Physical Identity and Access Management Market Trends [2031]

Report Description

The global physical identity and access management market size was valued at USD 424.2 Million in 2020 and expanding at a CAGR of 14.4% during the forecast period, 2021–2028. The growth of the market is attributed to the increased need for integrating various security systems.Physical identity and access management is the cornerstone of a safe and compliant experience for employees, visitors, and contractors. It may address all identities throughout the whole company.

In the corporate and industrial security environment, these systems give a single point of control and an automated and efficient administration solution. Moreover, to effectively deal with cyber risks and build a stronger IT strategy for greater operational efficiency, organizations are deploying physical identity and access management systems. In addition, the quickly changing technology environment and the rising use of contactless technologies and smart cards are key aspects of the market.

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Organizations are developing mobile apps that enable customers to access their identity management-related solutions sue to growing use of mobile devices such as smartphones and tablets. Moreover, the industry's solutions include a wide range of capabilities including physical identity management, entity lifecycle management, predictive analytics, modeling, and correlation, all of which are essential for future improvements.

The COVID-19 pandemic affected the overall behaviour of individuals and companies. As a result of this, the reliance on internet enterprises has expanded dramatically. The Internet ecosystem has become increasingly important across the world. Owing to the emergence of physical identity and access management, businesses can now safeguard their people and assets while simultaneously optimizing their business processes by automating security solutions.

Market Trends, Drivers, Restraints, and Opportunities

• High demand for unifying diverse security systems is anticipated to grow the market share during the forecast period.
• Security management is also being streamlined and integrated into a single platform by businesses. These initiatives are expected to boost the market growth.
• With the lower installation costs for physical access control systems and the availability of sophisticated software solutions, these measures are anticipated to drive the market in the coming years.
• Increasing cyber threat landscape and scarcity of skilled cyber security professionals among enterprises are major challenging factors that can hamper the market growth.
• Technological advancement and growing integration of the hybrid cloud model in management services are expected to provide immense opportunities for market expansion.

Scope of Physical Identity and Access Management Market Report

The report on the global physical identity and access management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Physical Identity and Access Management Market Segment Insights

Defense & security segment to constitute a key market share

In terms of applications, the physical identity and access management market is segregated into government & public sector, industrial defense & security, airports, IT & telecom, BFSI, and others. The BFSI segment is projected to account for a key market share during the forecast period due to the importance of company information, infrastructures, and resources in the industry. Moreover, the defense & security segment is likely to constitute a key market share owing to rigorous authorization procedures and authentication procedures in the industry.

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Credential management solutions segment to grow at a rapid pace

Based on products, the market is categorized as credential management, visitor management, and backend database solutions. The credential management solutions segment is expected to grow at a rapid pace due to the security rules under the European Union’s General Data Protection Regulation and data privacy in Europe. However, the visitor management and backend database solutions segment are estimated to account for the fast-growing segments during the forecast period.

Software segment is projected to expand at a considerable CAGR

On the basis of offering, the physical identity and access management market is bifurcated into services and software. The software segment is projected to expand at a considerable CAGR during the forecast period. Physical identity and access management solutions are also available for on-premise deployment as well as distribution using the Software as a Service model. However, the service segment is anticipated to account for a major market share during the forecast period owing to standardized application categories such as airport and defense security.  

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific is expected to constitute a key share of the market during the projected period as physical identification and access control systems are becoming well-known and available in the region's growing economies. However, the market of North America is anticipated to expand at a rapid pace during the forecast period due to technological proliferation.

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