Access Control Market worth $12.8 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 24, 2020 /PRNewswire/ -- According to the new market research report "Access Control Market with COVID-19 Impact by Offering (Card-based Readers, Biometric Readers, Electronic Locks, Controllers, Software, Services), ACaaS (Hosted, Managed, Hybrid), Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Access Control Market is projected to grow from USD 8.6 billion in 2020 to USD 12.8 billion by 2025, growing at a CAGR of 8.2%. Increasing deployment of wireless security systems and rising adoption of IoT-based security systems with cloud computing platforms are the key factor that drives the growth of the access control market.
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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. Biometrics is one of the fastest-growing technologies used to secure perimeters. 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.
"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. Manned security for all physical locations is difficult and expensive. The demand for access control systems is increasing since they reduce the need for manned security to a greater extent, thereby reducing security expenditure. These factors are encouraging commercial facilities to adopt access control systems to protect people and properties.
Browse in-depth TOC on "Access Control Market"
115 – Tables
49 – Figures
201 – Pages
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"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.
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), and IDEMIA (France).
Related Reports:
Biometric System Market by Authentication Type (Single-Factor: Fingerprint, Iris, Palm Print, Face, Voice; Multi-Factor), Offering (Hardware, Software), Functionality (Contact, Contactless, Combined), End User, and Region - Global Forecast to 2024
Access Control Reader Market by Reader Type (Card-based Readers, Biometric Readers, and Multi-technology Readers), Smart Card Technology Type (iCLASS, MIFARE, DESFire, Advant), Vertical, and Geography - Global Forecast to 2024
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