Physical Identity and Access Management (PIAM) Software Market Size

Physical Identity and Access Management (PIAM) Software Market Analysis

The Physical Identity and Access Management Software Market size is estimated at USD 0.86 billion in 2024, and is expected to reach USD 1.67 billion by 2029, growing at a CAGR of 14.22% during the forecast period (2024-2029).

• Since PIAM solutions can provide the required features and functions to overcome the IT professional's physical security challenges, there is an increased number of networked devices in the fields of IT that influenced the firms to establish or deploy and manage physical security systems, driving the market significantly.
• The physical identity and access management (PIAM) software allows organizations to manage the identity lifecycle, such as employees, contractors, and vendors. Hence, the overall demand for physical identity and access management (PIAM) is increasing due to compliance mandates, a growing desire to manage alternative user populations (like on-premises visitors), and an emphasis on timely and secure access. Moreover, securing networks and digital assets became necessary for every business. Hackers do not only commit data breaches but, many a time, also individuals within an organization who have access to sensitive parts of networks or facilities, fueling the market growth.
• An increase in the number of commuters at the airport led to a rise in security concerns, especially for the areas that are restricted to everyday people, thus offering an excellent opportunity for the PIAM market. PIAM software allows the airport authority to manage the identity life cycle better. The benefits provided by PIAM include a reduction in operational costs, security, customer service, continuity, future proof, etc. These factors are also expected to drive the PIAM market during the forecast period.
• Moreover, various vital significant players are launching new products within the market. For instance, in May 2022, Microsoft declared the introduction of Entra, a new product family of identity and access management solutions. The family mainly includes existing tools like Azure AD alongside two new product categories, i.e., Cloud Infrastructure Entitlement Management (CIEM) and Decentralized Identity. For users, the Entra product family is primarily designed to protect access to any app or resource by allowing security teams to manage and discover permissions in multi-cloud environments so they can secure digital identities from end to end.
• However, the surge in the security-related issues of data stored with third-party cloud sources might restrain the market's overall growth throughout the forecast period.
• The physical identity and access management market is expected to see a minimal impact of COVID-19 spread. Consumers are likely to keep their consumption and stock more supplies. As identity is becoming the cornerstone of the new digital life, it became imminent for organizations to focus on security and secure identities to stay resilient. COVID-19 made this even more central for all company types, regardless of size. However, the healthcare industry is seeing a rapid digitization rate. The pressure is on existing health services for digital transformation. In addition, new players are grabbing the opportunity to bring forward new digital-first solutions. It drives the demand for healthcare identity and access management (IAM) solutions.