Physical Identity and Access Management Market

GMI Research analysis indicates that the Physical Identity and Access Management Market estimated at USD 850 million in 2021 and is slated to register a double digit CAGR of 14.5% over the period 2022-2029 and is projected to reach USD 2,511 million in 2029.

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Key Drivers

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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Component – Segment Analysis

Based on component, the market is segmented into solutions and services. The services segment is projected to grow at a higher CAGR during the forecast period. Services segment is further bifurcated into consulting, implementation and integration, maintenance, and support. Amongst these, maintenance and support category is expected to grow at a higher CAGR during the forecast period. The increasing deployment of physical identity and access management solution and software is rising the demand for maintenance and support services as the services include real-time monitoring of access control systems, provision of security advisory, scheduled backup of data, and consulting services.

Vertical – Segment Analysis

On the basis of vertical, the market is segmented into, IT & telecom, Government & Defense, BFSI, healthcare, energy & utility, transportation, education, and others. The government & defense segment is expected to grow at higher CAGR during the forecast period. Government & defense organizations produce large volume of information, which increases the requirement of physical identity and access management solutions. PIAM solutions aid government & defense vertical in securing the infrastructure and users from identity risk with reduced cost. Therefore, rising complexities in network and increasing instances of cyberattacks and insider threats are driving the adoption of physical identity and access management solutions among government & defense sector across the globe.

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Regional – Segment Analysis

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.

Top Market Players

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.

Key Developments:

• • 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?
  • Which Component generated maximum revenues in 2021 and identify the most promising Component during the forecast period?
  • 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?

Market Segmentation

Global Physical Identity and Access Management by Component

• • Software
  • Services

Global Physical Identity and Access Management by Organization Size

• • Small and Medium-Sized Enterprises (SMEs)
  • Large Enterprises

Global Physical Identity and Access Management by Vertical

• • IT & Telecom
  • Government & Defense
  • BFSI
  • Healthcare
  • Energy & Utilities
  • Transportation
  • Education
  • Others (retail, manufacturing, and logistics)

Global Physical Identity and Access Management Market by Region

• • North America Physical Identity and Access Management Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Organization Size
    • By Vertical
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Physical Identity and Access Management Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Organization Size
    • By Vertical
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Physical Identity and Access Management Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Physical Identity and Access Management Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Physical Identity and Access Management (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • IBM Corporation
  • AWS
  • HID Global
  • AlertEnterprise Inc
  • Micro Focus International plc
  • Oracle Corporation
  • Atos SE
  • Nexus Group
  • Wipro Ltd
  • Access Security Corporation