What Has Been the Growth Trajectory of the Physical Identity And Access Management Market?
The physical identity and access management market has seen considerable growth due to a variety of factors.
•Recent years have seen a rapid expansion in the market size of physical identity and access management. It is forecasted to rise from $1.26 billion in 2024 to approximately $1.42 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.8%.
The significant growth experienced during the historical period is primarily due to factors such as an aging population, widespread cardiovascular diseases, enhanced diagnostic technologies, advancements in surgery, and the proliferation of awareness programs.
What Does the Future Hold for the Physical Identity And Access Management Market?
The physical identity and access management market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size of physical identity and access management is projected to observe a swift expansion, escalating to "$2.59 billion by the year 2029 with a compound annual growth rate (CAGR) of 16.2%.
Various factors contributing to this expected growth during the forecast period include an elevated aging population globally, rising instances of cardiovascular diseases, advancements in treatment methods, the growing awareness of genetic predisposition, and the advancement of healthcare infrastructure. Key trends anticipated during the projection timeline include the invention of next-generation stent-grafts, the incorporation of technology for remote monitoring, the prevalence of abdominal aortic aneurysms (AAA), the global surge in the aging population, and collaborative efforts in research and development.
What Main Forces Are Fueling Expansion In The Physical Identity And Access Management Market?
The increasing understanding of data security is anticipated to fuel the expansion of the physical identity and access management market in the future. Data security, defined as safeguarding data from unauthorized access and corruption, utilizes physical identity and access management to offer personal details such as the identities, credentials, and access permissions of employees or visitors. Measures like encryption and access control are implemented to maintain the confidentiality of information and thwart unauthorized access or disclosure, indicating that heightened awareness about data security is a key market growth driver. For instance, an India-based security magazine reported in February 2023 that a majority of firms (67%) experienced an identity-related security breach in the previous year, and 84% of them made such breaches public. Additionally, 60% of companies reported that each user had over 21 unique identities, while 34% revealed each user held between 21 and 30 separate identities. Thus, the surge in data security awareness is a pivotal factor for the escalating expansion of the physical identity and access management market.
What Are The Primary Segments In The Global Physical Identity And Access Management Market?
The physical identity and access management market covered in this report is segmented –
1) By Type: Software, Services
2) By Anatomy: Authenticator, Reader, Locks, Doors, Host, Controller, Card Management System
3) By Organization Size: Small And Medium Sized Enterprises, Large Enterprises
4) By Industry Vertical: Government And Defense, Energy And Utilities, Information Technology And IT-Enabled Services, Telecom, Banking Financial Services And Insurance (BFSI), Healthcare, Education, Transportation, Airport, Other Industry Verticals
Subsegments:
1) By Software: Identity Management Software, Access Control Software, Biometric Authentication Software, Single Sign-On (SSO) Solutions, Privileged Access Management (PAM) Software
2) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services, Training And Education Services
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Which Key Trends Are Driving Changes In The Physical Identity And Access Management Market?
Introducing new technology is becoming a prevalent trend in the physical identity and access management market. Firms engaged in this market are intent on creating and unveiling new technological solutions. For example, AlertEnterprise, Inc., a firm based in the United States known for its expertise in cyber-physical security, launched the Guardian AI Chatbot in February 2023. This chatbot, powered by OpenAI ChatGPT and built on the highly regarded GPT-3 platform, aims to support security operators by providing crucial information about access and security through simple queries and cues. This chatbot is capable of swiftly responding to a broad spectrum of queries, including those related to door reader analytics, visitor management, identity access management, and safety reporting.
Who Are the Key Players in the Physical Identity And Access Management Market?
Major companies operating in the physical identity and access management market include:
• IBM Corporation
• Oracle Corporation
• Nexus Group
• HID Global Corporation
• Alert Enterprise Inc.
• IDCUBE Identification Systems (P) Ltd.
• Micro Focus International PLC.
• Amazon Web Services Inc.
• Hewlett Packard Enterprise Development LP
• Infosys Limited
• HCL Technologies Limited
• Capgemini SE
• F5 Inc.
• Microsoft Corporation
• Thales Group
• Accenture PLC.
• Convergint Technologies LLC
• WIPRO Ltd.
• Acces Security Corporation
• Identiv Inc.
• Johnson Controls International PLC
• Gallagher Group Limited
• Honeywell International Inc.
• Quantum Secure Inc.
• Crossmatch Technologies Inc.
• Genetec Inc.
• AMAG Technology Inc.
• Brivo Inc.
• Identropy Inc.
• Anviz Global Inc.
• EyeLock LLC
• Suprema Inc.
• Alvarado Manufacturing Company Inc.
• NEC Corporation
• Gemalto NV
• ZKTeco Inc.
What Is The Most Dominant Region In The Physical Identity And Access Management Market?
North America was the largest region in the physical identity and access management market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global physical identity and access management market report during the forecast period. The regions covered in the physical identity and access management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
