Physical Identity and Access Management (PIAM) Software Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.86 Billion |
| Market Size (2029) | USD 1.67 Billion |
| CAGR (2024 - 2029) | 14.22 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Physical Identity and Access Management (PIAM) Software Market Analysis
The Physical Identity and Access Management Software Market size is estimated at USD 0.86 billion in 2024, and is expected to reach USD 1.67 billion by 2029, growing at a CAGR of 14.22% during the forecast period (2024-2029).
- Since PIAM solutions can provide the required features and functions to overcome the IT professional's physical security challenges, there is an increased number of networked devices in the fields of IT that influenced the firms to establish or deploy and manage physical security systems, driving the market significantly.
- The physical identity and access management (PIAM) software allows organizations to manage the identity lifecycle, such as employees, contractors, and vendors. Hence, the overall demand for physical identity and access management (PIAM) is increasing due to compliance mandates, a growing desire to manage alternative user populations (like on-premises visitors), and an emphasis on timely and secure access. Moreover, securing networks and digital assets became necessary for every business. Hackers do not only commit data breaches but, many a time, also individuals within an organization who have access to sensitive parts of networks or facilities, fueling the market growth.
- An increase in the number of commuters at the airport led to a rise in security concerns, especially for the areas that are restricted to everyday people, thus offering an excellent opportunity for the PIAM market. PIAM software allows the airport authority to manage the identity life cycle better. The benefits provided by PIAM include a reduction in operational costs, security, customer service, continuity, future proof, etc. These factors are also expected to drive the PIAM market during the forecast period.
- Moreover, various vital significant players are launching new products within the market. For instance, in May 2022, Microsoft declared the introduction of Entra, a new product family of identity and access management solutions. The family mainly includes existing tools like Azure AD alongside two new product categories, i.e., Cloud Infrastructure Entitlement Management (CIEM) and Decentralized Identity. For users, the Entra product family is primarily designed to protect access to any app or resource by allowing security teams to manage and discover permissions in multi-cloud environments so they can secure digital identities from end to end.
- However, the surge in the security-related issues of data stored with third-party cloud sources might restrain the market's overall growth throughout the forecast period.
- The physical identity and access management market is expected to see a minimal impact of COVID-19 spread. Consumers are likely to keep their consumption and stock more supplies. As identity is becoming the cornerstone of the new digital life, it became imminent for organizations to focus on security and secure identities to stay resilient. COVID-19 made this even more central for all company types, regardless of size. However, the healthcare industry is seeing a rapid digitization rate. The pressure is on existing health services for digital transformation. In addition, new players are grabbing the opportunity to bring forward new digital-first solutions. It drives the demand for healthcare identity and access management (IAM) solutions.
Physical Identity and Access Management (PIAM) Software Market Trends
Government and Legal Firm Segment to grow at a higher pace
- Real-time management of identities and related areas dispersed across physical and logical security infrastructure became crucial. Therefore, creating efficiencies and automation in identity management through physical access and identity management may help curb such silos. Various regulations, such as BASEL II and GLBA, have become fixtures from a compliance standpoint and are likely to influence the PIAM market during the forecast period positively.
- Banks and other financial institutes are under increasing scrutiny to ensure they have the appropriate security measures in place, especially in the wake of numerous high-profile data breaches that have taken place over the last few years. Although advanced video surveillance capabilities offer several key advantages to financial institutions facing rising threats, preventing fraud is a major benefactor, creating significant growth opportunities for the studied market.
- Moreover, many banks and financial institutions have recognized the critical need to secure the valuable and sensitive financial assets their customers trust to keep them safe. Hence, most of these organizations have invested in advanced technologies to prevent lapses in security, which may negatively impact their revenues, operating costs, reputation, and much more. PIAM solutions capture, store, and analyze data from multiple disparate security and non-security systems to create reports that help securely build a business case and offer actionable intelligence about threats and potential cost savings.
