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Market Overview:
The Physical Identity And Access Management Market is
estimated to reach $789 billion by 2027, growing at a CAGR of 10.5% during the
forecast period 2022-2027. Increasing
investments in corporate IT security and rising security concerns related to
data management are driving the demand for PIAM systems. 99% of IDSA’s respondents who have suffered an
identity-related breach believe that these types of attacks are preventable by
implementing PIAM solutions. This in turn increases the market size.
North America dominated the Physical Identity And Access Management Market with a 37.8% share of the overall market in 2022. The developed countries present in this
region such as the U.S. and Canada are major targets of cyber-attacks and data
breaches. According to the White House Council of Economic Advisers, the U.S.
economy loses approximately US$57 billion to US$109 billion per year to harmful
cyber activities. As a result, the demand for PIAM systems is very high in this
region for IT security and data management, which drives market growth.
Physical Identity And Access Management Market Growth Drivers:
Surging demand for PIAM
systems in the BFSI sector:
The demand for
PIAM solutions in BFSI is increasing. This is because of the sensitive nature
of the assets and data maintained for clients, where IT security is regarded as
paramount. Furthermore, real-time management of identities and related areas
dispersed across physical and logical security infrastructure has become
critical. Therefore, creating efficiencies and automation in identity
management through physical access and identity management may help in curbing
such silos. Various regulations such as BASEL II and GLBA have become fixtures
from a compliance standpoint and are influential in boosting the PIAM market in
the BFSI sector.
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Increase in demand for
cloud-based PIAM systems:
With the expansion of the cloud, the implementation and access to
cloud-based PIAM services have become easier. PIAM hybrid deployments aid
end-users in selecting PIAM technologies that can be implemented on-premises as
well as technologies that can be accessed via the cloud. This market
transformation, combined with profitable pricing alternatives such as a monthly
subscription model and pay-per-usage, is providing PIAM service providers with
an opportunity to develop in the market. In 2020, Okta launched
Access Gateway. It enables customers to access on-premises applications easily
with the help of the Okta Identity Cloud. This application ensures an 80%
reduction in total cost and maintenance and 50% increased productivity.
Scope of Report:
|
Report
Metric |
Details
|
|
Market
size available for years |
2022–2027 |
|
Base
year considered |
2022 |
|
Forecast
period |
2022–2027 |
|
Forecast
units |
Value
(USD) |
|
Segments
covered |
Service
Type, Deployment Type, Authentication Type, Organization Size, End-use
Industry and Region. |
|
Geographies
covered |
North
America (the US, Canada and Mexico), Europe (Germany, the UK, France and the
Rest of Europe), Asia-Pacific (China, Japan, India and the Rest of Asia-Pacific),
South America (Brazil, Argentina and the Rest of South America) and The
Middle East and Africa. |
|
Companies
covered |
Key 10 players covered include AlertEnterprise, Okta, Micro Focus,
Equifax INC, ALcor Tech, Experian PLC, Microsoft, AWS, IBM and Oracle. |
Recent Developments:
- In May 2022, Entra, a new product family of identity and access management solutions, was introduced by Microsoft. The family contains two new product categories, Cloud Infrastructure Entitlement Management (CIEM) and Decentralized Identity. It already had well-known solutions like Azure AD.
- In March 2021, AlertEnterprise revealed the development of the Physical Security Industry's first policy-based access control cloud service in partnership with BioConnect. This in turn drives the PIAM market globally.
Physical Identity And Access Management Market: Competitive Landscape
The key companies profiled in the Physical Identity And Access Management Market are AlertEnterprise, Okta, Micro Focus, Equifax INC, ALcor Tech, Experian PLC, Microsoft, AWS, IBM and Oracle.