Physical Identity and Access Management Market is anticipated to reach USD 2,511 million in 2029, from USD 850 million, expanding at a CAGR of 14.5% | Size, Share & Analysis

Physical Identity and Access Management Market generated a revenue of USD 850 million in 2021 and is projected to register a double digit CAGR of 14.5% over the period 2022-2029, reaching USD 2,511 million in 2029.

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The factors driving the growth of Physical Identity and Access Management Market includes strict regulations imposed by Governments regarding the standardization of security protocols, increasing incidences related to identity fraud around the world, emerging trend of Bring Your Own Device (BYOD) and improvements in the living standards. Moreover, incorporation of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Blockchain with physical identity and access management solutions, growing demand for unifying diverse security systems and rapid urbanization, are further accelerating the market growth. In addition, the increasing investments by leading companies on research and development, strategic mergers, and alliances between corporations, rise in the launch of innovative products and growing population growth rates, are some of the additional factors supplementing the market growth.

However, growth of the Physical Identity and Access Management Market is hindered due to growing concerns related to cybercrimes.

The leading players operating in the market are Atos SE, Nexus Group, Wipro Ltd, IBM Corporation, AWS, HID Global, Access Security Corporation, AlertEnterprise Inc, Micro Focus International plc and Oracle Corporation, among others.

Based on Component, the Services segment is predicted to grow at a significant CAGR during the forecast period

Increasing demand for maintenance and support services for real time monitoring access control systems, is propelling growth of then segment.

Based on Vertical, the Government & Defense segment is projected to expand at a remarkable CAGR over the forecast period

Physical identity and access solutions help Governments to infrastructure and protect users from identity frauds along with rising incidences of cyber-attacks across the globe, are some of the factors pushing growth of the segment.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Presence of the leading players such as IBM Corporation, AWS and HID Global, rising cases of cyber-attacks, growing adoption of advanced technologies by major companies, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the Physical Identity and Access Management Market size in North American region.

Key Development

In 2019, AlertEnterprise Inc. developed facial recognition technology (FRT) to its Visitor Management Kiosk software. FRT delivers frictionless security to organizations that focuses on improving security and enhancing customer experience.

Market Segmentation

Segmentation by Component

Software
Services

Segmentation by Organization Size

Small and Medium-Sized Enterprises (SMEs)
Large Enterprises

Segmentation by Vertical

IT & Telecom
Government & Defense
BFSI
Healthcare
Energy & Utilities
Transportation
Education
Others (retail, manufacturing, and logistics)

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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