Access control market estimated to reach $14.9 billion by 2028

Northbrook, Il (USA)

The latest research on the global access control market, projects this sector to grow from USD 9.9 billion in 2023 to USD 14.9 billion by 2028, at a CAGR of 8.4% from 2023 to 2028. Factors such as increasing adoption of IoT-based security systems with cloud computing platforms and rising number of smart infrastructure and smart city projects are contributing to the growth of access control market, according to the researchers at Marketsandmarkets. 
In terms of products and hardware, it is card based readers that are currently performing the best and, the analysts expect these readers to account for the largest share in 2022.

Smart cards are more reliable than magnetic stripes and proximity cards. The increasing use of smart cards for monitoring and recording employee activities in organisations is one of the major factors driving the growth of the market for card-based readers.

High rate of adoption for hosted access control services 

The researchers found a high rate of adoption of access control as a service, and this sub sector is expected to hold the largest market share during the forecast period. The benefits offered by hosted and managed services such as reduced labour costs, minimized capital expenditure, and the freedom provided to companies to stay focused on core business areas contribute to this growth.

Strong commercial vertical

This growth of commercial vertical can be attributed to the increasing incidence of robbery and theft in commercial buildings. To protect commercial assets, property owners are buying security systems embedded with access control for remote monitoring. Breaches pertaining to information security are a major concern nowadays.

Asia Pacific to exhibit highest growth rate

The increasing adoption of access control solutions by small and medium-sized enterprises is also expected to drive market growth. The growing risks of terrorist threats and crime rates and a low police-to-population ratio in Asia Pacific countries are also expected to create a high demand for access control systems.

Main players

The key players operating in the access control market, and mentioned in the research include are Assa Abloy, Johnson Controls, Dormakaba, Allegion, Honeywell, Identic, Nedap, Suprema, Bosch and Thales. 


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