The global access control market is anticipated accounted to US$ 6.05 Bn in 2017 and is expected to grow at a CAGR of 13.2% during the forecast period 2018 - 2025, to account to US$ 16.66 Bn by 2025.
The demand for security solutions is on a rise globally. Further, the growth in the number of SMEs adopting security systems has created growth avenues especially in the developing economies of the world. Presently, the access control solutions are increasingly being integrated for including other services and systems. Further, the increase in building automation and smart homes is opportunistic for the market. Many of the companies such as Gemalto, IDEMIA, IDEX Biometrics, and others are expanding and exploring ways for authenticating an individual using biometric-related information.
The market for access control globally has been segmented on the basis of type into three major segments including hardware, software, and services. The companies operating in the global access control market design and innovate robust hardware and software depending upon the requirements of the customers or clients. The global access control market is further bifurcated on basis of application as BFSI, residential, commercial, healthcare, government & transport, and others. The global market for access control is categorized on basis of five strategic regions namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America.
Based upon the regional diversification, North America is the major contributor to the market followed by Europe and Asia-Pacific. The access control manufacturers in the U.S. are continually innovating the technology with mobile capabilities, ease of use, IoT integration, and other functionalities.
The US is the largest economy in the world and one of the developed economy as well. The total global output of the country is around 20%, which is larger than that of China. Also, the countries of North America has a plethora of developed infrastructure which clearly depicts the presence of commercial buildings such as hospitals, malls, hotels etc., industrial units, and residential buildings. Such a huge number of old infrastructure demands more security technologies in order to mitigate any unusual activities.
The developed infrastructure in the region has led to the rapid adoption of new technologies, which is anticipated to bolster the access control market. Further, the access control market in the U.S. witnesses an increase in the demand for access control from the healthcare sector for patient identification systems. The growth in wireless technologies and IoT adoption is proliferating the overall market in the country.
The key industry players operating in access control market globally 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. among others. Several other participants are also operational in global access control market that offers customers with robust products and solutions, thereby catalyzing the demand of access control market.