London, May 21, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Access Control and Authentication Market by Technology (Biometrics, Smart Card, Electronic Locks), Component, Application (Residential/Commercial, IT Telecom, BFSI, Retail, Defense, Healthcare, Manufacturing, Hospitality) - Global Forecast to 2027”. The access control and authentication market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $22.7 billion by 2027.
Factors such as increasing government focus towards improving public infrastructure with the incorporation of latest technologies; growing demand for high-level security technologies, largely amongst BFSI consumers; increasing need for an effective security system; and consistent technological developments are driving the growth of the access control and authentication (ACA) market. Moreover, the increasing strategic partnerships among advanced technology providers and access control devices manufacturers to strengthen the product portfolio and their position in the global market is encouraging the growth of the access control and authentication market in the forecast period. However, the high initial cost of deploying biometric access control system may restrict the growth of this market in the coming years to some extent.
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Impact of COVID-19 on Access Control and Authentication Market
In 2020, the world is facing a very difficult and unpredicted situation, as the coronavirus continues to spread. The COVID-19 has started showing its distressing collision on most of the profitable businesses across the globe. The outbreak is posing serious challenges to various industries and the world economy. The biometric access control devices are now playing a significant role in the safety and security of the people. The novel coronavirus is pouring the need for contactless biometric access control devices as the consumers don’t want to interact with shared contact-based authentication devices. The positive impact will be perceptible which in turn encourage the growth of the access control and authentication market over the forecast period.
In May 2020, Melbourne-area Avalon Airport, Australia, has expanded its partnership with Elenium Automation, an airport check-in automation technology company, to deploy the company’s full suite of biometrics and other technology for contactless self-service throughout the airport to combat with COVID-19 outbreak. Similarly, Heathrow Airport, U.K., announced the trial of facial recognition technology and thermal screening to identify folks with COVID-19. These developments between public sector and biometric access control system providers work towards the relaunch and upgradation of existing system with contactless authentication devices to combat the safety concerns during COVID-19 pandemic, thereby ultimately encouraging the growth of the access control and authentication market in the coming years.
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Moreover, several players in the access control industry are more focusing on the development of biometric and temperature-detection technologies to support global disease-containment efforts. For instance, in May 2020, NEC Corporation, a leading provider of innovative IT, network, communications, AI, and biometric products and solutions, launched NeoFace Thermal Express that employs fever detection and biometric facial recognition technology to provide contactless screening for access control based on authentication and safety rules. This indicates the positive signs for the demand of contactless access control devices in the coming years. In addition, the favourable government policies & initiatives including financial packages for the businesses and ease in the tax, and increasing demand for biometric devices in the healthcare sector coupled with increasing investment in healthcare industry are further expected to contribute to the growth of the access control and authentication market over the coming years.
The global access control and authentication market study presents historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of technology (biometrics, smart card, electronic locks & doors), component (hardware, software, and services), application (residential, commercial, government & public sector, IT & telecom, BFSI, retail, military & defense, healthcare, manufacturing, hospitality, education). The study also evaluates industry competitors and analyses the market at a country level.
Based on technology, the biometrics technology segment is estimated to account for the largest share of the overall access control and authentication market in 2020. The large share of this segment is primarily accounted for the increasing adoption of biometric recognition technology across several applications; growing incorporation of various recognition technologies including facial, voice, IRIS, fingerprint, and palm & vein in security systems; and increasing usage of biometric access control devices across several applications such as border control, airport, payment, hospitals, commercial, and residential spaces.
Based on component, the hardware segment is estimated to account for the largest share of the overall access control and authentication market in 2020. The large share of this segment is mainly due to the factors such as increasing adoption of access control hardware, advancements in promising technologies and their integration with access control devices, and increasing demand for high-level security. However, the services segment is anticipated to grow with the fastest CAGR during the forecast period, owing to the consistently increasing need for convenient and secure access control services, increasing adoption of high-level security devices, and growing need to prevent system failures.
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Based on application, the residential & commercial sector is estimated to account for the largest share of the overall access control and authentication market in 2020, which is primarily due to the increasing awareness among people, rapidly increasing urbanization, and growing smart city initiatives across the globe. Moreover, the factors such as increasing investment in the security system, rising number of thefts, and growing network infrastructure are further supporting the fastest growth of this segment during the forecast period.
Based on geography, the Asia Pacific region is estimated to account for the largest share of the overall access control and authentication market in 2020. The large share of this region is mainly attributed to the presence of major players along with several emerging startups; technological advancements along with high adoption of modern technologies; technological transition of different manufacturing and services industries; and high economic growth rate of the region. Moreover, high demand for ACA products & applications due to the increasing government investments for security infrastructure, particularly for BFSI and healthcare industry, is also expected to support the fastest growth of the access control and authentication technologies market in the APAC region over the forecast period.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2017–2020). The access control and authentication market have witnessed new product launches & enhancements that enabled companies to broaden their product portfolios, advance the capabilities of existing products, and gain the cost leadership in the access control and authentication industry. For instance, in April 2020, Genetec, Inc., a leading provider of open-architecture, unified IP security solutions, launched Security Center Synergis, a new reporting function for access control system designed to help organizations to identify people who are at increased risk of being in contact with contaminants or contagious individuals. Similarly, in January 2020, Suprema, Inc., a global leader in biometrics and security technology launched its latest mobile credential solution, facial recognition technology, and an enterprise access control solution that provide comprehensive functionality for access control and time & attendance.
The global access control and authentication market is fragmented in nature. The major players operating in this market are Bosch Security and Safety Systems (U.S.), Panasonic Corporation (Japan), Gemalto N.V. (Netherlands), Honeywell Commercial Security (U.S.), Axis Communications AB (Sweden), Genetec Inc. (Canada), Identiv, Inc. (U.S.), Suprema, Inc. (Republic of Korea), Zhejiang Dahua Technology Co. Ltd. (China), NEC Corporation (Japan), ASSA ABLOY (Sweden), AMAG Technology, Inc. (U.S.), Johnson Controls International Plc (Ireland), and Sensory, Inc. (U.S.), among others.
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Scope of the Report:
Access Control and Authentication Market by Technology
- Biometrics
- Fingerprint Recognition
- Face Recognition
- IRIS Recognition
- Voice Recognition
- Others
- Smart Card
- Contact Card
- Proximity Card
- Electronics Locks & Doors
- Magnetic Stripe
Access Control and Authentication Market by Component
- Hardware
- Readers
- Controllers
- Serial Access Controllers
- IP Access Controllers
- Integrated Solutions
- Software
- Services
- Support & Maintenance
- Installation & Integration
Access Control and Authentication Market by Application
- Residential & Commercial
- Government & Public Sector
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Military & Defense
- Manufacturing
- Hospitality
- Education
- Others
Access Control and Authentication Market by Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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