Physical Access Control System (PACS) Solution Providers Consolidating in BFSI Segment: Fact.MR
NEW YORK, Jan. 27, 2021 /PRNewswire/ -- Award winning market research company Fact.MR has recently published a report on the physical access control system (PACS) market. According to the study, the market is expected register noteworthy growth in 2021 over 2020, attributed to heightened usage across key industries ranging from BFSI to retail and communications. Long-term growth appears highly optimistic, with projections estimating a CAGR exceeding 9% from 2021-2031.
In spite of a deceleration experienced in the wake of the pandemic crisis, the popularity of PACS is regaining momentum. In addition, burgeoning online business transactions in the wake of deepening e-commerce penetration and the advent of Industry 4.0 have also served to heighten prospects for PACS in recent years. The National Retail Federation of the United States estimates a nearly 4% increase in virtual retail sales since 2017. E-commerce sales registered double-digit growth in the same time period.
Furthermore, the European Commission's 2015 report pegged the European commerce sector's value at 11% of the region's GDP, stimulated primarily by sectors such as ICT, real-estate, finance, manufacturing and transport. Since these industries are the primary end-users of PACS solutions, their demand is only expected to bolster in forthcoming years, providing a wide berth for solution providers to penetrate markets by introducing a slew of technologically advanced software and equipment.
Get free sample of the research report
https://www.factmr.com/connectus/sample?flag=S&rep_id=1854
"Burgeoning instances of identity theft and compromise of confidential data are compelling corporate entities to invest in advanced security solutions, especially in the financial domain, leading to an increase in the availability of security solutions for banking and financial institutions," remarks the Fact.MR analyst.
Key Takeaways from Fact.MR's PACS Market Study
- Biometric-based PACS to hold major sway, anticipated to account for two out of five sales in the coming years
- Maximum revenue ecosystems are expected to be generated across the services, communication and media segment
- By solution, services are expected to be the most extensively deployed, followed by software across key end-use industries
- U.S to generate over 80% revenue in the North American market
- A proliferating start-up culture is fostering AI-based service providers emergence in the U.K, registering a stable annual growth in 2021
- Germany to register stable growth amid a flourishing media industry, France to register substantial growth amid heightened individual security concerns
- Japan and China to remain bright growth hotspots
Competitive Landscape
Prominent PACS providers profiled by Fact.MR's report include: Honeywell Security, Safran Security, Bosch Security, Axis, Tyco, Assa Abloy, Allegion, Avigilon, TKH Group and Aiphone among others.
The presence of such wide array of players renders the market highly competitive, with key vendors capitalizing on product portfolio diversification. Additionally, strategic collaborations, partnerships and acquisitions are also relied upon by the aforementioned market players.
In December 2020, Honeywell Security expanded its life sciences and software capabilities through the acquisition of Sparta Systems for a sum of US$ 1.3 billion. Sparta's AI-enabled software as a service (SaaS) quality management software (QMS) offering is likely to combine with Honeywell Forge and Experion® Process Knowledge System to enhance life sciences value for customers across the U.S, Europe and Asia.
On similar lines, Safran Security in 2017 introduced its biometric card software for providing strong authentication means at the point of sale. This technology has been incorporated by credit card giant MasterCard, eradicating the need to manually enter a PIN for validating different transactions.
Get customize report as per your requirement
https://www.factmr.com/connectus/sample?flag=RC&rep_id=1854
More about the PACS Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global physical access control system (PACS) market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of technology (keypad-based physical access control systems, card-based physical access control systems, and biometric-based physical access control systems [fingerprint recognition, face recognition, voice recognition, and iris recognition]), end user (BFSI, healthcare, manufacturing, services, communication and media, retail & other corporates, transportation & utilities, institutions, and residential), and solution (hardware, software, and services), across seven major regions of the world.
Get detailed insights on this research report
https://www.factmr.com/checkout/1854/S
Explore Fact.MR's Coverage on the ICT Domain
Structured Cabling Market: A recent study by Fact.MR on the structured cabling market offers a 10-year forecast from 2021 to 2031. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players.
Vaccine Management Solution Market: A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in Fact.MR's exhaustive coverage on the vaccine management solution market report for the upcoming decade. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players.
Data Center Containment Solutions Market: Fact.MR recently published a market study on the global market for data center containment solutions. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the data center containment solution market structure.
About Fact.MR
Market research and consulting agency with a difference! That's why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. We are headquartered in Dubai, and operate from our sales office in Dublin, Ireland. Reach out to us with your goals, and we'll be an able research partner.
Contact Us:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E: [email protected]
Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates
SOURCE Fact.MR
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article