The physical identity and access management (PIAM) software market is expected to register a CAGR of 13% during the forecast period, (2020-2025). PIAM systems have the capability to deliver unified identity management capabilities throughout an It ecosystem which also includes physical security.
- With an increased number of networked devices in the fields of IT has influenced the firms to establish or deploy and manage physical security systems. PIAM solutions are capable of providing the required features and functions to overcome IT professionals physical security challenges.
- With an increase in the number of commuters at the airport has led to an increase in the security concern especially for the areas which are restricted for common people and henceforth pose as an excellent opportunity for the PIAM market. PIAM software allows the airport authority to better manage the life cycle of identities.
- The benefits offered by PIAM include a reduction in operational costs, security and customer service, continuity and future proof and many more. These factors are also expected to drive the PIAM market for the forecast period. As PIAM is a completely automated system which connects the existing systems, automates key processes and workflows, it allows hospitals to optimize security options cost-effectively.
Scope of the Report
Physical Identity and Access Management (PIAM) software helps in streamlining the management of security identities across different physical security systems. This report segments the market by Type (Software, Service), End-user Industry (BFSI, Aerospace and defense, Government and IT and Telecom), and Geography.
Key Market Trends
BFSI is Expected to Hold the Largest Market
- Real-time management of identities and related areas that are dispersed across physical and logical security infrastructure becomes crucial. Therefore, by creating efficiencies and automation in identity management through physical access and identity management will help us in curbing such silos.
- Various regulations such as BASEL II and GLBA have become fixtures from a compliance standpoint and is influential in boosting the PIAM market positively for the forecast period.
- AlertEnterprise on April 2019, announced that it had added biometric facial recognition technology to its Visitor Management Kiosk software to deliver frictionless access security to organizations for check-in processes by employees, visitors, contractors, and guests. This software provides complete physical identity and access management solution when combined with Enterprise Guardian software.
- PIAM for financial institutions has a benefit that it has the ability to generate reports, to automatically pull compliance-related information from data on a regular basis and thereby demonstrating compliance with each of the regulations governing their operations.
North America is Expected to Hold the Largest Share
- Inorder to better protect a person's physical identity credentials as well as digital identity from a potential loss or threat, the convergence of physical and logical security and identity authentications methods plays an important role.
- According to the Identity Theft Association, the number of data breaches in the United States From 2014 - 2018 in the fields of banking, credit, Financial institutions were 135. These breaches have stirred the need for a solution that helps in preventing such occurrences which would, in turn, boost the PIAM market in the region.
- With the increased spending by the government in the aerospace and defense sector is expected to influence the PIAM market throughout the forecast period positively. For instance, NATO forecasted that in the year 2018 United States would be spending USD 1989 per capita on military causes.
- A report from the Office of Inspector General from the US Environmental Protection Agency in 2017, stated that there lies weakness in the CSB's identity and Access management and incident response metric domains that has left it vulnerable to attacks occurring and not being detected in a timely manner and needed improvements. Therefore physical Identity and access management can help such institutions cope up with such threats.
The competition in the PIAM Software market is governed by the presence of some key players AlertEnterprise, HID Global and many more. Overall the competitive rivalry within the industry is high and pushes the vendor for continued product and service innovation targeted towards the customers emerging needs. The companies through strategic partnerships and mergers, collaboration and acquisitions are able to maintain their foothold in the market with the view of providing better solutions and products to its customers.
- April 2019, HID Global a worldwide leader in trusted identity solutions, today announced the availability of the new HID Authentication Service, which is part of its cloud identity platform, designed to deliver a suite of trusted identity solutions.
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