The global physical identity and access management (PIAM) market size is projected to reach USD 1.1 billion by 2025 and registering a CAGR of 14.6% during the forecast period from 2019 to 2025, according to a new report by Million Insights. Increasing need for unified risk management and corporate asset security in large enterprises as well as SMEs is a major factor driving the market growth. Growing urbanization coupled with increasing complexity in operations, several organizations are facing challenges to manage and access companies' assets, which are present across numerous geographies. Additionally, the security and Information Technology (IT) departments among several companies are demanding on holistic management solution, which is projected to drive the demand for physical identity & access management software.
PIAM software comprises identification, authentication and access management of several entities such as contractors, service providers, employees, visitors and partners. This software helps to manage and track on-boarding/off-boarding, identity lifecycle, access provisioning and badging. This market is expected to witness substantial growth in fields with stringent security compliances such as logistics, utility companies, airports and also the government sector. Further, increasing demand for this solution in BFSI and IT sectors is expected to drive the PIAM market growth during the forecast period.
North America and Europe are expected to gain considerable market share as these regions are early adopters of new technologies wherein Asia Pacific is expected to grow with the highest CAGR over the forecast period. Integration of Operational Technology (OT) & IT security strategies is projected to surge the market growth in this region.
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Further key findings from the report suggest:
• The software segment is expected to grow with the fastest CAGR during the forecast period. This growth is attributed to growing adoption of PIAM among corporates for central control of identities of contractors, vendors and employees.
• Among application, the BFSI segment is projected to grow at the highest CAGR from 2019 to 2025.
• The key strategy implemented by key vendors is integration of real-time PIAM software with Physical Access Control Systems (PACS) and partnerships, collaborations with PACs providers.
• Asia Pacific is expected to exhibit with the highest CAGR of more than 19.0% during the forecast period due to rapid growth of public and constriction sectors and rapid automation in industrial sector.
Million Insights has segmented the global physical identity and access management market on the basis of offering, product, application and region:
Physical Identity and Access Management Offering Outlook (Revenue, USD Million, 2014 - 2025)
Physical Identity and Access Management Product Outlook (Revenue, USD Million, 2014 - 2025)
• Backend Database Solutions
• Credential Management
• Visitor Management
Physical Identity and Access Management Application Outlook (Revenue, USD Million, 2014 - 2025)
• Defense& Security
• IT & Telecom
• Government & Public Sector
Physical Identity and Access Management Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America