The global PIAM market is expected to reach $861.5 million by 2022 growing at 15.65% CAGR during 2016-2022. Global PIAM market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America dominates the global PIAM market. The major reason that enhances the North American region is the increasing security solutions expenditure in banking and financial sector, and the rising number of telecom and IT organizations that accelerates the growth of the global market. Europe is following North America in terms of revenue generation. Security software’s expenditures in this region boost the global market. Asia Pacific is showing sluggish growth due to low PIAM software’s and services. Rest of the world is having slow market growth in terms of revenue generation, the major reason being less awareness about PIAM services.
A physical identity & access management (PIAM) system recognizes (physically), authenticates, and provides access to the authorized end user. PIAM streamline requests, access and approves procedures across physical access systems and multiple users. It provides permission for accessing the services and systems through multiple security and environment domains. It enforces policies in order to protect critical infrastructure with centralized automation, integration and control.
In terms of verticals, market is segmented into airport, utilities, government and public sector, transportation and logistics, defense and securities, education, banking and financial sector, IT and telecom, chemical and pharma. The banking and financial segment dominates the global PIAM market, the major reason is the sensitive nature of the data and assets maintained for clients, where security of such data and assets is considered to be of prime importance. Airport sector is considered to be the promising and one of the growing market in the global PIAM market as PIAM delivers unique solutions for airports. These include automated badging processes for on boarding, badges for airport authorities, termination and, change of access.
The major reason for the growth of global PIAM market is the seamless end to end security management, role based physical access control, end to end regulatory compliance, self-service and delegated administration, and the emergence of promising market sector such as airport, IT and telecom etc. and so on. Banking and financial sector uses security products delivered by PIAM.
PIAM deployments are increasing in order to safeguard the system from outside threats, such as unauthorized users. Increase in technology and product developments, compliance mandates from government, and management of massive on site visitors and contractors are accelerating the importance of secure access throughout the premises. It has been observed that PIAM capabilities, such as common authenticator and user provisioning, are relatively advanced.
Some of the major market players are Access Security Corporation, Userbase, WSO2 Identity Server, JIJI Password Reset Suite, Apache Syncope, Account Genious, Access One, Access Sentil, CL Badge, CA Identity Suite, Bi- Cube IPM, Horacius, Courion, Cloudthentic, etc. Acquisition, mergers and expansions are the key strategies adopted by the market players to sustain in the market.