“Access control market to exhibit significant growth during 2020–2025”
The global access control market size is projected to grow from USD 8.6 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 8.2%. Factors accelerating the growth of the access control market are the increasing number of terrorist attacks and organized crimes across the world, growing awareness regarding home security systems, ongoing technological advancements and rising deployment of wireless security systems, and increasing adoption of IoT-based security systems with cloud computing platforms. Continued adoption of Access Control as a Service (ACaaS), gradual implementation of mobile-based access control, rapid urbanization in emerging countries, and global proliferation of smart cities initiatives provide lucrative opportunities to the access control market.
“Card-based readers are expected to lead access control hardware market during the forecast period“
Card-based readers are proven to be more reliable than biometric readers and electronic locks. Increasing requirement for smart and proximity cards to monitor and record employee activities is one of the factors driving the growth of the market for card-based readers. Biometric readers are rapidly gaining traction worldwide owing to the growing need for security and surveillance in the private and business sectors. The adoption of voice recognition systems in BFSI is expected to fuel the growth of the market for biometric readers in the coming years.
“Hosted access control as a service are expected to lead access control as a service market during the forecast period”
The owner of the solutions maintains different types of hosted access control as a service software; therefore, users need not pay for the maintenance of the servers. This has been the key driving factor for the growth of the market for hosted services. The ability of a third party to update access rights of the user saves the time and cost spent on monitoring and managing all access control activities.
“APAC to be the fastest-growing market for access control during the forecast period”
The growth of the access control market in APAC is attributed to rapid technological advancements, increased awareness regarding security among the masses. In the coming years, the penetration of the access control systems is expected to grow at a significant rate with the growing security concerns among public transport authorities in APAC. APAC is one of the potential markets for access control systems with the robust presence of several companies offering security solutions in the region.
Break-up of primary participants’ profiles:
- By Company Type – Tier 1 – 49%, Tier 2 – 39%, and Tier 3 – 12%
- By Designation – C-level Executives – 32%, Directors – 45%, and Others – 23%
- By Region – North America – 40%, Europe – 30%, APAC – 19%, and RoW – 11%
The key players in the market include dormakaba Holding (Switzerland), ASSA ABLOY (Sweden), Johnson Controls (Ireland), Allegion (Ireland), Honeywell International (US), Identiv (US), Nedap (Netherlands), Suprema HQ (South Korea), Thales Group (France), Bosch Security Systems (Germany), NEC Corporation (Japan), and IDEMIA (France).
The global access control market has been segmented based on offerings, access control as a service, vertical, and geographies. Based on offerings, the market has been segmented into hardware, software, and service. Based on access control as a service, the access control as a service market has been classified into hosted, managed, and hybrid. The report covers eight types of verticals: commercial, military & defense, government, residential, education, healthcare, manufacturing & industrial, and transportation. The report covers four major geographic regions: North America, Europe, APAC, and RoW.
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast for the market based on offerings, access control as a service, vertical, and geography have been conducted to give an overall view of the access control market.
- COVID-19 impact analysis has been performed to provide an in-depth insight into the access control market.
- Major drivers, restraints, opportunities, and challenges for the access control market have been detailed in this report.
- The report includes a detailed competitive landscape, along with key players, in-depth analysis, and revenues of key players.