- Moreover, the market is witnessing several mergers, acquisitions, and investments by key players as part of its strategy to improve business and their presence to reach customers and meet their requirements for various applications. For instance, in May 2022, Entrust, a global leader in trusted identity, payments, and data protection, announced its new distribution partnership with CyberKnight, a Dubai-based cybersecurity-focused value-added distributor, empowering security professionals to address compliance and simplify cyber threat management.
- As per Identity Theft Resource Center, in the first half of the last year, the total number of data compromises in the United States came in at around 817 cases. Meanwhile, over the same time, more than 53 million individuals were highly affected by data compromises involving data leakage, data breaches, and data exposure. A rise in such cases will significantly augment the market growth immensely.
Europe is Expected to Hold a Significant Market Share
- Europe is expected to hold a significant share of the market studied due to the growing adoption of PIAM software from end-user industries, such as BFSI, healthcare, and the government. Many businesses are implementing physical identity and access management (PIAM) arrangements due to product and technology expansion, compliance mandates, a greater desire to achieve substitute user populations, and a strong emphasis on security and timely access.
- The EU also set targets for the number of users as it expects to use digital identities by the decade's end. The Commission communication '2030 Digital Compass: the European Way for the Digital Decade' of 9 March 2021 set out a vision of the EU successfully achieving a digital transition by 2030. In the Digital Compass plan, member states are expected to ensure that 80% of citizens will use digital identities by 2030, significantly fueling the market growth.
- Moreover, the market is witnessing crucial acquisitions, mergers, and investments by key players as part of its strategy to improve business and their presence to reach customers and meet their requirements for various applications. A rise in such activities within the region will exponentially augment the overall market's growth.
- For instance, in October last year, Atos, a European multinational information technology service and consulting company, declared the extension of its Identity and Access Management (IAM) cybersecurity offering with the introduction of Evidian IDaaS Access & Governance. This new solution delivers essential identity governance and administration functions - in addition to the existing access management features (Evidian IDaaS Access) - with the overall objective of managing on-premises, cloud-based and as-a-Service applications.
- Also, in May last year, Maven Capital Partners, one of the UK's most active investors, declared a USD 15 million investment in ProofID, a specialist provider of identity and access management (IAM) services. The investment from Maven would allow the business to boost its growth ambitions by continuing to grow the partnership with Ping Identity and build complementary partnerships with other IAM vendors, enabling ProofID to deliver broader IAM solutions. The investment would also assist the company's acquisition strategy and allow further investment in its sales, marketing, and technical resources.
Physical Identity and Access Management (PIAM) Software Industry Overview
Some key players, such as AlertEnterprise, HID Global, etc., govern the competition in the PIAM software market. Overall, the competitive rivalry within the industry is high, pushing the vendors to make continued innovations in product and service offerings targeted toward the customers' emerging needs. Through strategic partnerships, mergers, collaborations, and acquisitions, the companies operating in the market can maintain their foothold, providing better solutions and products to their customers.
- February 2023 - AlertEnterprise, Inc. revealed the launch of its first-ever Guardian AI Chatbot powered by OpenAI ChatGPT. The Guardian AI Chatbot is developed with the world-renowned GPT-3 platform created by OpenAI. It is designed to instantly deliver security operators the physical access and security insights that matter most with quick questions and prompts.
Physical Identity and Access Management (PIAM) Software Market Leaders
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HID Global Corporation
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AlertEnterprise Inc.
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IDCUBE Identification Systems (P) Ltd
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Micro Focus International PLC
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Amazon Web Services Inc.
*Disclaimer: Major Players sorted in no particular order
Physical Identity and Access Management (PIAM) Software Market News
- January 2023 - Trust Stamp, the Privacy-First Identity Company, announced cooperation with Simunix, a renowned identity data provider servicing enterprises and public sector organizations. Trust Stamp's privacy-first identity solution is integrated into Simunix's Age Verify and T2A persons and address verification offerings. This collaboration would give Simunix customers access to Trust Stamp's biometric and optical character recognition (OCR) solutions.
