The Physical identity and access management (PIAM) is software that proposes the management platform for the admittance and authentication of personnel, contractors, invitees, and partners to the organizational infrastructure. PIAM perceives the outside threats such as unsanctioned users and face the issue of lower efficiency, shortage of the information security and assessment of regulatory compliance.
According to the report analysis, ‘Global Physical Identity and Access Management Market to reach USD 1750.2 million by 2026’ states that in the worldwide physical identity and access management market there are numerous players which presently operating more significantly for leading the highest market growth and registering the handsome value of market share around the globe during the coming years while developing the applications of such, decreasing the associated price, analyzing and witnessing the strategies and policies of competitors and government, spreading the awareness connected to the applications and features of such, improving the specifications of the technologies, establishing the several research and development programs and engaging the intellectual work force includes HID Global (Quantum Secure), Alert Enterprise, IDCUBE Identification Systems, Micro Focus, OKTa Inc., Access Security Corporation, Gemalto, The International Business Machines Corporation (IBM), Oracle, Amazon Web Services (AWS), Avatie and several others.
Moreover, the growing implementation of physical identity and access management in several applications likewise Government & Defense, Energy & Utilities, Information Technology & IT-Enabled Services, Telecom, Banking, Financial Services and Insurance, Healthcare, Education, Transportation and numerous other will boost the requirement in the market. The future-proofing security functions and rigorous security compliances and Government Regulations are the few aspects accountable for growth of the market over the review period. Furthermore, increase in requirement for the cloud-based Physical Identity and Access Management amongst the small- & medium-sized businesses and augment in awareness about several features delivered by this software seems to be occasion for market foremost players to enlarge their business, will probable to influence the growth of this market. For instance: as per corporate news release during September 2017, HID Global established Quantum Secure SAFE Enterprise, an off-the-shelf calculation to its SAFE Physical Identity and Access Management (PIAM). Furthermore, the Quantum Secure SAFE Enterprise maintains all of organization's identity forms at lower cost and there will not be any requirement to buy a separate standalone product. However, shortage of awareness about advanced security solutions is the foremost factor limiting the growth of worldwide Physical Identity and Access Management market throughout the forecast period.
While, the worldwide Physical Identity and Access Management Market is valued nearly at USD 690.9 million during 2019 and is predicted to grow with a vigorous growth rate of more than 14.2% over the review period of 2020-2026.
Whereas, the regional analysis of wide-ranging Physical Identity and Access Management market is measure for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The Asia Pacific is the leading/significant region around the world in terms of market share due to the geographical existence, strategic investments, partnerships, and noteworthy Research and Development (R&D) activities are underwriting to the hefty deployments of physical uniqueness and access management solutions. Whereas, the Asia-Pacific is also predicted to exhibit greatest growth rate / CAGR over the review period of 2020-2026. Therefore, in the near years, it is anticipated that the market of physical identity and access management will increase around the globe more positively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications