SecurityWorldMarket

03/09/2020

Card reader access market shows strong growth in Singapore

New Delhi, India

The Singapore access control systems market size is projected to grow at a CAGR of 5.1% during 2020-26, according to new information from 6wresearch. Singapore accounts for about 4% of its GDP through the tourism sector, and the researchers suggest that a substantial surge in hotel chains would drive the card reader access control systems market owing to the use of card reader systems for enabling access to hotel rooms.

The report finds that the Singapore access control system market is expected to grow significantly over the coming years on account of the rapid infrastructural development, along with the rise in tourism affiliated sectors. Transportation projects such as mass rapid transport projects, Tuas mega port and Changi International airport terminal 5 would increase the use of smart passes which is likely to increase the demand for access control systems in the future.

However analysts warn that the market revenues could most likely witness a downfall in 2020 as a result of mass shutdown leading to a temporary halt in manufacturing, transportation and commercial sectors to curtail the spread of coronavirus. The economy along with the access control system market is expected to regain momentum post-2020 coupled by governments' efforts which in turn would boost the demand for access control system market over the forthcoming period.

Prithu Chawla, Senior Research Analyst, 6wresearch says, “Biometric access control systems are expected to register substantial growth over the forthcoming years on account of rising technological advancements coupled with rising security concerns. Opening of new office buildings equipped with IoT solutions in the Central Business District of Singapore to improve security would propel the requirement of biometric access control systems. Furthermore, Singapore government aims to expand the length of the country’s mass transit network such as Cross Island MRT line and Thomson East Coast Line coupled with the development of water infrastructure would create multiple prospects for the adoption of security solutions, thereby paving the way for access control system market in the country."

“The Central region in Singapore holds the major market revenue share in the overall access control system market of Singapore and is likely to retain the same over the forthcoming period on account of the rapid development in the commercial sector, along with a thorough transportation network.” Prithu Chawla further added.

According to Swati Acharya, Research Associate, 6wresearch, “Commercial premises such as data centres, financial institutions, and entertainment areas accounts for major market revenue share in the access control system market. Rising demand for security systems in the hospitality, banking, commercial and transportation applications that prevents unauthorised access is likely to drive the overall market during the forecast period.”


Tags

Product Suppliers
Back to top