English Extended Distribution Market Research Reportedtimes Research Newswire Wire

Physical Identity and Access Management Market Expected to Reach $1.4 Billion by 2025

Physical Identity and Access Management Market is expected to reach $1.4 billion by 2025 at a CAGR of 13.2% during the forecast period 2020-2025. Owing to factors such as future-proofing security operations and compliance with stringent security and government regulations are expected to enhance the use of physical identity and access management software across the globe. In addition the growing demand for access control and management software and increasing investments in corporate security are the key factors anticipated to drive the market growth over the forecast period. Moreover, several companies are implementing physical identity and access management technology to effectively deal with cyber threats and create better IT strategy for enhanced operational efficiency. Hence these advancements are analyzed to drive the market in the forecast period 2020-2025.

Physical Identity and Access Management Market Segment Analysis – By Service

Maintenance services are growing at a CAGR of 15.5% in the forecast period. Maintenance services includes providing upgradations to physical identity and access management software and providing assistance for resolving issues in software, among other functions. The support services offered in the physical identity and access management market include real-time monitoring of access control systems and scheduled backup of data and provision of security advisory and consulting services. Support and maintenance services are important to enhance and extend the life of applications. Many companies have been providing these services with advanced solutions. Genetec provides a maintenance package that progressively grows the value of the security system and allows companies to focus on the operations. The demand for support and maintenance services is increasing with the deployment of physical identity and access management software.

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Physical Identity and Access Management Market Segment Analysis – By Industry Vertical

PIAM in Government & Defense sector is growing at a CAGR of 15.8% in the forecast period. The government and defense vertical requires physical identity and access management solutions on a large-scale due to the voluminous information produced across these organizations. Physical identity and access management software helps the government and defense vertical secure their infrastructure and users from identity risks with reduced costs. In addition, these sectors represent a challenging arena for physical identity and access management. Moreover to make advancements in the streamlining of Government operations, several companies have been providing advancements in this technology. Matrix offers integrated Time-Attendance and Access Control solutions with a wide range of features such as Biometric Attendance Marking and Access Control in secured area that warrant step-up security and enhance productivity. The increasing complexities in networks and increasing instances of insider threats and cyber-attacks are fueling the adoption of physical identity and access management solutions among governments across the globe.

Physical Identity and Access Management Market Segment Analysis – By Geography

North America dominated the market by a market share of more than 34.5% in 2019, North America has the presence of several prominent market players delivering advanced solutions to all the end users in the regions. Owing to their strong economies, the US and Canada are expected to be major contributors to the growth of the physical identity and access management market. Apart from this factor, the geographical presence, strategic investments, partnerships, and significant Research and Development (R&D) activities are contributing to the hefty deployments of physical identity and access management solutions. Key pure play vendors, such as AWS, IBM, HID Global, and AlertEnterprise offer enhanced physical identity and access management softwares to cater to the needs of customers. Such factors are expected to fuel the growth of the global physical identity and access management market in North America.

Physical Identity and Access Management Market Drivers

Rising demand for PIAM in BFSI

The demand for PIAM solutions in BFSI is rising in BFSI, owing to the sensitive nature of the assets and data maintained for clients, where security is considered to be of prime importance. In addition, Real-time management of identities and related areas that are dispersed across physical and logical security infrastructure becomes crucial. Therefore, by creating efficiencies and automation in identity management through physical access and identity management will help us in curbing such silos. Various regulations such as BASEL II and GLBA have become fixtures from a compliance standpoint and is influential in boosting the PIAM market in BFSI sector Moreover. In 2019, Alert Enterprise has added biometric facial recognition technology to its Visitor Management Kiosk software to deliver frictionless access security to organizations for check-in processes by employees, visitors, contractors, and guests. PIAM in BFSI has the ability to generate reports, to automatically pull compliance-related information from data on a regular basis and thereby demonstrating compliance with each of the regulations governing their operations. Hence these benefits are analyzed to drive the market in the forecast period 2020-2025.

Advancements and developments in PIAM Products.

Advancements and developments in PIAM is analyzed to drive the market in the forecast period. With advances in software and processing power, PIAM solutions make it possible to minimize or even prevent a potentially negative event, making PIAM a powerful and effective tool for improving overall security. Several companies have been investing heavily for advancements in this technology. In 2020, Micro Focus has launched the Voltage Smart Cipher for IT security administrators, balancing protection, and insights regardless of data complexity or location. In 2019, Okta has launched Access Gateway which enables customers to access on-premises applications, easily with the help of the Okta Identity Cloud. Moreover, in 2019, Alert Enterprise integrated its Enterprise Guardian application with the SAP Success Factors Human Capital Management (HCM) suite. This integration delivers secure access for company workspaces, including automated batch access management. Hence these advancements are analyzed to drive the market for PIAM technology in the forecast period 2020-2025.

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Physical Identity and Access Management Challenges

Lack of Awareness about PIAM among organizations

Although Physical Identity and Access Management Market is growing at a rapid phase. A cyber security awareness deficit amongst end users poses a major threat to the organizations. In addition SMEs, start-ups faces difficulty in adopting this technology due to lack of awareness. Hence these lack of awareness hamper the market growth in the forecast period 2020-2025.

Physical Identity and Access Management Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Physical Identity and Access Management market. In 2019, the market of Physical Identity and Access Management industry outlook has been fragmented by several companies. Physical Identity and Access Management top 10 companies include HID Global Corporation, Alert Enterprise Inc., IDCUBE Identification Systems (P) Ltd, Micro Focus International PLC, Amazon Web Services Inc., Convergent Technologies LLC, WIPRO Ltd, Access Security Corporation, IBM Corporation, SAASPASS Inc. among others.

Acquisitions/Technology Launches

In April 2019 – HID Global, a worldwide leader in trusted identity solutions, has launched new HID Authentication Service, which is a part of its cloud identity platform, designed to deliver a suite of trusted identity solutions.

Key Takeaways

North America dominated the market by a market share of more than 34.5% in 2019, owing to the presence of several prominent market players delivering advanced solutions to all the end-users in the regions. Owing to their strong economies, the US and Canada are expected to be major contributors to the growth of the physical identity and access management market.

The demand for support and maintenance services is increasing with the deployment of physical identity and access management software.

The government and defense vertical requires physical identity and access management solutions on a large-scale due to the voluminous information produced across these organizations. Physical identity and access management software helps the government and defense vertical secure their infrastructure and users from identity risks with reduced costs.

Physical Identity and Access Management top 10 companies include HID Global Corporation, Alert Enterprise Inc., IDCUBE Identification Systems (P) Ltd, Micro Focus International PLC, Amazon Web Services Inc., Convergint Technologies LLC, WIPRO Ltd, Acces Security Corporation, IBM Corporation, SAASPASS Inc.

Related Reports :

A. Cyber Security Market 

https://www.industryarc.com/Report/15646/cyber-security-market.html

B. Identity & Access Management Market

https://www.industryarc.com/Research/Identity-Access-Management-Market-Research-500887

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Contact Information:

Venkat Reddy
Sales Director
Email: [email protected]
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

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