During the pandemic of 2020, a market that performed particularly well was the privileged access management, or PAM, market. With more staff working remotely, PAM has never been more important. In 2020, revenue in the PAM market increased to nearly $2.0 billion. This equals an annual growth rate of around 17% from the previous year. This is an impressive figure, considering the economic and business uncertainty over the last year or so.
Mergers and Acquisitions in This Space: Centrify and ThycoticIn March 2021, private equity firm TPG Capital acquired PAM vendor Thycotic for $1.4 billion. It plans to merge it with Centrify, the other PAM vendor it acquired two months earlier. Centrify will thereby hope to present a serious challenge to PAM market leader CyberArk. PAM technology came into existence around the turn of the millennium to address the growing need for control of privileged access in networked environments.
Its importance has only increased since then, with the sudden expansion in remote working caused by the COVID-19 pandemic and the concomitant boost to cloud adoption combining to make it even more vital to monitor and control privileged access.
Big Guns Like Okta Entering the PAM SpaceIn April 2021, Okta, a leading vendor in identity-as-a-service (IDaaS) announced its entry into the privileged access management market. A battle royale awaits Okta in PAM, however, for there it will be going up against the clear market leader, CyberArk. The 800-pound gorilla in its own segment, CyberArk has kept a keen eye on Okta's evolution in recent years, including its 2017 acquisition of Stormpath, a provider ..
Support the originator by clicking the read the rest link below.
