May 28, 2020
According to the research report titled ‘Global Physical Identity and Access Management Market Size study, by Component (Software and Service), by Service (Consulting, Implementation & Integration and Maintenance & Support), by Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), by Vertical (Government & Defense, Energy & Utilities, Information Technology & IT-Enabled Services, Telecom, Banking, Financial Services and Insurance, Healthcare, Education, Transportation and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global physical identity and access management market garnered revenues worth USD 690.9 million in the year 2019 and is slated to expand with a CAGR of 14.2% during 2020-2026.
For the record, PIAM (physical identity and access management) is a type of software that provides management solutions for authentication and access of employees, visitors, contractors, and partners in an organizational setup. The software helps to detect external threats including unauthorized user access, data security breach, and measures the regulatory compliance.
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Growing demand for physical identity and access management solutions in various industry verticals such as BSFI, healthcare, transportation, education, telecom, Information Technology & IT-based services, energy & utilities, and government & defense sectors is fueling the market growth, cites the report. Strict regulatory scenario aimed at improving security operations is also aiding the market expansion. Rising adoption and increasing awareness pertaining to cloud-based PIAM solutions in small and medium-sized industries is also stimulating the industry outlook. For instance, HID Global introduced an off-the-shelf addition, called Quantum Secure SAFE Enterprise, to its SAFE PIAM platform in order to maintain organization identity types in low costs, thereby preventing the purchase of a standalone product. However, lack of consciousness regarding availability of advanced security solutions may act as a restraining factor to the overall market growth.
As per the regional scope, the physical identity and access management industry in Asia-Pacific is reckoned to record significant growth during the analysis timeframe. Factors such as increasing business centric activities among market majors including R&D activities, mergers & acquisitions, and strategic investments are promoting the market size in the region.
The prominent companies operating in global physical identity & access management industry are Avatie, Amazon Web Services (AWS), Oracle, The International Business Machines Corp. (IBM), Gemalto, Access Security Corp., OKTa Inc., Micro Focus, IDCUBE Identification Systems, AltertEnterprise, and HID Global (Quantum Secure) among others.