- December 2022 - ConnectWise teamed with Evo Security to provide a consolidated identity and access management platform to improve user credential security while meeting regulatory and compliance standards. MSPs can use Evo Elevated Access to avoid sharing passwords and multifactor authentication codes between technicians and administrators. The integrated functionality eliminates the need for third-party password rotation tools while simultaneously tracking activity, which ConnectWise describes as a "game-changer" for the MSP community.
Physical Identity and Access Management (PIAM) Software Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Compliance Mandates from Governments
4.3.2 Management of On-site Visitors and Contractors
4.4 Market Restraints
4.4.1 Security of Data Stored with Third Party (Cloud)
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Assessment of COVID-19 Impact on the Market
4.8 Regulatory Implications
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Software
5.1.2 Services
5.2 By Organization Size
5.2.1 Small and Medium Enterprises (SMEs)
5.2.2 Large Enterprises
5.3 By End-user Industry
5.3.1 BFSI
5.3.2 Aerospace and Defense
5.3.3 Government and Legal Firm
5.3.4 IT and Telecom
5.3.5 Healthcare
5.3.6 Education
5.3.7 Energy and Utilities
5.3.8 Other End-user Industries
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 HID Global Corporation
6.1.2 AlertEnterprise Inc.
6.1.3 IDCUBE Identification Systems (P) Ltd
6.1.4 Micro Focus International PLC
6.1.5 Amazon Web Services Inc.
6.1.6 Convergint Technologies LLC
6.1.7 WIPRO Ltd
6.1.8 Acces Security Corporation
6.1.9 IBM Corporation
6.1.10 SAASPASS Inc.
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Physical Identity and Access Management (PIAM) Software Industry Segmentation
Physical identity and access management (PIAM) software help streamline the management of security identities across different physical security systems. The report segments the market by type, end-user industry, and geography.
The Physical Identity and Access Management (PIAM) Software Market is segmented by type (software, services), organization size (small and medium enterprises (SMEs), large enterprises), end-user industry (BFSI, aerospace and defense, government and legal firm, IT and Telecom, healthcare, education, energy, and utilities, and other end-user industries), and by geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The market sizes and forecasts are provided in value (USD) for all the above segments.
| By Type | |
| Software | |
| Services |
| By Organization Size | |
| Small and Medium Enterprises (SMEs) | |
| Large Enterprises |
| By End-user Industry | |
| BFSI | |
| Aerospace and Defense | |
| Government and Legal Firm | |
| IT and Telecom | |
| Healthcare | |
| Education | |
| Energy and Utilities | |
| Other End-user Industries |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Physical Identity and Access Management (PIAM) Software Market Research FAQs
How big is the Physical Identity and Access Management (PIAM) Software Market?
The Physical Identity and Access Management (PIAM) Software Market size is expected to reach USD 0.86 billion in 2024 and grow at a CAGR of 14.22% to reach USD 1.67 billion by 2029.
What is the current Physical Identity and Access Management (PIAM) Software Market size?
In 2024, the Physical Identity and Access Management (PIAM) Software Market size is expected to reach USD 0.86 billion.
Who are the key players in Physical Identity and Access Management (PIAM) Software Market?
HID Global Corporation, AlertEnterprise Inc., IDCUBE Identification Systems (P) Ltd, Micro Focus International PLC and Amazon Web Services Inc. are the major companies operating in the Physical Identity and Access Management (PIAM) Software Market.
Which is the fastest growing region in Physical Identity and Access Management (PIAM) Software Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Physical Identity and Access Management (PIAM) Software Market?
In 2024, the North America accounts for the largest market share in Physical Identity and Access Management (PIAM) Software Market.
What years does this Physical Identity and Access Management (PIAM) Software Market cover, and what was the market size in 2023?
In 2023, the Physical Identity and Access Management (PIAM) Software Market size was estimated at USD 0.75 billion. The report covers the Physical Identity and Access Management (PIAM) Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Physical Identity and Access Management (PIAM) Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Physical Identity and Access Management (PIAM) Software Industry Report
Statistics for the 2024 Physical Identity and Access Management (PIAM) Software market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Physical Identity and Access Management (PIAM) Software analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
