2026

Critical Infrastructure Protection Market by Component, Solution (Physical Safety and Security (Video Surveillance Systems, Screening and Scanning) and Cybersecurity (Encryption, Threat Intelligence)), Vertical, and Region - Global Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/operational-technology-ot-security-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/operational-technology-ot-security.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/operational-technology-ot-security-market-worth-32-4-billion-by-2027--exclusive-report-by-marketsandmarkets-301595229.html

SOURCE MarketsandMarkets

The global Identity & Access Management Market was valued at USD 12.85 billion in 2022 and is projected to reach USD 36.96 billion by 2030 at a CAGR of 14.12% from 2022 to 2030. In terms of revenue, North America dominated the market with a 40 percent market share.

New York, United States, July 28, 2022 (GLOBE NEWSWIRE) -- As the number of applications, systems, and data has increased, businesses have realized that requiring a username and password for validating the identities of individuals accessing resources is insufficient.

In order to secure access and prevent data breaches, Identity and Access Management Market tools were developed. The IAM technology is employed to initiate, capture, manage, and record user identities, as well as to grant authorized access to various enterprise resources to the staff of an organization. IAM is the management of individual identities, their authorization, and the provision of access according to predefined rules.

Get a Free trial Copy of This Report @ https://straitsresearch.com/report/identity-and-access-management-market/request-sample

Security Breaches Are Driving the Market

According to industry experts, there was a slight decline in identity theft cases in 2019, which unfortunately reversed in 2020 and 2021 due primarily to the pandemic's effects. According to the Federal Trade Commission (FTC), identity fraud incidents increased by approximately 45 percent in 2020, resulting in enormous financial losses. Javelin Strategy estimates that this trend will continue in 2021, costing North America a total of USD 56 billion. In addition, the FTC reported that more than one million children were victims of identity theft in 2020 and that losses from identity theft increased from USD 1.8 billion in 2019 to USD 3.3 billion in 2020. Forty percent of account takeovers occurred within 24 hours of criminal gaining access to a victim's account, according to Javelin Strategy's 2020 research on identity fraud. Instances of cyberattacks, particularly identity-related frauds, have increased over the past few years, as evidenced by the statistics presented here. The increase in these cyberattacks can be attributed to technologies such as machine learning, which enable attackers to generate multiple variants of malicious code every day. Constantly evolving cyberattacks have a negative impact on the reputations of businesses, their assets, and their bottom lines. Consequently, protecting against cyber threats has become a necessity for the development of businesses. In order to prevent security breaches and cyberattacks, this has prompted businesses to adopt IAM.

Story continues

Cloud-Based Solutions Are Driving the Market

Organizations today are extremely diverse and receptive to newer trends that Improve employee productivity. Companies offer a variety of roles to their employees, have offices in various locations, and require a resource-ready environment for new hires; thus, in order to secure their data, they are focusing on adopting IAM solutions on a large scale. The cloud-based IAM solutions provide increased security and remote access with two-step authentication and verification based on a variety of policies. Moreover, enforcement concerns, security governance, and a decline in the quality of security services within organizations will accelerate the adoption of Identity and access management solutions.

Report Scope

Buy Now Full Report @ https://straitsresearch.com/buy-now/identity-and-access-management-market

The Hybrid Cloud Model Is Expected to Bring in New Opportunities

As the cloud market expands, the need to secure and manage multiple accounts that can be accessed via the cloud by employees also increases, resulting in a rise in the adoption of IAM solutions. Historically, organizations viewed IAM technologies as capital expenditures, and they had to be purchased and implemented on-premises. There was a significant cost structure associated with the successful implementation of IAM projects, which required months of intensive labor. With the proliferation of the cloud, this trend is now changing, making implementation and access to cloud-based IAM services simpler. Hybrid deployments of IAM solutions aid end-users in selecting between IAM technologies that can be deployed on-premises and technologies that can be accessed in the cloud. This transition in the market, coupled with attractive pricing options such as a monthly subscription model and pay-as-you-go, affords IAM service providers the opportunity to expand their market presence. Additionally, cloud-based IAM solutions for consumers require fewer capital expenditures and less implementation time. This factor, along with the growth of SMEs, is anticipated to increase the adoption of consumer IAM solutions across all sizes of organizations.

