Access Control Market is Projected to Grow at a High CAGR till 2027

Fri Jul 10, 2020 - 6:25am GMT+0000

According to GMI Research, the global access control market is propelled by accelerating adoption of access control solutions driven by the increasing number of crime rates at the global level.

New York, United States – July 10, 2020 /MarketersMedia/

The global access control market is projected to experience strong demand over the forecast period. The accelerating adoption of access control solutions driven by the increasing number of crime rates at the global level, followed by the continuous technological advancements and the deployment of wireless technology in security systems, are the significant factors responsible for the expansion of the access control market size. Additionally, the rising adoption of IoT-based security systems enabled with cloud computing platforms to improve the security level in the residential, commercial, and industrial sectors will act as a key driver that is surging the demand for access control systems over the coming years.

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With the growing urbanization across the globe, there has been a drastic increase in the incidences of data hacking and identity theft. The rising emphasis on governments on installing time-based access systems in particular commercial or public premises, along with the accelerating requirement for high alert security systems in the global organization with thousands of employees, will have a positive impact on the growing demand of the global access control market. Moreover, the emergence of the COVID-19 pandemic has boosted the demand of the market owing to the increasing need to protect critical health information records and to control the access to private health records in the healthcare sector. On the other edge of the spectrum, the lack of knowledge among the end-users regarding these control systems, the high cost, and the safety issues related to unauthorized access are certain factors that are likely to hamper the growth of the market in the coming years.

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On the basis of components, the hardware segment is anticipated to dominate the market over the forecast period. This is attributed to the strong demand for smart and proximity cards to monitor and record employee activities in the corporate offices. The smart cards are often used as credentials to authenticate the user’s identity and provide access grand or denial accordingly. Moreover, the high-reliability feature of the smart card as compared to the biometric readers and electronic locks is another factor that will encourage the end-users to opt for these smart cards.

Based on the verticals, the commercial segment is projected to grow at a faster CAGR during the forecast period owing to the accelerating demand for access control systems in data centers, hotels, retail stores, banks, and financial centers, malls, and entertainment centers around the world. The access control system eliminates the requirement for manual security checks of the visitors, which is one of the major factors that is attracting various commercial and service organizations to opt for these systems to protect people and property at the same time.

On the basis of the region, the Asia-Pacific region is expected to witness a faster CAGR during the forecast period. The significant factors, such as increasing industrialization, commercialization, and the strong demand for security systems in various Asian countries, are driving the growth of the market in this region. Furthermore, the increasing terror threats and expanding number of crime rates are further promoting the usage of access control systems. China is one of the emerging markets for security systems as a result of the high growth rate of population, rising investments for digitalization, followed by the growing number of R&D activities in the country.

Key Takeaways:
• In 2020, Honeywell International PLC launched Experion PKS IT Highly Integrated Virtual Environment (HIVE). This centralized technology has allowed industrial manufacturers to reduce lifecycle costs, improve leverage skills, and drive consistent physical and cybersecurity management.
• In 2019, Johnson Controls entered into a partnership with Foxconn to bring advancement in smart building and smart-city technologies through the use of artificial intelligence and machine learning.
• In 2018, Dormakaba Holding opened three new sites in Singapore. The main objective of this expansion is to increase operational efficiency and enhance customer service.

The key players of the global access control market are ASSA ABLOY, Dormakaba Holding, Johnson Controls, Allegion plc, Honeywell International PLC, Identiv, Inc., Nedap N.V., Suprema, Bosch Sicherheitssystems GmbH, and Gemalto NV, among others.

The global access control market is segmented into component and services, vertical, and region. Based on the component and services, the global access control market has been segmented into hardware, software, and services. Based on the vertical, the global access control market has been segmented into commercial, military & defense, governmental, residential, education, healthcare, manufacturing and industrial, and transportation.

The research report on the access control market provides an in-depth analysis of the global access control market revenue based on components and services, vertical, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the access control market. The report also analyses the competitive landscape, major players, and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.

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