Privileged Access Management market projected to reach USD 7.7 billion by 2028

The global Privileged Access Management (PAM) market is projected to grow from USD 2.9 billion in 2023 to USD 7.7 billion by 2028, representing a compound annual growth rate (CAGR) of 21.5%.

This expansion is driven by digital transformation, the adoption of cloud computing, remote work, and the increasing complexity of enterprise IT environments. As organizations integrate cloud platforms, SaaS applications, and connected devices, the number of privileged accounts requiring protection has risen. Key drivers for PAM adoption include the need to mitigate insider threats, credential theft, and password sharing, as well as the push for regulatory compliance and zero-trust security models.

The healthcare sector is expected to experience the fastest growth among all verticals. This is due to the digital transformation of medical services, including electronic health records and connected medical devices, which create new security challenges regarding sensitive patient data.