Increasing demand from organizations for diverse security systems to streamline security management is the major factor driving the demand for physical identity and access management market
The global physical identity and access management market size is expected to reach over USD 1 billion by 2025, at a CAGR of over 13%. The physical identity and access management systems offer a completely efficient and automated management option along with a single point of control to the industrial and corporate security landscape. The factors such as growing need to streamline business security and access management are the key factor boosting the for physical identity and access management software and services.
The existing and future physical identity and access management market developments are defined to determine the attractiveness of the market. Key impacting factors highlight the physical identity and access management market opportunities throughout the forecast period. Factors such as increasing strict government regulations and compliance related to security. In addition, increasing demand from organizations for diverse security systems to streamline security management of an entire organization or business is the key factor driving the market demand globally. However, the lack of awareness about advanced security solutions among various businesses and enterprises is expected to hamper the market growth. Furthermore, the increased adoption of physical access control systems is anticipated to create lucrative opportunities for the global physical identity and access management market in upcoming years.
The report also highlights numerous aspects of the global physical identity and access management industry by evaluating the market through value chain analysis. Besides, the report covers numerous qualitative aspects of the physical identity and access management industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market rivalry along with company profiling of local as well as global vendors.
The physical identity and access management market has strong competition among the well-established as well as new emerging players. Also, the physical identity and access management industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on industry vertical, the market is bifurcated into IT & telecom, BFSI, retail, healthcare, government & defense, and others. In 2019, the BFSI segment captured the highest market revenue and is anticipated to dominate the physical identity and access management market throughout the forecast period. The dominance of this segment is mainly attributed to increasing rigorous authorization and authentication procedures across the financial sector. On the contrary, the healthcare industry is anticipated to gather the highest growth rate throughout the forecast period.
The North American region dominated the overall market in 2019 and it is expected to do so throughout the forecast period 2020-2025. The dominance of this region mainly attributed to the presence of major market players such as IBM, HID Global, Oracle, and others in this region. However, the Asia-Pacific region is anticipated to experience the highest growth rate during the forecast period. The growth of this region is mainly accredited to the accessibility to physical identity and access management solutions & services and growing awareness about data security across the emerging economies in this region.
The major players of the global physical identity and access management market are Gemalto, IBM, Oracle, Amazon Web Services (AWS), Atos, Identiv, Wipro, HID Global, AlertEnterprise, and Micro Focus. Moreover, the other potential players in the physical identity and access management market are IDCUBE, Okta, Nexus Group, Access Security Corporation, and Alfrednet. The recognized companies are coming up with innovative and new entertainment technologies and software. For instance, In April 2019, HID Global, an identity solutions provider announced the launch of its cloud identity platform. The new authentication service enables efficient management of identities through a secure cloud delivery model.
Segment Overview of Global Physical Identity and Access Management Market
Component Overview, 2018-2025 (USD Billion)
Organization size Overview, 2018-2025 (USD Billion)
- Large organization
- Small & Medium Organization
Industry Vertical Overview, 2018-2025 (USD Billion)
- IT & Telecom
- Government & Defense
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America