Privileged Access Management Software Statistics 2024

In today’s digital era, where cybersecurity threats are increasingly sophisticated, privileged access management (PAM) software has emerged as a critical component for safeguarding sensitive data and IT systems. As businesses strive to protect themselves from potential breaches, understanding the latest statistics surrounding PAM software in 2024 is crucial. These statistics offer a clear window into current trends, challenges, and technological advancements in the cybersecurity landscape, highlighting how businesses are fortifying their defenses against unauthorized access.

Key stakeholders, including IT managers, cybersecurity professionals, and C-suite executives, will find this data invaluable. It reveals not only the current state of the industry but also projects future developments, enabling these decision-makers to refine their security strategies and investment plans. By shedding light on the adoption rates, efficiency metrics, and common pitfalls associated with PAM software, the statistics provide a comprehensive overview that can help organizations anticipate and mitigate potential risks.

Ultimately, the insights derived from these statistics will equip businesses with the knowledge needed to make informed decisions in an ever-evolving industry. As cyber threats continue to evolve, so must the approaches to prevent them. This data-driven analysis will serve as a guiding framework for creating resilient security infrastructures, ensuring that organizations remain one step ahead in protecting their critical assets.

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Top Privileged Access Management Software Statistics 2024

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Cybersecurity Trends & Statistics For 2023

• Nearly half (48.8%) of C-suite and other executives expect the number and size of cyber events targeting their organizations’ accounting and financial data to increase in the year ahead. ^[?]
• Nearly 20.3% of polled executives say their organizations’ accounting and finance teams work closely and consistently with their peers in cybersecurity. ^[1]
• International Data Corporation (IDC) says AI in the cybersecurity market is growing at a CAGR of 23.6% and will reach a market value of $46.3 billion in 2027. ^[1]
• According to Cybersecurity Ventures, the cost of cybercrime is predicted to hit $8 trillion in 2023 and will grow to $10.5 trillion by 2025. ^[1]
• According to Synopsys researchers, at least one open-source vulnerability was found in 84% of code bases. ^[2]
• 91% of code bases examined by Synopsys researchers contained outdated versions of open-source components. ^[2]
• Community Health Systems (CHS) confirmed that criminal hackers accessed the personal and protected health information of up to 1 million patients. ^[2]
• The highest rate of mobile phishing in history was observed in 2022, with half of the mobile phone owners worldwide exposed to a phishing attack every quarter. ^[2]
• Non-email-based phishing attacks are proliferating, with vishing (voice phishing), smishing (SMS phishing), and quishing (QR code phishing) increasing sevenfold in the second quarter of 2022. ^[2]
• The potential annual financial impact of mobile phishing to an organization of 5000 employees is nearly $4m. ^[2]
• In 2022, 76% of organizations were targeted by a ransomware attack, out of which 64% were actually infected. ^[2]
• Only 50% of these organizations managed to retrieve their data after paying the ransom. ^[2]
• 78% of business email compromise (BEC) involved fake CEO emails using common CEO phrases, resulting in a 64% increase from Q3 to Q4 2022. ^[2]
• Federal Trade Commission (FTC) data shows that consumers reported losing nearly $8.8 billion to fraud in 2022, an increase of more than 30% over the previous year. ^[2]
• There were over 1.1 million reports of identity theft received through the FTC’s IdentityTheft.gov website. ^[2]
• By 2025, humanity’s collective data will reach 175 zettabytes (the number 175 followed by 21 zeros). ^[2]

