Global Physical Identity and Access Management Market Report 2024: Market Insights And Future Outlook

LONDON, GREATER LONDON, UK, August 8, 2024 /EINPresswire.com/ -- The global physical identity and access management market is set to expand from $1.13 billion in 2023 to $1.29 billion in 2024, at a compound annual growth rate (CAGR) of 13.9%. Despite challenges, the market is expected to grow significantly, reaching $2.2 billion by 2028 at a CAGR of 14.3%, driven by factors such as the aging global population, increasing incidence of cardiovascular diseases, and advancements in healthcare technologies.

Growing Awareness About Data Security Drives Market Expansion
The rapid growth in the physical identity and access management market can be largely attributed to increasing awareness about data security. As organizations face rising threats to their information, the need for robust identity and access management systems has become critical. Data security measures, including encryption and access controls, are essential for protecting sensitive personal information and preventing unauthorized access. According to a February 2023 security magazine report, 67% of firms experienced identity-related breaches, highlighting the urgency for enhanced security measures. This growing awareness is expected to propel market growth further.

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Major Players and Market Trends
Key players in the market include IBM Corporation, Oracle Corporation, Nexus Group, HID Global Corporation, and Alert Enterprise Inc., among others. These companies are focusing on innovations to improve security and efficiency in identity management. For instance, technological advancements such as next-generation stent-grafts and remote monitoring integration are driving industry progress. The prevalence of abdominal aortic aneurysms (AAA) and the global aging population are also significant factors influencing market trends.

Trends Shaping the Market
• Development of Next-Generation Stent-Grafts: Innovations in stent-graft technology are enhancing treatment options and driving market growth.
• Technological Integration for Remote Monitoring: Advances in remote monitoring technologies are improving patient care and security management.
• Prevalence of AAA: The increasing incidence of abdominal aortic aneurysms is fueling demand for advanced identity and access management solutions.
• Global Aging Population: An aging population is contributing to the growing need for effective identity and access management systems.
• Collaborations in Research and Development: Strategic collaborations are fostering innovation and expanding market opportunities.

Market Segmentation
• By Type: Software, Services
• By Anatomy: Authenticator, Reader, Locks, Doors, Host, Controller, Card Management System
• By Organization Size: Small and Medium-Sized Enterprises, Large Enterprises
• 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

Regional Insights: North America Leading the Market
North America was the largest region in the physical identity and access management market in 2023. However, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. The region's expanding healthcare infrastructure and growing awareness about data security are key drivers of its rapid market growth.

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Physical Identity And Access Management Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Physical Identity And Access Management Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on physical identity and access management market size, physical identity and access management market drivers and trends, physical identity and access management market major players, competitors' revenues, market positioning, and market growth across geographies. The physical identity and access management market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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