“Rising need for socially intelligent artificial agents that offer assistance to human-computer interaction and growing presence of artificial agents in social environments to drive the overall growth of the physical identity and access management market.”
The global physical identity and access management market size is projected to grow from USD 789 million in 2020 to USD 1,535 million by 2025, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. Future-proofing security operations and compliance with stringent security laws and government regulations are expected to enhance the use of physical identity and access management software across the globe. However, less awareness about advanced security solutions among end users at present is expected to restrain the market growth.
By component, the software segment to hold a larger market size in 2020
Physical identity and access management is a software, which enables organizations to centrally manage the lifecycle of identities, such as permanent and temporary employees, contractors, service providers, and vendors, through communication with physical access systems. Presently, organizations (users) face the problem of lower productivity, lack of information security, and evaluation of regulatory compliance. It is important for an organization to maintain timely and secure access around premises. All such issues increase the operating costs significantly. Physical identity and access management deployments are increasing used to safeguard the system from outside threats, such as unauthorized users. A rise in the use of technologies and product developments, compliance mandates from governments, and management of massive on-site visitors and contractors are accelerating the importance of secure access throughout the premises.
By service, the maintenance and support services segment to register the highest growth rate during the forecast period
Maintenance services includes providing upgradations to physical identity and access management software and providing assistance for resolving issues in software, among other functions. The support services offered in the physical identity and access management market include real-time monitoring of access control systems and scheduled backup of data and provision of security advisory and consulting services. Support and maintenance services are important to enhance and extend the life of applications. The demand for support and maintenance services is increasing with the deployment of physical identity and access management software.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global physical identity and access management market during the forecast period. APAC constitutes major economies, such as China, Japan, and India, which are expected to register high growth rates in the physical identity and access management market. Verticals such as government and defense, Information Technology (IT) and IT-Enabled Services (ITes), telecom, healthcare, Banking, Financial Services and Insurance (BFSI) are expected to adopt physical identity and access management solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.
- By Company Type: Tier 1 – 25%, Tier 2 – 40%, and Tier 3 – 35%
- By Designation: C-level – 30%, D-level – 35%, and Others – 35%
- By Region: North America – 40%, Europe – 25%, Asia Pacific – 25%, RoW – 10%
Major vendors offering physical identity and access management software include HID Global (US), AlertEnterprise (US), IDCUBE (India), Micro Focus (UK), Okta (US), Access Security Corporation (US), Gemalto (Netherlands), IBM (US), Oracle (US), AWS (US), Avatier (US), Wallix Group (France), Atos (France), Identiv (US), Nexus Group (Sweden), Alfrednet (Bucharest), Wipro (India), One Identity (US), Sequr (US), E&M Technologies (US), and WSO2 (US).
The market study covers the physical identity and access management market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by component, service, organization size, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall physical identity and access management market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.