Privileged Access Management (pam) Software

• On average, roughly 19% of business users (non-administrators) have been granted privileged access to enterprise data, apps, and servers. ^[3]
• 98% of survey respondents indicated that at least some non-administrators were granted privileged access to business systems in their organization. ^[3]
• Roughly one-third of respondents indicated privilege access was granted to greater than 25% of their workforce. ^[3]
• In total, 54% of surveyed respondents indicated their organization has granted business system privileged access to users who are not direct employees of the company. ^[3]
• Healthcare institutions were most frequently noted as granting privileged access to non-employees, as recognized by 94% of respondents from that industry vertical. ^[3]
• This challenge is exasperated by the admission of 38% of respondents who are aware that shadow IT systems deployed in their environment have been granted privileged access. ^[3]
• DBAs are almost twice as likely to be granted privileged access in large businesses as in small businesses (71% to 42%, respectively). ^[3]
• The granting of privileged access to non-human actors was almost nonexistent in small businesses but indicated to be in use by 34% of large businesses. ^[3]
• Across all users in all organizations, an authorized non-administrator can be expected to employ privileged access 280 times each year. ^[3]
• More than one-third of all non-administrators utilize their privileged access multiple times per day, and 25% employ their privileged access only once per month or less frequently. ^[3]
• While almost 77% of total respondents indicated their organization manages privileged access to on-premises servers, nearly the same amount noted support for cloud-hosted servers. ^[3]
• Among small businesses, PAM processes were reported to be employed more frequently to support cloud-hosted servers than on-premises servers (86% and 74% of respondents, respectively). ^[3]
• PAM platforms are principally being introduced to support server environments rather than end-user workstations, as indicated by the relatively low (43%) of respondents who noted PAM support was extended to endpoints. ^[3]
• In total, 76% of survey respondents indicated their organization employs more than one technology for managing privileged access. ^[3]
• The majority of survey respondents (about 66%) noted they had adopted a commercially available solution specifically designed for managing privileged access. ^[3]
• The principle method employed by small businesses (according to 60% of respondents) is to utilize features of an IAM product. ^[3]
• Among all survey respondents, the most frequently valued capability is providing granular privileged access controls to specific IT resources. ^[3]
• Based on the survey results, 80% of organizations are indicated to have experienced a privileged access policy violation within the previous year. ^[3]
• Higher levels of confidence were indicated to be achieved from the use of solutions that actively monitor and manage access controls, including IAM, network management, and PAM-dedicated platforms. ^[3]
• In total, about 87% of survey respondents from breached organizations reported specific impact to business operations. ^[3]
• In total, 97% of survey respondents indicated their organization maintains at least some standing privileged accounts. ^[3]
• Among survey respondents, 28% reported they maintained rarely used accounts, while 69% noted the existence of never-used accounts. ^[3]
• Only about 27% of survey respondents noted the ability to unify PAM policies across all supported IT services, including on-premises servers, cloud-hosted environments, web services, and endpoint devices. ^[3]
• In particular, organizations that adopted a unified PAM approach were indicated to be 72% less likely to have discovered active privileged access accounts for users that had been terminated. ^[3]
• High percentages of shared administrator accounts are also very commonly in use with 73% of survey respondents indicating their usage in their organizations. ^[3]
• On average, respondents from organizations that did not employ shared privileged accounts expressed higher confidence in the ability of their adopted solution to prevent privileged access security breaches. ^[3]
• Roughly 88% of survey respondents indicated that their organization provides employees with local administrator rights to their company-supplied PC or laptop. ^[3]
• On average, endpoint privileged access is granted to roughly 24% of business employees. ^[3]
• The percentage of users granted endpoint device administrator rights increases with company size, and fully one-quarter of large business employees are empowered with elevated privileges on their workstations. ^[3]
• Only about 40% of survey respondents indicated they were fully confident that their adopted PAM solution has identified all privileged access in their organization. ^[3]
• Overall, survey respondents displayed high favorability with their adopted PAM solutions, with 51% stating they were somewhat satisfied and 37% indicating they were very satisfied. ^[3]
• Breaking that result out by adopted solutions for managing privileged access, it becomes clear that the organizations with the highest confidence are those utilizing network security management technologies such as network access controllers (NACs) or platforms specifically designed to support PAM processes. ^[3]

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Privileged Access Management Market

