The global PIAM market is estimated to grow from $272.2 million in 2014 to $546.2 million by 2019, according to a new market research report by MarketsandMarkets.
Physical identity & access management (PIAM) is a solution that allows organizations to centrally manage the lifecycle of identities, such as permanent and temporary employees, contractors, service providers, and vendors.
Physical identification, authentication, and access management are the major processes of PIAM solutions.
PIAM’s major offerings are corporate badge management, airport badging, and visitor management. It also integrates with logical security systems to safeguard synchronized and policy-based on/off-boarding of identities and its physical access across multiple and disparate physical security systems.
PIAM solutions are mostly used in verticals such as BFSI (banking, financial services & insurance, airport, IT & telecom, government & public sector, defence & security, utilities, transportation & logistics, chemical/pharma, education, and others (others include retail, manufacturing, and so on).
The BFSI segment leads the global PIAM market, mainly owing to the sensitive nature of the assets and data maintained for clients, where security is considered to be of prime importance. However, airport is considered to be one of the promising markets in the global PIAM market as it provides unique solutions for airports. These include badges for airport authorities, automated badging processes for on boarding, change of access, and termination.
The global physical identity & access management market is segmented on the basis of geography into major regions, such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific and Middle East are considered to be the emerging markets for PIAM solutions. The PIAM market in Asia-Pacific is expected to grow at a CAGR of 22.0% while Middle East is expected to register a CAGR of 22.9% during the forecast period.
Physical Identity & Access Management Market by Software, Services, Vertical (BFSI, Airport, IT & Telecom, Utilities, Education, Defense & Security, Chemical/Pharma), & Geography – Global Forecast to 2020