The Physical Identity and Access Management Market revenues were estimated at US$ 900 Mn in 2021 and is anticipated to grow at a CAGR of 12.6% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 3.4 Bn.
In 2021, the BFSI vertical holds almost 1/4th of the market share, making it the most dominating segment in the PIAM market. Authentication mechanisms and related problems must be managed in real-time throughout physical and logical security infrastructure. As a result, increasing efficiencies and automating identity management via physical access and identity management will help to prevent such silos. Several regulations, including the BASEL II framework and the GLBA, have become mandatory compliance requirements, propelling the PIAM market over the forecast period. It is a federal law in the United States that requires bank executives to describe how they share and protect personal information about their customers.
As per the Nigerian Securities and Exchange Commission, the Identity Management System for the Financial Market will confront ongoing identity management challenges while allowing for scalability as technology progresses, safeguarding national and international investors from capital losses resulting in increased demand for PIAM software.
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Key Takeaways from the Market Study
● Global Physical Identity and Access Management Market is expected to reach a market size of US$ 1 Bn by 2022.
● The Software segment, is expected to account for the highest CAGR of 13% during the forecast period.
● United States is expected to remain the most dominant market with an absolute dollar opportunity of US$ 808 Mn during 2022 – 2032.
● The market in Japan is set to experience the highest CAGR of 12.4% during the forecast period.
“In response to rising crime rates, concerns about the safety and security of assets, people, and processes have grown, leading to an increase in the Physical
Identity and Access Management market revenue.” comments a Future Market Insights analyst.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Physical Identity and Access Management Market are focused on R&D to produce innovative technological solutions.
· In May 2021, the Physical Access Badge Management app from AlertEnterprise has been certified as a part of its ServiceNow.
· In September 2020, Safetrust and AlertEnterprise Inc. formed a strategic alliance to provide next-generation digital access credentialing and controls that enable employees, contingent workers, and visitors to access workspaces easily, safely, and securely. The collaboration exemplifies how businesses are reimagining how people access physical, virtual, and mobile spaces to define smart and healthy workplaces. Organization can create centralized identity access governance, threat, and adherence across their enterprise by embedding Safetrust and AlertEnterprise Solutions and using highly guarded credential options in addition to or instead of conventional badges.
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Market Segments Covered in Physical Security Information Management (PSIM) Market Analysis
By Component:
- Software
- Off-the-Shelf
- On-premise
- Cloud-based
- Customized
- On-premise Physical Security Information Management
- Cloud-based Physical Security Information Management
- Off-the-Shelf
- Service
- Installation/ System Integration
- Operation & Maintenance
- Consulting & Training
By End-Use:
- Residential
- Retail
- BFSI
- Telecom & IT
- Transportation & Logistics
- Government & Defence Sector
- Hospitality
- Industrial Manufacturing
- Energy & Utility
- Health Care
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About Future Market Insights, Inc.
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