The growing demand for corporate asset security and unified risk management, especially in large enterprises, is anticipated to drive the growth of PIAM market over the forecast period. With the increasing globalisation and associated complexity of operations, organisations face a tumultuous task of assessing and managing risks within the company’s assets, which are often spread across different geographies. In addition, organisational silos created by the security and Information Technology (IT) departments of companies have generated a drastic demand for a holistic management solution, which can be addressed by the physical identity and access management software.

The PIAM software offers identification, authentication, and access management of various entities including employees, visitors, contractors, service providers, and partners. It helps organisations to track and manage identity lifecycle, onboarding/off-boarding, badging, and access provisioning and is pivotal in enforcing policies and compliance. The market is expected to witness substantial growth in areas with stringent security compliances, including airports, logistics and utility companies, and government sectors. Furthermore, security protocols and policies in emerging sectors such as IT and telecom and BFSI are fueling the demand for these solutions.

Technologically developed regions, including North America and Europe, are anticipated to be at the helm of industry developments while the Asia Pacific region is expected to witness steep growth rate over the next six years. Analysts suggest that the integration of Operational Technology (OT) and IT security strategies and centralised administration of access control systems would drive future ventures in the industry with a special focus on the convergence of risk intelligence and policy enforcement.