According to a new market research report “Physical Identity and Access Management Market by Component, Service, Organization Size, Vertical (BFSI, IT and ITeS, Telecom, Energy and Utilities, Transportation, Healthcare, Government and Defense, and Education), and Region – Global Forecast to 2025″ published by MarketsandMarkets, the 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. 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.
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Based on organization size, the large enterprises segment to lead the market in 2020
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. Physical identity and access management 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 cyberattacks. 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.
Based on vertical, the government and defense sector to grow at the fastest rate during the forecasted period.
The government and defense vertical requires physical identity and access management solutions at a large-scale due to the voluminous information produced across these organizations. Physical identity and access management software helps the government and defense vertical secure their infrastructure and users from identity risks with reduced costs. The increasing complexities in networks and increasing instances of insider threats and cyberattacks are fueling the adoption of physical identity and access management solutions among governments across the globe.
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North America to hold the largest market share during the forecast period.
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 Research and Development (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.
The major vendors covered in the physical identity and access management market 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).
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