• Privileged Access Management (PAM) Market size is predicted to reach USD 9 Billion by the end of 2036, growing at a CAGR of 22% during the forecast period, i.e., 2024-2036. ^[7]
• In the year 2023, the industry size of privileged access management was USD 3 Billion. ^[7]
• In privileged access management (PAM) market, cloud segment is poised to dominate around 60% share by the end of 2036. ^[7]
• In privileged access management market, solution segment is estimated to account for more than 52% revenue share by the end of 2036. ^[7]
• By the end of 2036, North America Region is expected to dominate around 35% privileged access management market share. ^[7]

Cybersecurity Impact On Businesses

• Today, nearly 100 percent of advanced attacks rely on the exploitation of privileged credentials to reach a target’s most sensitive data, applications, and infrastructure. ^[5]
• 80% of breaches involve compromised privileged credentials including credentials for privileged individuals like domain admins, as well as service, application, and root accounts that allow privileges to be exchanged between systems. ^[8]
• Cyber attacks have been rated the fifth top-rated risk in 2020 and become the new norm across public and private sectors. ^[9]
• Cybercrime will cost companies worldwide an estimated $10.5 trillion annually by 2025, up from $3 trillion in 2015. ^[9]
• The average cost of a single ransomware attack is $1.85 million. ^[9]
• 43% of cyber attacks are aimed at small businesses, but only 14% are prepared to defend themselves. ^[9]
• 45% say that their processes are ineffective at mitigating attacks. ^[9]
• 66% have experienced a cyber attack in the past 12 months. ^[9]
• 69% say that cyber attacks are becoming more targeted. ^[9]
• Companies that contained a breach in less than 30 days saved more than $1 million compared to those that took more than 30 days. ^[9]
• The median salary for information security analysts in 2022 was $112,000, or $53.85 per hour. ^[6]
• The U.S. employed approximately 1.18 million cybersecurity professionals between September 2022 and August 2023, an increase of 59% since 2010. ^[6]
• Between September 2022 and August 2023, there were around 527,000 job openings in the cybersecurity sector. ^[6]
• The top-paying cybersecurity roles as of January 2024 include cybersecurity managers, architects, and engineers. ^[6]

Privileged Access Management Challenges And Solutions

• 87% of security breaches are due to privileged credential misuse—accidental or otherwise. ^[10]
• 56% of IT leaders have tried to deploy PAM systems but failed to reach their objectives due to complexity. ^[10]
• 58% of CISOs would like to get a better PAM solution, but the solutions are too expensive. ^[10]
• 90% of IT teams would love to get a PAM that is easier to use. ^[10]
• Organizations that adopted solutions with policy-based controls defining which specific resources privileged users have been granted access to were determined to be 33% less likely to have experienced a policy breach. ^[3]
• Platforms supporting JIT functionality that automatically expires privileged access when it is no longer in use were recognized as reducing the chances of a policy violation by 44%, on average. ^[3]
• PAM platforms that are able to centrally manage privileged access across endpoint devices were shown to reduce the chances of a compromised privileged account credential by 34%, on average. ^[3]
• 71% of survey respondents recognized simplifying management efforts as the principal advantage of enterprise-class PAM adoption. ^[3]
• 57% indicated their primary challenge was related to difficulties with integrating the platform with third-party solutions. ^[3]
• Small businesses were particularly challenged with deploying on-premises PAM solutions, with 86% of related respondents indicating it to be moderately or very difficult. ^[3]

Cybersecurity Market Growth

• The Cybersecurity Market size is estimated at USD 182.84 billion in 2024 and is expected to reach USD 314.28 billion by 2029, growing at a CAGR of 11.44% during the forecast period (2024-2029). ^[4]
• Cybercrimes cost the world almost USD 600 billion yearly, or 0.8% of global GDP. ^[4]
• The Cybersecurity Market revenue in the United States was valued at USD 73.41 billion in 2023 and is expected to reach USD 108.31 billion by 2028, growing at a CAGR of 8.09%. ^[4]
• The Cybersecurity Market in Germany was valued at USD 10.24 billion in 2023, and it is anticipated to reach a value of USD 17.54 billion by 2028, registering a CAGR of 11.36%. ^[4]
• The Cybersecurity Market revenue in China was valued at USD 15.58 billion in 2023. ^[4]

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