The global physical identity and access management (PIAM) market size is expected to reach USD 1.1 billion by 2025, expanding at a CAGR of 14.6% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The growing demand for corporate asset security and unified risk management, especially in large enterprises, is anticipated to drive the growth of PIAM market over the forecast period. With the increasing globalization and associated complexity of operations, organizations face a tumultuous task of assessing and managing risks within the company’s assets, which are often spread across different geographies. In addition, organizational silos created by the security and Information Technology (IT) departments of companies have generated a drastic demand for a holistic management solution, which can be addressed by the physical identity and access management software.
The
PIAM software offers identification, authentication, and access management of
various entities including employees, visitors, contractors, service providers,
and partners. It helps organizations to track and manage identity lifecycle,
onboarding/off-boarding, badging, and access provisioning and is pivotal in
enforcing policies and compliance. The market is expected to witness
substantial growth in areas with stringent security compliances, including
airports, logistics and utility companies, and government sectors. Furthermore,
security protocols and policies in emerging sectors such as IT and telecom and
BFSI are fueling the demand for these solutions.
Technologically
developed regions, including North America and Europe, are anticipated to be at
the helm of industry developments while the Asia Pacific region is expected to
witness steep growth rate over the next six years. The integration of
Operational Technology (OT) and IT security strategies and centralized
administration of access control systems would drive future ventures in the
industry with a special focus on the convergence of risk intelligence and
policy enforcement.
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Further key
findings from the study suggest:
- The software
segment is anticipated to exhibit the highest CAGR over the forecast
period owing to the increasing deployment of physical identity and access
management systems by corporates for central control of identities of
employee, contractors, and vendors
- The BFSI
segment is expected to emerge as the fastest growing segment over the next
six years owing to the increasing amount of sensitive data maintained by
companies for improving internal processes
- The real-time
integration of the PIAM software with Physical Access Control Systems
(PACS) is anticipated to be the key trend in the industry, and numerous
partnerships and collaborations with PACS providers would be carried out
in the market
- The Asia
Pacific market is expected to grow at an impressive CAGR of 19.2% over the
forecast period. This growth is fueled by the developing construction and
public sectors in the region and rapid automation of workflow in the
regional market.
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Grand View Research has
segmented the global physical identity and access management (PIAM) market on
the basis of offering, product, application, and region:
Physical Identity
and Access Management Offering Outlook (Revenue, USD Million, 2014 - 2025)
- Software
- Services
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)
- BFSI
- Defense & Security
- Airports
- IT & Telecom
- Government & Public Sector
- Industrial
- Others
Physical Identity
and Access Management Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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