According to the new research report published by The Insight Partners, titled “Access Control Market– Global Analysis and Forecasts to 2025”, the Global Access Control Market is expected to reach US$ 16.66 Bn by 2025, registering a CAGR of 13.2 % during the forecast period 2018-2025.
The global access control market is experiencing an intense growth with regards to the investments, new product developments, and deployment for future in the current scenario and is anticipated to rise in the coming years. The market for access control consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced product to the customers.
APAC is expected to be the fastest growing region in the access control market. The emergence of IoT-oriented technologies and growing security concerns in the region is expected to drive growth. Further, strong economic growth in the region has supplemented the market growth.
The global access control market has been segmented on the basis of type, and application. On the basis of type, the market has been segmented into hardware, software, and services. The hardware segment is further sub-segmented into readers, electronic locks, and others. The application segment includes BFSI, residential, commercial, healthcare, government & transport, and others. The others includes educational, manufacturing, and industrial applications. Some of these industries require high level security and restriction such as healthcare, government offices and BFSI sector, therefore access control types may vary as per industry requirements.
Key findings of the study:
In 2017, North America is expected to hold the largest revenue share of global access control market. Increasing government initiatives and compliances for policies and security by the regulatory bodies have resulted in the increase in investments related to security by the companies. Further, the rise in adoption of mobility-oriented solutions is expected to be opportunistic for the market. Increasing terrorist attacks as well as other criminal activities including recent mass shooting incidences in the U.S. have resulted in installing enhanced access control systems in the buildings. Moreover, the high income population residing in the U.S. and Canada makes its affordable to install such systems in the residential properties.
APAC region is expected to witness the highest CAGR growth during the forecast period.
The global access control market by application was led by commercial segment in the year 2017 and is anticipated to continue its dominance during the forecast period. Deploying multiple levels of security for every person in a given building or area has driven the market growth. Further, the adoption of lobby solutions, remote concierge services, alarm monitoring, direct access, and emergency notifications has created growth potential for the access control market in commercial segment.
The key companies profiled in this report include Gemalto N.V., Honeywell Security Group, Siemens Building Technologies, ASSA ABLOY AB, NEC Corporation, Johnson Controls International plc, AMAG Technology, Inc., Schneider Electric SE, Gallagher Group Ltd., and Identiv, Inc.
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