Physical IAM Market Growth, Forecast, and Insights for 2023-2027

The Physical Identity and Access Management Market is projected to reach USD 950.19 million, with a Compound Annual Growth Rate (CAGR) of 14.11% from 2022 to 2027.

The market's growth is driven by several factors, including the rapid expansion of Internet of Things (IoT) networks, compliance with regulatory mandates, and the increasing adoption of Identity as a Service (IDaaS) solutions. The swift proliferation of IoT necessitates robust regulatory compliance, pushing businesses towards IDaaS solutions for secure and efficient identity management.

To explore detailed insights, Download Sample PDF on Physical IAM Market

Critical Role of Government and Defense

The Government and Defense sectors, alongside the Maintenance and Support Services segment, are essential in establishing strong physical and logical security infrastructures. With cyberattacks and insider threats becoming more sophisticated, real-time monitoring and access control systems are prioritized. PIAM systems are vital in managing identities across diverse sectors, including healthcare, banking, and manufacturing. Companies like Entrust and CyberKnight offer innovative access control solutions to address these needs.

Key Market Dynamics

The Physical IAM market is experiencing significant growth due to various factors, including stringent government regulations and the rising demand for maintenance and support services. The increase in cyber threats has led organizations to prioritize robust security measures. PIAM software is crucial for real-time monitoring and access control, protecting digital assets. Key players such as Microsoft and Entra are at the forefront, providing innovative solutions. Our research utilized 2022 as the base year to analyze key drivers, trends, and challenges, helping companies refine their marketing strategies for a competitive edge.

Driving Factor: IoT Network Expansion

The rapid growth of IoT networks is a significant driver of market growth. IoT comprises interconnected devices embedded with software, actuators, and sensors, enabling data exchange. The increasing demand for IoT products like doorbell cameras and smart locks compels providers to prioritize security. Physical IAM solutions offer robust security features, including adaptive authentication and end-to-end data encryption, enhancing IoT device security and user experience.

Emerging Trend: Multi-Factor Authentication (MFA)

A major emerging trend is the growing need for MFA with physical IAM. Passwords are often inadequate for enterprise security, leading companies to adopt MFA to enhance data protection. MFA provides multiple identification methods, ensuring robust authentication. For instance, Amazon.com offers virtual MFA devices for added security. This trend is expected to drive the global PIAM market growth during the forecast period.

Major Challenge: Data Handling Issues

Poor data handling is a significant challenge impeding market growth. Inconsistent, unclean, or incomplete data can affect the authentication processes of physical IAM solutions. Enterprises often have vast amounts of user data, but only a small portion is relevant for identity management. Including non-identity data can lead to poor solution performance, reducing adoption among enterprises.

Notable Companies

  • AlertEnterprise Inc.: Provides physical IAM solutions.
  • Other key players include Alfred Net, Atos SE, Convergint Technologies LLC, CyberArk Software Ltd., Dell Technologies Inc., HID Global Corp., and more.

To explore detailed insights, Download Sample PDF on Physical IAM Market

Emphasis on Security in Various Sectors

Government and defense sectors rely on maintenance services to ensure the operational readiness of critical infrastructure. Real-time identity management in high-footfall areas, such as airports, enhances security and operational efficiency. Key players like Microsoft offer solutions for secure identity management in multi-cloud environments, catering to sectors like healthcare, banking, and legal firms.

 Contact us for tailored solution

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/


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