Physical Identity and Access Management (PIAM) is a procedure for handling access to enterprise resources, and introductory component security areas or information security programs that are intractable by users. PIAM system manages authentication and entitlement of users to access a resource. Its adoption is increasing swiftly due to compliance mandate, technology, and product development, a greater desire to manage alternative user populations including on-premises contractors and visitors, and due to increasing focus on secure and timely access.
The key factors propelling the growth of the Global Physical Identity and Access Management market include increasing need for future-proofing security operation and stringent security compliances and government regulations across the globe. Government initiatives for standardization of security protocols are shifting from pubic to private sectors, due to these multiple industries such as civilian infrastructure and pharmaceuticals are expected to come under government supervision. Moreover, multiple regulatory compliances such as Health Insurance Portability and Accountability Act (HIPAA), PCI DSS Credit Card Security, and Family Educational Rights and Privacy Act (FERPA) are focusing on improving security for multiple industries such as BFSI, education, and energy & utility. These government regulations mandate companies to safeguard their data from external and internal threats, thereby empowering the growth of global Physical Identity and Access Management market. However, the lack of skilled security analysts and the increasing incidence of security breaches due to internal vulnerabilities is likely to hamper the growth of the market.
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Based on region, North America is anticipated to lead the market during the forecast period. This is attributed to the presence of key market players such as IBM Corporation, AWS, and HID Global, which are delivering advanced solutions to end-users across the region. Moreover, increasing number of data breach issues in the U.S. is propelling industries to adopt physical identity and access management solutions, leading to the growth of Physical Identity and Access Management market in the region.On contrary, Asia-Pacific is projected to grow at a higher CAGR during the forecast period. This is attributed to the increasing security standards and concerns laid down by international bodies, acting as external motivation for the adoption of physical identity and access management market in Asia-Pacific region.
The major players in the market include IBM Corporation, AWS, HID Global, AlertEnterprise Inc, Micro Focus International plc, Oracle Corporation, Atos SE, Nexus Group, Wipro Ltd, and Access Security Corporation among others.
In 2019, AlertEnterprise Inc. added facial recognition technology (FRT) to its Visitor Management Kiosk software. FRT delivers frictionless security to organizations that focuses on improving security and enhancing customer experience with a compelling first impression at check-in.
The Global Physical Identity and Access Management market has been segmented based on Component, Organization Size, Vertical, and Key Region. Based on Component, the market is segmented into Solutions and Services. Based on Organization Size, the market is segmented into SMEs and Large Enterprises. Based on Vertical, the market is segmented into IT & Telecom, government & Defense, BFSI, Healthcare, Energy & Utility, Transportation, Education, and Others.
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Key questions answered in this research report:
At what pace is the Global Physical Identity and Access Management market growing? What will be the growth trend in the future?
What are the key drivers and restraints in the Global Physical Identity and Access Management market? What will be the impact of drivers and restraints in the future?
What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Physical Identity and Access Management market?
What are the various verticals in the Global Physical Identity and Access Management market and how they are poised to grow?
What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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