Regional Analysis

In terms of revenue, North America dominated the market with a 40 percent market share. Regarding the adoption of cyber technology and its infrastructure, North America is regarded as the most developed region. In North America, cyber security is regarded as a serious economic and national security challenge due to the increasing number of security threats and data breaches in this region. The changing needs of the workforce, BYOD trends, the increasing adoption of cloud applications, the need to ensure compliance with regulations, and the push for organizations in this region to adopt IAM solutions are expected to fuel the market's growth. The region also contains a number of large corporations and small and medium-sized businesses, making the protection of the consumer data of the large labor force the organization's top priority. All of these factors augur well for market demand in identity access management during the forecast period.

From 2022 to 2030, it is anticipated that the Asia-Pacific market will have the highest CAGR. The region includes emerging economies including China, India, Japan, and Australia. Numerous small and medium-sized businesses are located in these nations. It is difficult for SMEs to adopt identity access management due to the high investment required; nevertheless, the region is undergoing a transition, and factors such as rising Internet usage, rising smartphone adoption, and compliance regulations are driving the market.

Key Highlights

• The global Identity & Access Management Market was valued at USD 12.85 billion in 2022 and is projected to reach USD 36.96 billion by 2030 at a CAGR of 14.12% from 2022 to 2030.

• This market can be segmented on the basis of components, deployment, end-users, competitors, and regions.

• Security Breaches and Cloud-Based Solutions are driving the market for Identity and Access Management solutions.

• By 2030, North America is anticipated to have the largest market share, with the Asia Pacific emerging as the fastest-growing market.

Get a Free trial Copy of This Report @ https://straitsresearch.com/report/identity-and-access-management-market/request-sample

Key Companies in The Global IAM Market Include

• Microsoft(US),

• IBM (US),

• Oracle (US),

• Broadcom(US),

• Salesforce(US),

• Ping

• Identity(US),

• Okta(US),

• HID

• Global(US),

• ForgeRock(US),

• CyberArk(US),

• RSA

• Security(US),

• Avatier(US),

• ManageEngine(US),

• SecureAuth(US),

• EmpowerID(US),

• SAP(Germany),

• Simeio(Georgia),

• OneIdentity(US),

• FusionAuth(US),

• Auth0(US),

• IDnow(Germany),

• Zephr(UK),

• Signzy(US),

• Civic(US),

• Trusona(US),

• BeyondIdentity(US).

