Physical Identity And Access Management Market Analysis, Size, Share, Growth, Trends And Forecast 2024-2033

The physical identity and access management market size has grown rapidly in recent years. It will grow from $1.13 billion in 2023 to $1.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to aging population, prevalence of cardiovascular diseases, improvements in diagnostic technologies, surgical advancements, awareness programs.

The physical identity and access management market size is expected to see rapid growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to rising global aging population, increasing incidence of cardiovascular diseases, advancements in treatment modalities, genetic predisposition awareness, healthcare infrastructure development. Major trends in the forecast period include development of next-generation stent grafts, technological integration for remote monitoring, prevalence of abdominal aortic aneurysms (aaa), global aging population, collaborations in research and development.

Market Overview -
Physical identity and access management refers to a structure of administrative procedures, laws, and technological tools that coordinates the control of identities and people's physical access to facilities. These technologies integrate with physical access control systems to enforce user access profiles. They have also been integrated with HR, ERP, learning management, or other corporate systems to help with the continuing management of the physical identity.

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Elevated Data Security Concerns Propel Growth In The Physical Identity And Access Management Market
Growing awareness about data security is expected to propel the growth of the physical identity and access management market going forward. Data security is the process of protecting data from unauthorized access and corruption. Physical identity and access management in the data security process provide personal information, including employee or visitor identities, credentials, and access permissions. Data security measures, such as encryption and access controls, are employed to ensure the confidentiality of information and prevent unauthorized access or disclosure, so rising awareness about data security will drive market growth. For instance, in February 2023, according to a security magazine, an India-based provided information on important enterprise security issues, including risk management and cybersecurity, 67% of firms suffered an identity-related breach in the past year, and 84% of them disclosed one. 60% of organizations reported that each user had over 21 different identities, with 34% stating that each user had between 21 and 30 different identities. Therefore, the growing awareness about data security is driving the growth of the physical identity and access management market.

Competitive Landscape -
Major companies operating in the physical identity and access management market report are IBM Corporation, Oracle Corporation, Nexus Group, HID Global Corporation, Alert Enterprise Inc., IDCUBE Identification Systems (P) Ltd., Micro Focus International PLC., Amazon Web Services Inc., Hewlett Packard Enterprise Development LP, Infosys Limited, HCL Technologies Limited, Capgemini SE, F5 Inc., Microsoft Corporation, Thales Group, Accentur*e PLC., Convergint Technologies LLC, WIPRO Ltd., Acces Security Corporation, Identiv Inc., Johnson Controls International PLC, Gallagher Group Limited, Honeywell International Inc., Quantum Secure Inc., Crossmatch Technologies Inc., Genetec Inc., AMAG Technology Inc., Brivo Inc., Identropy Inc., Anviz Global Inc., EyeLock LLC, Suprema Inc., Alvarado Manufacturing Company Inc., 3M Company, NEC Corporation, Gemalto NV, ZKTeco Inc.

Technology Launches Take Center Stage In The Physical Identity And Access Management Market
Technology launches are the key trend gaining popularity in the physical identity and access management market. Major companies operating in the physical identity and access management markets are focusing on developing and launching new technologies. For instance, in February 2023, AlertEnterprise, Inc., a US-based company that specializes in cyber-physical security, introduced the Guardian AI Chatbot, powered by OpenAI ChatGPT. The Guardian AI Chatbot is constructed using the acclaimed GPT-3 platform by OpenAI and is intended to provide security operators with critical physical access and security insights with short queries and prompts. The chatbot can quickly respond to a wide range of questions about door reader analytics, visitor management, identity access management, and safety reporting.

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Key Segments -
The physical identity and access management market covered in this report is segmented -
1) By Type: Software, Services
2) By Anatomy: Authenticator, Reader, Locks, Doors, Host, Controller, Card Management System
3) By Organization Size: Small And Medium Sized Enterprises, Large Enterprises
4) By Industry Vertical: Government And Defense, Energy And Utilities, Information Technology And IT-Enabled Services, Telecom, Banking Financial Services And Insurance (BFSI), Healthcare, Education, Transportation, Airport, Other Industry Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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