DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global access control market size is projected to grow from USD 8.6 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 8.2%.
Factors accelerating the growth of the access control market are the increasing number of terrorist attacks and organized crimes across the world, growing awareness regarding home security systems, ongoing technological advancements and rising deployment of wireless security systems, and increasing adoption of IoT-based security systems with cloud computing platforms. Continued adoption of Access Control as a Service (ACaaS), gradual implementation of mobile-based access control, rapid urbanization in emerging countries, and global proliferation of smart cities initiatives provide lucrative opportunities to the access control market.
Card-based readers are expected to lead access control hardware market during the forecast period
Card-based readers are proven to be more reliable than biometric readers and electronic locks. Increasing requirement for smart and proximity cards to monitor and record employee activities is one of the factors driving the growth of the market for card-based readers. Biometric readers are rapidly gaining traction worldwide owing to the growing need for security and surveillance in the private and business sectors. The adoption of voice recognition systems in BFSI is expected to fuel the growth of the market for biometric readers in the coming years.
Hosted access control as a service are expected to lead access control as a service market during the forecast period
The owner of the solutions maintains different types of hosted access control as a service software; therefore, users need not pay for the maintenance of the servers. This has been the key driving factor for the growth of the market for hosted services. The ability of a third party to update access rights of the user saves the time and cost spent on monitoring and managing all access control activities.
APAC to be the fastest-growing market for access control during the forecast period
The growth of the access control market in APAC is attributed to rapid technological advancements, increased awareness regarding security among the masses. In the coming years, the penetration of the access control systems is expected to grow at a significant rate with the growing security concerns among public transport authorities in APAC. APAC is one of the potential markets for access control systems with the robust presence of several companies offering security solutions in the region.
Market Dynamics
Drivers
- Increasing Number of Terrorist Attacks and Organized Crimes Globally
- Growing Awareness Regarding Home Security Systems
- Ongoing Technological Advancements and Increasing Deployment of Wireless Security Systems
- Rising Adoption of Iot-Based Security Systems With Cloud Computing Platforms
Restraints
- High Installation, Maintenance, and Ownership Costs of Access Control Systems
- Major Security and Privacy Concerns Related to Unauthorized Access and Data Breach in Access Control Environment
Opportunities
- Continued Adoption of Access Control as a Service (ACAAS)
- Gradual Implementation of Mobile-Based Access Control
- Rapid Urbanization in Emerging Countries
- Global Proliferation of Smart Cities Initiatives
Challenges
- Less Awareness Among Users About Availability and Benefits of Advanced Security Solutions
Company Profiles
- Assa Abloy
- Dormakaba Holding
- Johnson Controls
- Allegion
- Honeywell International
- Identiv
- Nedap
- Suprema Hq
- Thales Group
- Bosch Security Systems
- Amag Technology, Inc.
- Axis Communications Ab
- Gunnebo Ab
- NEC Corporation
- Gallagher Group Limited
- Adman Technologies Pvt. Ltd
- Brivo, Inc.
- Salto Systems S.L.
- Idemia
- Vanderbilt Industries
For more information about this report visit https://www.researchandmarkets.com/r/5l0sw8
