SecurityWorldMarket

15/04/2019

Access Control / Trends

Access control market heading for $12.1 billion by 2024

According to a new research report on the access control market from Marketsandmarkets, this sector is expected to grow from USD 7.5 billion in 2018 to USD 12.1 billion by 2024, at a CAGR of 8.24%.

The growth of the access control market is attributed to the high adoption of access control solutions inline with increasing crime rates globally; technological advancements and deployment of wireless technology in security systems; and adoption of IoT-based security systems with cloud computing platforms.

The adoption of access control as a service (ACaaS), implementation of mobile-based access control and increasing urbanisation in emerging countries are also expected to provide huge growth opportunities to players in the access control market.


Strong growth for biometric readers
The biometric readers segment is expected to grow at the highest CAGR from 2018 to 2024. The market for biometric reader-based access control systems has been further categorised into fingerprint recognition, hand geometry recognition, iris recognition, and face recognition. Biometric readers are rapidly gaining worldwide traction owing to the growing need for surveillance and security in government facilities, manufacturing units, power stations, defence establishments, and enterprises.


Residential vertical on the rise
The researchers predict that the access control market for the residential vertical is expected to grow at the highest CAGR from 2018 to 2024. In smart homes, access control systems are used to enhance security. The key factors contributing to the growth of this market include the rise in crime rates, ongoing technological advancements, increasing need for hazard detection such as fire and gas leaks, and ensuring the safety of children at home. The growing smart home market will lead the demand for access control solutions in the residential sector.


Asia Pasific takes the lead
Growing security concerns will boost demand for access control solutions in the APAC regions during the forecast period, and as a result this region is expected to grow at the highest CAGR to 2024. Factors driving the growth of the market in this region include growing industrialisation, commercialisation, and high demand for security systems. Also, rising terror threats and crime rates in the APAC countries and low police officer to population ratios are expected to create high demand for access control systems there.


Market leaders
The analysts cite the key players in the market as Assa Abloy, Johnson Controls, Dormakaba, Allegion, Honeywell, Identiv, Nedap, Suprema, Bosch Security Systems, and Gemalto. These players are increasingly undertaking product launches and developments, mergers and acquisitions, contracts, partnerships, and agreements to develop and introduce new technologies and products to the market.

 


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