Authored By: Sarah
11 Jul 2024

 Physical Iam Market Size to grow by USD 1314.8 million between 2024-2028

According to a research report “ Physical Iam Market” by Component (Solutions, Services) End-user (Commercial, Government, Defense) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1314.8 million, at a CAGR of  16.5% during the forecast period. In the rapidly expanding Internet of Things (IoT) market, the demand for connected devices, such as vehicles and home appliances, is escalating. IoT providers are under immense pressure to introduce innovative products, including doorbell cameras and smart locks, to cater to this growing need. However, some companies are neglecting the investment in robust backend systems essential for secure IoT implementation. This oversight may result in inadequate data management features, including access governance, security, and privacy management. Consequently, IoT customers may be susceptible to privacy breaches, security attacks, and subpar user experiences.

Browse market data tables, figures, and in-depth TOC on “Physical Iam Market” by Component (Solutions, Services) End-user (Commercial, Government, Defense) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Component, the Solutions segment is projected to dominate the market size in 2024

In today's business landscape, safeguarding valuable assets such as equipment, inventory, and intellectual property is paramount. Physical Identity and Access Management (IAM) solutions play a crucial role in securing commercial facilities by controlling access to specific areas, thereby preventing both internal and external security breaches. Large enterprises are increasingly adopting physical IAM due to its benefits, which include superior performance, affordability, enhanced security, enterprise-class scalability, and streamlined management of sensitive information, including documents, passwords, and digital identities. This solution is essential for managing the numerous identities that exist within and outside the organization, ensuring only authorized personnel have access to critical areas.

By End-user, Commercial  segment is expected to hold the largest market size for the year 2024

In today's business landscape, the heightened risk of physical intrusions, theft, and vandalism necessitates the implementation of robust Physical Identity and Access Management (IAM) solutions. These solutions are essential for organizations to prevent unauthorized access to their premises and safeguard their critical assets. With growing concerns over safety threats, including terrorism, the demand for advanced physical IAM solutions is increasing, particularly in critical infrastructure, government buildings, and public venues. Many large enterprises are opting for on-premises physical IAM solutions due to their superior protection and control. These solutions enable organizations to maintain complete ownership and control over their confidential information, as opposed to relying on third-party service providers. In the face of ever-evolving technological advances, it is crucial for businesses to stay updated with the latest IAM trends and challenges to ensure optimal security and compliance.

North America is forecasted to hold the largest market size by region in 2024

In the realm of business operations, Physical IAM (Identity and Access Management) is a crucial component ensuring secure and efficient user access to corporate systems and applications. By implementing Physical IAM solutions, organizations can manage and monitor access to physical facilities and assets, mitigating potential security risks and ensuring regulatory compliance. These solutions often incorporate technologies like smart cards, biometrics, and access control systems, streamlining processes while maintaining the highest level of security.

The Physical Iam Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AlertEnterpise Inc.
  • Alfred Net
  • Atos SE
  • Convergint Technologies LLC
  • CyberArk Software Ltd.
  • Dell Technologies Inc.
  • HID Global Corp.
  • Identification Systems P Ltd.
  • Identiv Inc.
  • Intellisoft
  • International Business Machines Corp.
  • Open Text Corporation
  • MTI Technology
  • Okta Inc.
  • Oracle Corp.
  • Ping Identity Corp.
  • SecureAuth Corp.
  • Technology Nexus Secured Business Solutions AB
  • Thales Group
  • WSO2 Inc.
.

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Research Analysis Overview

In today's world, securing physical spaces and monitoring individuals in buildings and rooms is a top priority for airport authorities and other organizations. Physical IAM (Identity and Access Management) solutions are becoming increasingly important for managing access to physical spaces and ensuring the security and compliance of on-premises visitors. Physical IAM systems use hardware and software to monitor and authorize access to buildings and rooms. These systems provide real-time monitoring of individuals and networked devices, helping to prevent data breaches, cyberattacks, and insider threats. PIAM solutions offer future-proof security by integrating with physical security systems, such as access control and surveillance cameras. They provide authentication and authorization for individuals, ensuring that only authorized personnel have access to sensitive areas. PIAM solutions also offer customer service benefits, such as self-service kiosks and mobile applications, making it easier for visitors to check in and out of buildings. Maintenance services are also available to ensure that the hardware and software are functioning optimally. Compliance mandates, such as GDPR and HIPAA, require organizations to secure physical spaces and monitor access to sensitive information. PIAM solutions help organizations meet these mandates by providing comprehensive reporting and auditing capabilities. In summary, PIAM solutions are essential for securing physical spaces and ensuring the safety and privacy of individuals. They offer real-time monitoring, authorization, and authentication capabilities, as well as customer service benefits and compliance features. Investing in a PIAM solution is a smart move for any organization looking to future-proof their security and protect against data breaches, cyberattacks, and insider threats.

Market Research Overview

Physical Identity and Access Management (PIAM) is a critical aspect of ensuring user experience, security, and privacy in today's digital world. PIAM solutions enable organizations to manage and secure access to physical spaces and digital identities, addressing maintenance and upkeep, resistance to change, and organizational culture. Legal standards, data protection measures, and sensitive personal information require robust security and privacy measures, including identity verification technologies, intrusion detection, video surveillance, and physical security. PIAM solutions offer flexibility, scalability, cost-effectiveness, and compatibility with IT systems and networks. Implementation services help lower security concerns and increase operational effectiveness, especially for mobile workforces and cloud computing. Compliance with strict regulations such as FISMA, PCI DSS, and HIPAA is essential, and PIAM solutions provide access control mechanisms and authentication methods for physical identities and digital identities. PIAM solutions also address interoperability difficulties and complexity of integration, ensuring real-time monitoring and maintenance services. Advanced technologies like biometrics, decentralized identity, and digital transformation are driving innovation and technological advancements in PIAM. Physical security systems, MSPs, and PIAM solutions work together to prevent data compromises, cyberattacks, insider threats, and illegal access to sensitive data and physical assets.

Contacts

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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