Physical Identity and Access Management Market is expected to reach $1.4 billion by 2025 at a CAGR of 13.2% during the forecast period 2020-2025. Owing to factors such as future-proofing security operations and compliance with stringent security and government regulations are expected to enhance the use of physical identity and access management software across the globe. In addition the growing demand for access control and management software and increasing investments in corporate security are the key factors anticipated to drive the market growth over the forecast period. Moreover, several companies are implementing physical identity and access management technology to effectively deal with cyber threats and create better IT strategy for enhanced operational efficiency. Hence these advancements are analyzed to drive the market in the forecast period 2020-2025.Key Takeaways
North America dominated the market by a market share of more than 34.5% in 2019, owing to 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.
The demand for support and maintenance services is increasing with the deployment of physical identity and access management software.
The government and defense vertical requires physical identity and access management solutions on 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.
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Physical Identity and Access Management Market Segment Analysis - By Geography
North America dominated the market by a market share of more than 34.5% in 2019, 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.
Physical Identity and Access Management Market Drivers
Rising demand for PIAM in BFSI
Advancements and developments in PIAM Products
Physical Identity and Access Management top 10 companies include HID Global Corporation, Alert Enterprise Inc., IDCUBE Identification Systems (P) Ltd, Micro Focus International PLC, Amazon Web Services Inc., Convergent Technologies LLC, WIPRO Ltd, Access Security Corporation, IBM Corporation, SAASPASS Inc. among others.
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