SAN FRANCISCO, Nov. 20, 2019 /PRNewswire/ -- The global physical identity and access management (PIAM) market size is expected to reach USD 1.1 billion by 2025, expanding at a CAGR of 14.6% from 2019 to 2025, according to a new study conducted 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.
Key suggestions from the report:
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 is expected to emerge as the fastest growing segment over the next six years 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 an impressive CAGR of 19.2% 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.
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.
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, 2014 - 2025)
Physical Identity and Access Management Product Outlook (Revenue, USD Million, 2014 - 2025)
Backend Database Solutions
Physical Identity and Access Management Application Outlook (Revenue, USD Million, 2014 - 2025)
Defense & Security
IT & Telecom
Government & Public Sector
Physical Identity and Access Management Regional Outlook (Revenue, USD Million, 2014 - 2025)
Micro Data Centers Market– Micro data center market is expected to witness strong growth over the forecast period owing to its advantages in streamlining business operations at a lower cost than traditional data center services.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.