Chicago, June 09, 2022 (GLOBE NEWSWIRE) -- Accordnig to MarketsandMarkets™, the "Access Control Market by Offering (Card-based Readers, Biometric Readers, Electronic Locks, Controllers, Software, Services), ACaaS (Hosted, Managed, Hybrid), Vertical, and Region - Global Forecast to 2026", is expected to grow from USD 8.6 billion in 2021 to USD 13.1 billion by 2026; it is expected to grow at a CAGR of 8.7% during 2021–2026. Continued adoption of Access Control as a Service (ACaaS); implementation of mobile-based access control; global proliferation of smart cities initiatives; and increasing urbanization in emerging countries are expected to provide huge growth opportunities to the access control market players. The growth of the access control market is driven by high adoption of access control solutions owing to increasing crime rates globally; technological advancements and deployment of wireless technology in security systems; and adoption of IoT-based security systems with cloud computing platforms.
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“Biometric readers are expected to witness the highest growth rate during the forecast period”
Biometric technologies are used to measure different physiological parameters for identification and authentication purposes in access control systems. The market for biometric reader-based access control systems has been further categorized into fingerprint recognition, palm recognition, iris recognition, face recognition, and voice recognition. Biometric readers are rapidly gaining worldwide traction owing to the growing need for surveillance and security in private and business sectors. The adoption of voice recognition systems in banking and financial services is expected to fuel the market’s growth in the coming years. This technology enables identifying a person’s physical characteristics to provide controlled physical access to infrastructure. This technology is being increasingly used in government facilities, manufacturing units, power stations, defense establishments, and enterprises.
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“Commercial vertical is expected to lead the access control market during the forecast period”
The commercial vertical is the largest end user of access control systems. In this vertical, commercial facilities such as enterprises and data centers; BFSI; retail stores and malls; and entertainment areas are considered. To protect commercial assets, property owners are buying security systems. Also, robbery and crime pertaining to information security is a major concerns nowadays. Corporates invest millions of dollars in security with the intention of increasing security, protecting people, and addressing security issues. Moreover, corporate companies are very sensitive toward data and information protection, which has led to many data companies adopting access control systems for their server rooms. Huge companies use biometric security systems to protect unauthorized access to data centers. Such advanced security needs further propel the demand for security systems in the commercial sector.
Major companies involved in the development and supply of access control 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),
- IDEMIA (France).
“North America to be the largest market for access control during the forecast period”
North America is more advanced than in other regions in terms of the implementation of access control systems. Companies in the US, Canada, and Mexico are making efforts to enhance their expertise and develop innovative access control systems and services. This provides them with greater competitive advantage to increase their share in the region’s access control market. The growing number of cyber and malware attacks in the region has compelled several governments and security agencies to enhance security features in their transactions through the deployment of RFID and biometric technologies, which is further contributing to the overall growth of the access control market. The region is at the forefront of implementing access control systems for improving safety measures and security.
Related Reports:
Biometric System Market by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multi-factor), Type (Contact-based, Contactless, Hybrid), Offering Type, Mobility, Vertical & Region (2022-2027)
