Yahoo Finance Access Control Market Share Estimated to Garner USD 21 Billion by 2030 with a CAGR of 9% - Report by Market Research Future (MRFR)
Rising Technologically Advancements, User-Friendly Experience, and Rise in Crime Rates to Boost Access Control Market Growth Globally
New York, US, May 26, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), Access Control Market Research, By Technology, By Application - Forecast till 2030” will touch USD 21 billion at a 9% CAGR by 2030.
Access Control Market Scope:
The launch of contactless and technologically advanced smart cards for various applications has increased the need for access control based on their seamless experience and user-friendly experience that will offer robust opportunities for the market over the forecast period.
Report Metric | Details |
Market Size | USD 21 Billion |
CAGR | 9% |
Base Year | 2019 |
Forecast Period | 2020-2030 |
Historical Data | 2018 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Technology, Application and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 3M Cogent, Inc, Hanwha Techwin Co., Ltd, Honeywell Security Group, Thales Group and Bosh Security System Group |
Key Market Opportunities | Increment in crime percentage, illicit edge interruption, and digital assaults |
Key Market Drivers | The momentum is just like the future market viewpoint of the business regarding late turns of events. |
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Growth Drivers
Rise in Crime Rates to Boost Market Growth
The growing security concerns coupled with the rising crime rates have increased the installation of access control devices in banks, government institutions, entertainment stores, retail stores, hotels, offices, and data centers that will boost market growth over the forecast period.
Restraints and Challenges
Lack of Awareness to act as Market Restraint
The lack of awareness regarding security solutions and high prices may act as market restraints over the forecast period.
Access Control Market Segmentation
The global access control market is bifurcated based on service, access, and end user.
By service, the access control market is segmented into maintenance and support, access control as a service, installation and integration, and others.
By access, the access control market is segmented into network access, logical access, electronic access, physical access, and others.
By end user, the access control market is segmented into chemical and synthetics, machinery and electronics, utilities, hospitals, steel and metal, pulp and paper, automotive and aerospace, and others.
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Access Control Market Regional Analysis
APAC to Lead Access Control Market
Due to increased technological implementations, Asia Pacific is expected to dominate the market expansion. In the near future, the region is projected to see developments within the IT industry that will support the expansion of the access control market. Over the assessment period, Japan, China, and India are expected to revolutionize the access control market's growth trajectory. Due to rapid industrialization and strong need for security systems within the area, APAC is likely to hold the greatest market share and create excellent potential for market growth over the forecast period.
The access control market is predicted to develop due to increased adoption of access control systems by small and medium-sized organizations, hospitality businesses, ATMs, airports, banks, residential complexes, & religious institutions. The commercial, military & defense, government, & industrial verticals drive the access control market in APAC. Growing terrorist threats & crime rates, as well as a low police-to-population ratio, are likely to drive up demand for access control systems in APAC countries. Japan, China, India, South Korea, & the rest of APAC have all had their markets investigated. Due to the growing demand for security solutions, Asia Pacific is expected to see significant market expansion. As the world becomes more industrialized, there is a greater requirement for data and asset security. Due to security concerns, rapid urbanization necessitates the installation of monitoring systems in residential areas. The demand for solutions is being driven by the digitalization trend and technical improvements in small and medium businesses. Apart from that, system adoption in Asia-Pacific is projected to be driven by the cumulative deployment of smartphones & mobile computing devices.
North America to Have Favorable Growth in Access Control Market
Because of the rising amount of cyber & malware threats in the region, North America will gain a significant part of the market. With USD 3.81 billion in revenue in 2019, North America had a favorable share in the market. Significant expenses on wireless systems & security solutions are credited with this supremacy. The need for wireless access management systems is increasing as monitoring infrastructure improves. Because the whole population of the United States uses smartphones, mobile access management systems are required.
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The market is being propelled forward by widespread usage of cloud computing and internet of things (IoT)-based solutions. Furthermore, the presence of numerous prominent competitors in North America, like Honeywell International Inc., Genetec Inc., and Identiv, Inc., is expected to drive market growth. Because of the high demand for solutions, South America is projected to make a substantial contribution to the market. As per the HID Global Survey held in 2019, about 75% of authentication systems in Latin America include the physical characteristic. South American organizations are demonstrating widespread use of card-based electronic systems.
Dominant Key Players in Access Control Market Covered are:
Gemalto N.V. (Netherlands)
ASSA ABLOY AB (Sweden)
Allegion PLC (Ireland)
Tyco International PLC (Ireland)
NEC Corporation (Japan)
Honeywell Security Group (US)
Gunnebo AB (Sweden)
Bosch Security Systems Inc. (Germany)
Crossmatch Technologies Inc. (US)
NAPCO Security Technologies Inc. (US)
Nedap N.V. (Netherlands)
Dorma+Kaba Holding AG (Switzerland)
Suprema HQ Inc. (South Korea)
Amag Technology Inc. (US)
Ot-Morpho (France)
Forescout Technologies Inc. (US)
Brivo Inc (US)
Vanderbilt Industries (Ireland)
Lenel Systems International Inc. (US)
Adman Technologies Pvt. Ltd. (India)
Access Control Innovation (Hong Kong)
Axis Communications AB (Sweden)
Time and Data Systems International Limited (UK)
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COVID-19 Analysis
Due to growing market competition, the global access control market has seen extraordinary growth over the last decade. As a result, the need for contactless biometrics & smart card solutions for environmental security has skyrocketed. COVID-19, on the other hand, has inflicted a serious blow to the sector, causing supply and demand to plummet at the same time. The huge increase in need for access control solutions for different verticals in the last few years drove the market. The epidemic, on the other hand, has slowed the market's expansion. Once end-user industries recover from the effects of the pandemic, the market is likely to regain its development momentum.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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