SecurityWorldMarket

10/08/2017

Access control market estimated to be $10.06B by 2023

Seattle, Wa (USA)

According to new market research on the access control market, the global forecast to 2023 was valued at USD 6.39 billion in 2016 and is expected to reach USD 10.03 billion by 2023, at a CAGR of 6.48% between 2017 and 2023.

The report from Marketsandmarkets found that the major driver for the growth of the market is the high adoption of access control solutions due to growing security concerns globally. The overall access control market is driven by factors such as technological advancements and deployment of wireless technology in security systems, and the adoption of access control as a service (ACaaS) and mobile access control.

The market for card-based readers is expected to grow at the highest CAGR between 2017 and 2023. The card is used as a credential in an access control system to authenticate a person’s identity, determine the appropriate level of access, and provide access to the physical resource. It also enables the users to monitor and operate remotely and transfer the credential over the mobile phones. These additional features are driving the demand for smart cards and proximity cards in the access control market.

In the commercial vertical, various commercial areas, such as enterprises and data centres, banks and financial centres, hotels, retail stores and malls, and entertainment areas, are considered. Protecting the infrastructure and assets from threats such as accidents, vandalism, theft, sabotage, and terrorism is a major concern for the commercial vertical. These security issues increase the demand for access control systems and solutions for this vertical.

The access control market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The rising penetration of security systems in small and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others, is expected to drive the market. Commercial, military and defense, government, and industrial are the major verticals driving the growth of the access control market in APAC.

The key players in the ecosystem of the access control market profiled in this report include Assa Abloy, Johnson Controls, Dorma+Kaba, Allegion, Honeywell, Nedap, Suprema, Bosch, Gemalto, and OT-Morpho.


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