Segmentation of the Global IAM Market

By Component

• Audit, Compliance & Governance

• Directory Service

• Multifactor Authentication

• Provisioning

• Password Management

• Single Sign-On

By Deployment

By End-Users

By Regions

• North America

• Asia Pacific

• Europe

• LAMEA

TABLE OF CONTENT

1. Introduction

   1. Market Definition

   2. Market Scope

2. Research Methodology

   1. Primary Research

   2. Research Methodology

   3. Assumptions & Exclusions

   4. Secondary Data Sources

3. Market Overview

   1. Report Segmentation & Scope

   2. Value Chain Analysis: Identity and Access Management Market

   3. Key Market Trends

      1. Drivers

      2. Restraints

      3. Opportunities

   4. Porter’s Five Forces Analysis

      1. Bargaining Power of Suppliers

      2. Bargaining Power of Buyers

      3. Threat of Substitution

      4. Threat of New Entrants

      5. Competitive Rivalry

   5. Market Share Analysis

4. Component Overview

   1. Introduction

      1. Market Size & Forecast

   2. Audit

      1. Market Size & Forecast

   3. Compliance & Governance

      1. Market Size & Forecast

5. Deployment Overview

   1. Introduction

      1. Market Size & Forecast

   2. Cloud

      1. Market Size & Forecast

   3. Hybrid

      1. Market Size & Forecast

6. Regional Overview

   1. Introduction

      1. Market Size & Forecast

   2. America

      1. North America

      2. U.S.

         1. By Component

         2. By Deployment

      3. Canada

         1. By Component

         2. By Deployment

      4. Mexico

         1. By Component

         2. By Deployment

      5. Latin America

         1. By Component

         2. By Deployment

   3. Europe

      1. Market Size & Forecast

      2. Germany

         1. By Component

         2. By Deployment

      3. France

         1. By Component

         2. By Deployment

      4. U.K.

         1. By Component

         2. By Deployment

      5. Italy

         1. By Component

         2. By Deployment

      6. Spain

         1. By Component

         2. By Deployment

      7. Rest of Europe

         1. By Component

         2. By Deployment

   4. Asia Pacific

      1. Market Size & Forecast

      2. Japan

         1. By Component

         2. By Deployment

      3. China

         1. By Component

         2. By Deployment

      4. Australia

         1. By Component

         2. By Deployment

      5. India

         1. By Component

         2. By Deployment

      6. South Korea

         1. By Component

         2. By Deployment

      7. Rest of Asia-Pacific

         1. By Component

         2. By Deployment

   5. Middle East & Africa

      1. Market Size & Forecast

      2. Saudi Arabia

         1. By Component

         2. By Deployment

      3. South Africa

         1. By Component

         2. By Deployment

      4. Kuwait

         1. By Component

         2. By Deployment

      5. Rest of Middle East & Africa

         1. By Component

         2. By Deployment

7. Company Profile

   1. Microsoft

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

   2. IBM

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

   3. Oracle

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

8. Conclusion & Recommendation

9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/identity-and-access-management-market/toc

Recent Developments

• Microsoft acquired Nuance in March 2022 to enable organizations across industries to accelerate their business goals using conversational AI and ambient intelligence in conjunction with Microsoft's trusted industry cloud offerings.

• In February 2022, Ping Identity introduced PingOne DaVinci, a new no-code identity orchestration service that enables organizations to integrate and orchestrate identity services from multiple vendors.

• IBM acquired SXiQ, an Australian digital transformation services company that specializes in cloud applications, cloud platforms, and cloud cybersecurity, in November 2021.

• Okta launched Okta Identity Governance in April 2021, which provides a modern, cloud-first approach to IGA. Okta Identity Governance provides the most important capabilities of identity governance and administration in a cloud-first solution.

• Broadcom partnered with Google Cloud in April 2021 to accelerate innovation and strengthen cloud services integration in order to provide enterprises with secure access to cloud applications and enhanced performance.

• Oracle released the proactive Enterprise Single Sign-On Suite Plus (ESSO) terminal patch for 11.1.2.3.2 in July 2020. This update is known as the 31071051 Patch.

News Media
Rising Usage of Cloud-Based Technologies to Drive the Demand for IT Asset Disposition Market
COVID-19 is Likely to Make Significant Impact in the Adoption of Personal Cloud Storage (PCS) Market
Increasing Popularity of the Cloud Services to Bolster the Security as a Service Market Growth
Colossal Shift Towards Cloud Technology across Industrial Sectors Drives the Business Plan Software Market

Have a Look at the Related Research Report               
IoT Security Market: Information by Solution (Analytics, Encryption, Threat Management, Identity and Access Management), Type, Application, and Region — Forecast Till 2026
AI in IoT Market : Information by Component (Software Solutions, Services), Technology (Machine Learning,Deep Learning), Application (Transportation & Mobility) and Region-Forecast Till 2026
Consumer Identity and Access Management (IAM) Market: Information by Service (Professional Services), Solution (Advanced Authentication), Deployment, Industry Vertical-Forecast Till 2026

About Straits Research Pvt. Ltd.

StraitsResearch is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

Phone: +1 646 480 7505 (the U.S.)

+91 8087085354 (APAC)

+44 208 068 9665 (the U.K.)

Email: sales@straitsresearch.com

Follow Us: LinkedIn | Facebook | Instagram | Twitter