SecurityWorldMarket

22/03/2020

Future proofing to drive PIAM market to $1,535 million

Northbrook, Il (USA)

According to the latest research from Marketsandmarkets, the physical identity and access management (PIAM) market size is projected to grow from USD 789 million in 2020 to USD 1,535 million by 2025, at a CAGR of 14.2% during the forecast period. The major growth drivers for the market include the rising need for future-proofing security operations, increasing instances of insider threats, and stringent security compliances and government regulations.

Small businesses are expected to witness a higher growth in the adoption of physical identity and access management software and services. However, the large enterprises segment is expected to lead the physical identity and access management market due to the early adoption of the software. PIAM vendors help both small and medium-sized enterprises (SMEs) and large enterprises to address the security needs of business-critical applications to protect them from sophisticated cyber attacks. According to the researchers, the adoption rate for physical identity and access management software and services is high in large enterprises and is expected to dominate the physical identity and access management market in terms of market size, during the forecast period.

Government and defence fastest growing vertical

The government and defence vertical requires physical identity and access management solutions at a large-scale due to the voluminous information produced across these organisations. PIAM software helps the government and defence vertical secure their infrastructure and users from identity risks with reduced costs. The increasing complexities in networks and increasing instances of insider threats and cyber attacks are fuelling the adoption of physical identity and access management solutions among governments across the globe.

High market share in US 

North America has the presence of several prominent market players delivering advanced solutions to all the end users in the regions. Owing to their strong economies, the US and Canada are expected to be major contributors to the growth of the physical identity and access management market. Apart from this factor, the geographical presence, strategic investments, partnerships, and significant R&D activities are contributing to the hefty deployments of physical identity and access management solutions. Key pure play vendors, such as AWS, IBM, HID Global, and Alert Enterprise offer enhanced physical identity and access management software and services to cater to the needs of customers. Such factors are expected to fuel the growth of the global physical identity and access management market in North America.

Key players

The major vendors covered in the physical identity and access management market and cited by the researchers, include HID Global, Alert Enterprise, ID Cube, Micro Focus, Okta, Access Security Corporation, Gemalto, IBM, Oracle, AWS, Avatier, Wallix Group, Atos, Identiv, Nexus Group, Alfrednet, Wipro, One Identity, Sequr, E&M Technologies, and WSO2.


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