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Physical identity and access management is a software that offers management platform for authentication and access of visitors, employees, partners, or contractors to an organization. Physical identity and access management detects unauthorized access of any user and help prevent data breach of end users.
The defense services and government require physical identity and access management at large scale due to security reasons across these enterprises. It helps government and defense services to secure the infrastructure and users from identity risks. Increase in awareness of physical identity and access management among end users plays vital role in expanding the business for vendors.
The rapid growth of physical identity and access management in various verticals such as BFSI, government and defense, IT and healthcare among others are expected to boost market growth. Further increasing demand for future proof security operations, strict security compliance are likely to drive the demand of physical identity and access management.
Key Market Driver -
• Increasing demand for robust security operations, stringent security compliance and government regulations across globe • Adoption of security solutions across BFSI, education and energy and utilities and others • Surge in demand for cloud based physical identity access management
Key Market Restraint -
• Increasing number of security breaches in enterprises are anticipated to restrict market growth
Companies operating in the market are IBM Corporation, HID Global, AWS, AlertEnterprise Inc., Micro Focus International Plc, Oracle Corporation, Atos SE, Nexus Group, Wipro ltd, Access Security Corporation, IDCUBE, OKta, Gemalto, Avatier, Wallix Group, Identiv, Sequr, E&M Technologies and others.
Major vendors are providing advanced physical and identity solutions to end user to enhance end users experience. For instance, in January 2020, Micro Focus International Plc has recently launched voltage smartcipher, which would secure collaboration and simplifies the unstructured data protection.
North America is expected to hold highest market share in region, the growth in this region is mainly because of the strong economies, U.S and Canada. Factors such as strategic investment, partnership, research and development (R&D) and geographical presence are helping in boosting the growth of physical identity and access management market. Further, the increasing number of data breaches in the region are helps in growth of market.
IBM Corporation, HID Global, AWS, AlertEnterprise Inc., Micro Focus International Plc, and other vendors has started using various techniques such as investment, collaboration and partnership, to enhance their position in the market in Asia Pacific region. Asia Pacific is anticipated to be the fasted growing market due to the presence of vendors such as IBM Corporation, Amazon Web Services (AWS), HID Global etc.
Whereas, in Middle East and Africa the increasing adoption and awareness about physical identity solutions in the region has seen a surge in recent years, that expected to help in boosting the growth of market in near future.
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