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Physical Identity And Access Management Market - Forecast(2024 - 2030)
Physical Identity And Access Management Market Overview
The Physical Identity And Access Management
Market size is forecast to reach US$789 billion by 2027, growing
at a CAGR of 10.5% from 2022 to 2027. Factors such as the growing demand for
access control, increasing investments in corporate IT security, increasing
security concerns related to data management and government regulations are
expected to enhance the use of Physical Identity And Access Management software
applications across various industry verticals. As PIAM systems provide a full data
management platform for granting access and authentication to organisational
infrastructure to workers, visitors, contractors and partners, the demand for
these PIAM systems is increasing across all industry verticals thereby growing
the Physical Identity And Access Management industry outlook. Furthermore, the
market growth will also be driven by advancements in IoT and artificial intelligence,
increased awareness of regulatory compliance management, increased reliance on
digital platforms and automation, and widespread adoption of cloud technologies.
Thus, the growing need for streamlining IT security and automate data
management process lead to the adoption of Physical Identity and Access
Management systems and thereby increasing the Physical Identity And Access
Management Market size.
Report Coverage
The report: “Physical Identity And Access Management Industry
Outlook – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis
of the following segments in the Physical Identity And Access Management industry.
By Service Type: Training and Education
Services, Maintenance and Support Services, Advisory and Implementation
Services, Managed Services, Others
By Deployment Type: Cloud-based and On Premises.
By Authentication Type: Passwords, Knowledge-Based
Answers, Biometrics, Pin and Others.
By Organization Size: Large Enterprises, Small and
Medium Sized Enterprises.
By End-user Industry: Healthcare, Media and
Entertainment, Energy, Travel and Hospitality, Education, IT and Telecom, BFSI,
Government and Défense and Others.
By Geography: North America (the U.S., Canada,
Mexico), South America (Brazil, Argentina, Others), Europe (UK, Germany, France,
Italy, Spain, Others), APAC (China, Japan, South Korea, India, Australia, Others)
and RoW (Middle East, Africa).
Key Takeaways
- Maintenance and Support services in Physical Identity And Access Management Market report is analysed to grow at a significant rate during the forecast period 2022-2027 owing to increase in digitalization, technological advancements in IoT and AI.
- In End-user Industry, the Government and defense is expected to grow at the highest rate during the forecast period 2022-2027 owing to increased cyber-attacks, safeguarding confidential information.
- The implementation of Artificial Intelligence, Machine Learning with advancement of IoT has helped grow the Physical Identity And Access Management Market size.
Physical Identity And Access Management Market Value Share, By Region, 2021 (%)
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Physical
Identity And Access Management Market Segment Analysis - By Service Type
By Service Type, the Maintenance and Support
Services in Physical Identity and Access Management Market report industry is
analysed to grow with the highest CAGR of 11.4% during the forecast period
2022-2027. With the right PIAM
services, IT security can authorize access and grant the necessary privileges
to both internal and external stakeholders. As a result, the adoption of PIAM
software applications is constantly rising which leads to its maintenance and
support services. For instance, in February 2022, Ping Identity introduced
PingOne DaVinci, a new no-code identity orchestration service that enables
organisations to enable and integrate identity services from multiple vendors.
This kind of launches help grow the need for Maintenance and Support Services.
Physical
Identity And Access Management Market Segment Analysis - By End-user Industry
Based on End-user Industry, the Government and Défense sector in Physical Identity And Access Management Market report is analysed to grow at the highest
CAGR of 12.5% during the forecast period 2022-2027. Physical identity and
access management systems assist the government and defence sectors
in protecting their infrastructure and users from identity threats while
lowering expenses. Companies such as JustLook provides a unique facial
recognition system to the Government and Défense sector which uses advanced
face tracking and recognition technology to derive face representation for
time-attendance, access control, visitor management and prevent security
breaches. The increasing complexities in networks and increasing instances of
insider threats and cyber-attacks are fuelling the adoption of PIAM systems among
government and defence sector across the globe which in turn positively
influence the Physical Identity and Access Management Industry Outlook.
