Market Trends of Physical Identity and Access Management (PIAM) Software Industry
Government and Legal Firm Segment to grow at a higher pace
- Real-time management of identities and related areas dispersed across physical and logical security infrastructure became crucial. Therefore, creating efficiencies and automation in identity management through physical access and identity management may help curb such silos. Various regulations, such as BASEL II and GLBA, have become fixtures from a compliance standpoint and are likely to influence the PIAM market during the forecast period positively.
- Banks and other financial institutes are under increasing scrutiny to ensure they have the appropriate security measures in place, especially in the wake of numerous high-profile data breaches that have taken place over the last few years. Although advanced video surveillance capabilities offer several key advantages to financial institutions facing rising threats, preventing fraud is a major benefactor, creating significant growth opportunities for the studied market.
- Moreover, many banks and financial institutions have recognized the critical need to secure the valuable and sensitive financial assets their customers trust to keep them safe. Hence, most of these organizations have invested in advanced technologies to prevent lapses in security, which may negatively impact their revenues, operating costs, reputation, and much more. PIAM solutions capture, store, and analyze data from multiple disparate security and non-security systems to create reports that help securely build a business case and offer actionable intelligence about threats and potential cost savings.
- Moreover, the market is witnessing several mergers, acquisitions, and investments by key players as part of its strategy to improve business and their presence to reach customers and meet their requirements for various applications. For instance, in May 2022, Entrust, a global leader in trusted identity, payments, and data protection, announced its new distribution partnership with CyberKnight, a Dubai-based cybersecurity-focused value-added distributor, empowering security professionals to address compliance and simplify cyber threat management.
- As per Identity Theft Resource Center, in the first half of the last year, the total number of data compromises in the United States came in at around 817 cases. Meanwhile, over the same time, more than 53 million individuals were highly affected by data compromises involving data leakage, data breaches, and data exposure. A rise in such cases will significantly augment the market growth immensely.
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Europe is Expected to Hold a Significant Market Share
- Europe is expected to hold a significant share of the market studied due to the growing adoption of PIAM software from end-user industries, such as BFSI, healthcare, and the government. Many businesses are implementing physical identity and access management (PIAM) arrangements due to product and technology expansion, compliance mandates, a greater desire to achieve substitute user populations, and a strong emphasis on security and timely access.
- The EU also set targets for the number of users as it expects to use digital identities by the decade's end. The Commission communication '2030 Digital Compass: the European Way for the Digital Decade' of 9 March 2021 set out a vision of the EU successfully achieving a digital transition by 2030. In the Digital Compass plan, member states are expected to ensure that 80% of citizens will use digital identities by 2030, significantly fueling the market growth.
- Moreover, the market is witnessing crucial acquisitions, mergers, and investments by key players as part of its strategy to improve business and their presence to reach customers and meet their requirements for various applications. A rise in such activities within the region will exponentially augment the overall market's growth.
- For instance, in October last year, Atos, a European multinational information technology service and consulting company, declared the extension of its Identity and Access Management (IAM) cybersecurity offering with the introduction of Evidian IDaaS Access & Governance. This new solution delivers essential identity governance and administration functions - in addition to the existing access management features (Evidian IDaaS Access) - with the overall objective of managing on-premises, cloud-based and as-a-Service applications.
- Also, in May last year, Maven Capital Partners, one of the UK's most active investors, declared a USD 15 million investment in ProofID, a specialist provider of identity and access management (IAM) services. The investment from Maven would allow the business to boost its growth ambitions by continuing to grow the partnership with Ping Identity and build complementary partnerships with other IAM vendors, enabling ProofID to deliver broader IAM solutions. The investment would also assist the company's acquisition strategy and allow further investment in its sales, marketing, and technical resources.
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