Physical Identity And Access Management Market To Reach $2.78 Billion By 2030

Physical Identity And Access Management Market Growth & Trends

The global physical identity and access management market size is expected to reach USD 2.78 billion by 2030, registering a CAGR of 15.3% during the forecast period, according to a new report 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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Physical Identity And Access Management Market Report Highlights

• 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 held the largest market revenue share in 2023, 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 a fastest CAGR 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.

Physical Identity And Access Management Market Segmentation

Grand View Research has segmented the global physical identity and access management market based on offering, product, application, and region:

Physical Identity And Access Management Offering Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Services

Physical Identity And Access Management Product Outlook (Revenue, USD Million, 2018 - 2030)

• Backend Database Solutions

• Credential Management

• Visitor Management

Physical Identity And Access Management Application Outlook (Revenue, USD Million, 2018 - 2030)

• BFSI

• Defense & Security

• Airports

• IT & Telecom

• Government & Public Sector

• Industrial

• Others

Physical Identity And Access Management Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

• Middle East and Africa

  • UAE

  • South Arabia

  • South Africa

List of Key Players in the Physical Identity And Access Management Market

• HID Global Corporation

• Alert Enterprise

• IBM Corporation

• Nexus Group

• Avatier.

• Access Security Corporation

• WALLIX

• Identiv, Inc.

• alfrednet s.r.l.

• E&M Technologies, Inc.