Fort Collins, Colorado, April 20, 2024 (GLOBE NEWSWIRE) --
The growing security concerns drive the physical identity and access management market dynamics.
Physical Identity and Access Management (PIAM) encompasses a system designed to monitor, regulate, and document visitor information within an organization. Its primary purpose is to fortify the organization's security measures and ensure only authorized individuals can enter various departments or restricted areas.
The anticipated expansion of the physical identity and access management market can be attributed to several factors. These include advancements in technology and product development within these systems, escalating compliance requirements to reduce instances of security breaches and data compromises, and the imperative to maintain comprehensive records of on-premises visitors and contractors to forestall any potential security breaches.
The physical identity and access management system typically addresses two key aspects: physical identity and access planning and implementation. The "identity" component involves identifying individuals and their specific location within the organization and categorizing visitors as guests or employees based on the purpose of their visit. Employees typically require frequent access to particular locations, whereas guests are granted access only to authorized departments to safeguard the security of other areas. Access is generally given via smart cards, keys, or identity cards, enabling users to access designated areas within the organization.
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Segmentation Overview:
The physical identity and access management market has been segmented into offerings, product, organization size, end-user, and region.
Credential management registered a huge growth in the past
- The physical identity and access management market segmentation, based on product, includes backend database solutions, credential management, and visitor management. Credential management holds a substantial share of the market's product segment. It refers to managing and generating a user’s login credentials.
Large enterprises account for a significant market share
- Large enterprises hold a substantial share of the organization size segment of the physical identity and access management market. Due to larger operations and employee count, these enterprises must have a secure security system to ensure that no unauthorized person gets access to the company's confidential information.
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Physical Identity And Access Management Market Report Highlights:
- The physical identity and access management market growth is anticipated at a CAGR of 13.6% by 2032.
- Technological development and the need for better compliance drive industry growth.
- North America is a leading market for physical identity and access management. High government spending and investments are propelling the industry growth.
- Some prominent players in the physical identity and access management market report include Okta, CyberArk, HID Global, Micro Focus International Plc., Ping Identity Corporation, Avatier Corporation, IDCUBE Identification Systems Ltd., ForgeRock Inc., SaasPass Inc., SailPoint Technologies Inc., and others.
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