Physical Identity And Access Management Market Segment Analysis - By Geography
North America region dominated the Physical Identity and Access Management Market with a share of 37.8% in 2021. North America being the most affected region with the most cyber-attacks in the world, the surging cases of data breaches is effectively growing the demand for Physical Identity and Access Management systems. 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 activity. As a result, the demand for PIAM systems is constantly increasing which grows the whole Physical Identity And Access Management Market. For instance, in 2021 fiscal year the U.S Department of Homeland Security were issued a budget of US$ 2.6 billion for their cyber security. These factors along with government investments will help the grow the Physical Identity and Access Management industry.
Physical
Identity And Access Management Market Drivers
Proliferation of cloud-based IAM solutions play a key role in the Physical Identity And Access Management Market Growth
With the
expansion of cloud, this trend is now shifting, making implementation and
access to cloud-based PIAM services easier. PIAM hybrid deployments aid
end-users in selecting PIAM technologies that can be implemented on-premises as
well as technologies that can be accessible 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. Furthermore, cloud-based consumer PIAM
solutions require smaller capital inputs and less time to implement. In 2020,
Okta has launched Access Gateway which 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. These factors drive the Physical Identity and Access Management industry
growth.
Rising instances of security breaches and identity frauds along with stringent government regulations acts as a driving factor for the market
Due to
rapid digitalization, the data being uploaded to the web is increasingly
getting exposed. Each individual consumer’s personal information resides on
hundreds of servers across the globe resulting in increased instances of
identity theft. In 2021, according to the Federal Trade Commission (FTC),
reported that over one million children were ID theft victims in 2020 and
identity theft losses grew from US$ 1.8 billion in 2019 to US$ 3.3 billion in
2020. Government regulations such as the
Gramm-Leach-Bliley (GLB) Act also plays a crucial role in the adoption of PIAM
solutions in the U.S. The act requires securities firms and financial
institutions to implement strict regulations for protecting the privacy of
consumer data by establishing a program, which assessed risks about the data
and provides protection against threats. These factors result in increasing the
size of Physical Identity And Access Management Market.
Physical
Identity And Access Management Market Challenges
Lack of awareness about Physical Identity And Access Management and
scarcity of skilled cybersecurity personnel
Although the
Physical Identity And Access Management Market is expanding rapidly, a lack of
cyber security knowledge among end users constitutes a significant threat to
enterprises. Because of a lack of awareness of modern cyber threats, firms fail
to invest enough in their security infrastructure, resulting in enormous losses.
Enterprises with critical cybersecurity needs have reported a significant
shortage of competent people in their organisations, making them even more
vulnerable to cyberattacks. As of January 2022, according to ESecurity Planet the
requirement of skilled cybersecurity professionals stood at about 435,000 in
the US alone, up from approximately 314,000 in 2020. This scarcity of
professional cybersecurity experts along with lack of awareness with SMEs act
as a major restraint for the Physical Identity and Access Management Market.
Physical Identity And Access Management Industry Outlook
Product launches, collaborations, and R&D activities are key strategies adopted by players in the Physical Identity and Access Management Market. The top 10 companies in the Physical Identity And Access Management Industry include
- AlertEnterprise
- Okta
- Micro Focus
- Equifax INC
- ALcor Tech
- Experian PLC
- OneGini
- AWS
- IBM
- Oracle
Recent Developments
- In May 2022, Microsoft unveiled Entra, a new product family of security solutions. These new launches will help in the adoption of Physical Identity and Access Management systems which in turn boost the market.
- In January 2022, Tech Data announced the launch of its new PIAM solution for its partners in order to assist Tech Data partners in enabling safe hybrid working for their customers.
- In November 2021, IBM acquired SXiQ, an Australian digital transformation services company that specializes in cloud applications, cloud platforms, and cloud cybersecurity. This acquisition is aimed to reduce cyber-threats and security breaches for its customers.
Relevant Report Titles:
Report
Code: ITR 80365
Report Code: ITR 0033
Report Code: ITR 0340
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