PUBLISHER: The Business Research Company | PRODUCT CODE: 1414495
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414495
“Physical Identity And Access Management Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on physical identity and access management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for physical identity and access management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The physical identity and access management market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Physical Identity and Access Management (PIAM) constitutes a framework encompassing administrative protocols, legal frameworks, and technological resources aimed at governing and regulating individuals' identities and their physical entry into facilities. These technologies seamlessly integrate with physical access control systems, ensuring the enforcement of user access profiles. Moreover, they've been intricately linked with HR, ERP, learning management, and other corporate systems, facilitating ongoing management of physical identities.
PIAM primarily exists in two forms software and services. Software, comprising guidelines and data for executing specific tasks, powers the machinery and functionalities crucial for managing and overseeing physical access to facilities within PIAM systems. Within this domain, various solutions such as authenticators, readers, locks, doors, hosts, controllers, and card management systems cater to both small and medium-sized enterprises as well as large enterprises. The utilization of the physical identity and access management system extends across a spectrum of industries including government and defense, energy and utilities, information technology and IT-enabled services, telecommunications, banking, financial services, and insurance (BFSI), healthcare, education, transportation, airports, and various other verticals.
The physical identity and access management market research report is one of a series of new reports from The Business Research Company that provides physical identity and access management market statistics, including physical identity and access management industry global market size, regional shares, competitors with an physical identity and access management market share, detailed physical identity and access management market segments, market trends and opportunities, and any further data you may need to thrive in the physical identity and access management industry. This physical identity and access management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The physical identity and access management market size has grown rapidly in recent years. It will grow from $1.13 billion in 2023 to $1.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The expansion observed during the historical period can be linked to several factors including an aging population, higher prevalence of cardiovascular diseases, advancements in diagnostic technologies, surgical innovations, and increased awareness programs.
The physical identity and access management market size is expected to see rapid growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The anticipated growth in the upcoming period is poised to be driven by factors such as the escalating global aging population, a surge in the incidence of cardiovascular diseases, advancements in treatment methodologies, increased awareness about genetic predisposition, and the ongoing development of healthcare infrastructure. Noteworthy trends expected in this forecast period encompass the emergence of next-generation stent grafts, the integration of technology for remote monitoring, the prevalence of abdominal aortic aneurysms (AAA), the persistent impact of the aging population on global health, and collaborative efforts in research and development initiatives.
The surge in awareness regarding data security is expected to drive the growth of the physical identity and access management market. Data security involves safeguarding data from unauthorized access and tampering. Within this context, physical identity and access management play a pivotal role by managing personal information, including employee or visitor identities, credentials, and access rights. Measures such as encryption and access controls are employed in the data security process to maintain information confidentiality and prevent unauthorized access or disclosure. A recent report from a security magazine in February 2023 highlighted that 67% of firms encountered an identity-related breach in the past year, with 84% of them disclosing one. These findings underline the growing significance of data security awareness, propelling the demand for physical identity and access management solutions.
The increased adoption of IoT devices is set to fuel the growth of the physical identity and access management market. IoT devices, encompassing physical objects embedded with sensors and software for data exchange within the Internet of Things (IoT) network, are increasingly prevalent in organizational setups. As businesses embrace IoT technologies for enhanced connectivity, integrating IoT with Physical Identity and Access Management (PIAM) systems becomes pivotal for robust physical security measures. An August 2022 report from Akamai Technologies Inc. forecasted a surge in IoT connections, projected to rise from 15.1 billion in 2021 to 23.3 billion by 2025. This trend underscores the integral role of IoT adoption in driving the demand for effective physical identity and access management solutions.
Technological advancements emerge as a prominent trend driving the physical identity and access management market. Major players within this sector prioritize the development and launch of cutting-edge technologies. For instance, in February 2023, AlertEnterprise, Inc., a US-based cyber-physical security company, unveiled the Guardian AI Chatbot powered by OpenAI ChatGPT. This innovative chatbot, built on the GPT-3 platform by OpenAI, aims to equip security operators with rapid access to critical insights regarding physical access and security through brief queries. Its capabilities span door reader analytics, visitor management, identity access management, and safety reporting, emphasizing the push for advanced technological solutions within the PIAM domain.
Major companies driving the physical identity and access management market are introducing groundbreaking technological platforms, such as the revolutionary passwordless IAM platform, to bolster their market presence. This disruptive platform, exemplified by Infisign Inc.'s launch in July 2023, aims to transform the cybersecurity landscape. The revolutionary passwordless IAM platform prioritizes data privacy and security, granting users control over their data and enabling selective sharing for authentication purposes. By eliminating the need for passwords and leveraging FIDO2 (Fast ID Online) Authentication technology, it ensures both security and user convenience. This platform's flexibility allows users to log in using their preferred devices, aligning with the demands of the modern digital landscape for enhanced security and seamless user experiences.
In March 2021, Okta Inc., a US-based provider of a cloud-based identity management platform, completed the acquisition of Auth0 for roughly $6.5 billion. This strategic move has solidified Okta's prominent position in the realms of customer identity and access management (CIAM) as well as identity and access management (IAM). The amalgamation of Okta's and Auth0's comprehensive identity platforms enables them to cater to diverse identity-related needs across various user groups. Auth0, also based in the US, specializes in delivering customer identity and access management (CIAM) services.
Major companies operating in the physical identity and access management market report are IBM Corporation, Oracle Corporation, Nexus Group, HID Global Corporation, Alert Enterprise Inc., IDCUBE Identification Systems (P) Ltd., Micro Focus International PLC., Amazon Web Services Inc., Hewlett Packard Enterprise Development LP, Infosys Limited, HCL Technologies Limited, Capgemini SE, F5 Inc., Microsoft Corporation, Thales Group, Accenture PLC., Convergint Technologies LLC, WIPRO Ltd., Acces Security Corporation, Identiv Inc., Johnson Controls International PLC, Gallagher Group Limited, Honeywell International Inc., Quantum Secure Inc., Crossmatch Technologies Inc., Genetec Inc., AMAG Technology Inc., Brivo Inc., Identropy Inc., Anviz Global Inc., EyeLock LLC, Suprema Inc., Alvarado Manufacturing Company Inc., 3M Company, NEC Corporation, Gemalto NV, ZKTeco Inc.
North America was the largest region in the physical identity and access management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global physical identity and access management market report during the forecast period. The regions covered in the physical identity and access management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the physical identity and access management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The physical identity and access management consists of revenues earned by entities by providing access control, authorization, and audit and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value includes the value of related goods sold by the service provider or included within the service offering. The Physical identity and access management market also includes sales of card-based, video surveillance and biometric technologies which are used for fingerprint scanners, facial recognition systems, iris scanners, and voice recognition systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.