The Physical Identity and Access Management Market 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 factors driving the market include the need to maintain compliance with stringent government regulations and compliances.
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.
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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.
The vendors covered in the market report 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). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the physical identity and access management market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2020 to innovate their offerings and broaden their customer base.
HID Global (US) is a prominent provider of physical identity and access management software and services. Additionally, the company offers financial services, education services, government and defense services, energy and utilities services, healthcare services, and transportation services. In 2019, HID Global acquired Placard, which is the largest manufacturer of secure cards in Australia and is also a provider of management and automation services. This acquisition boosted the portfolio of HID Global in physical identity and access management market. The company's product portfolio also includes appliances, biometrics, cards and credentials, card printers and encoders, controllers, eID cards, and ePassports, embedded modules, Radio-Frequency Identification (RFID) tags, financial instant issuance, readers, and software. HID Global also offers its products and services to individuals, Small and Medium-sized Enterprises (SMEs), and large enterprises. Its offerings help users protect their valuable data against threats and vulnerabilities. HID Global caters to a wide range of verticals, including Information Technology (IT) and IT-Enabled Services (ITeS), telecommunication, government and defense, Banking, Financial Services and Insurance (BFSI), energy and utilities, healthcare, education, and transportation. The company has a global presence in more than 100 countries across North America, Europe, Latin America, Asia Pacific (APAC), and Middle East and Africa (MEA).
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Alert Enterprise (US) is another top player in the physical identity and access management market. The company provides financial services, insurance services, energy services, aviation services, healthcare services, data center security services, IT services, and real estate services. real-time global control, security, and enforcement of government policies and regulations. In the physical identity and access market, it offers various products, such as Enterprise Guardian, Enterprise Visitor Identity Management and Airport Guardian. The company also partners with SAP SuccessFactors Human Capital Management (HCM) suite that is integrated with Enterprise Guardian application. This integration delivers secure access for company workspaces, including automated batch access management. It also helps build access to sensitive areas with proper checks and balances and overall workforce access lifecycle management in one place. The company caters its products and services to various verticals, including BFSI, energy and utilities, transportation, insurance, IT and ITeS, and healthcare. The company is present in North America, Europe, and APAC.
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