Global Access Control Systems Market Booming: Growing at a CAGR of 7.6% during the forecast period (2020 to 2027)
Published | 15 April 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Access Control Systems Market is projected to reach USD 11.98 Billion by 2027, growing at a CAGR of 7.6% during the forecast period. The rise in the need for safety and security across the residential and commercial sectors and speedy developments in cloud computing and access control are the major factors driving the access control systems market. It has become essential to provide security to both employers and employees as well as to protect employees from any possible incidents in the office premises or any other place. Access control systems provide features such as the log keeping, accountability and safety and security of office area. The access control systems company is driven by consumer demand for solutions that offer access control convenience, as well as the widespread adoption of the Internet of Things (IoT).
The increased adoption of access control solutions, combined with technological advances and the use of wireless technology in security systems, are driving market growth. Additionally, the adoption of IoT-based security systems, coupled with cloud computing platforms, is fueling the growth of the market. What’s more, rapid urbanization, as well as the need for wireless and IoT-based protection systems in various applications are expected to drive the access control market forward in the near future.
Rising Security issues
Rising of security concerns is compelling key businesses as well as the residents around the world to adopt these technologies in greater numbers. The increase in violence, thefts, and unauthorized intrusion has necessitated securing necessary equipment and primary necessities in homes, as well as for personal protection. The adoption of access control, especially mobile-based access control, is seen as a lucrative growth opportunity for the market. The use of an access control system has become critical for the protection of both employers and employees as this could save employees from any potential incidents in office buildings or any other place. Furthermore, as smart home solutions become more prevalent, the demand for connected access control systems for homes that can be accessed remotely is increasing, accelerating the growth of the access control industry.
Impact of COVID-19 in the Industry
The Covid-19 pandemic has altered the way we used to function in our everyday lives. During the pandemic, the US government declared access control and security to be part of the necessary workforce to minimize the virus's effect. Significant efforts have been made in this sector to develop new methods and strategies to halt the spread of the virus. Though Frictionless access control existed prior to the pandemic, the pandemic has accelerated the demand for frictionless access control. Following COVID-19, more prototypes that do not need a conventional card reader are entering the market. They use software that can be accessed by the mobile device location to verify their proximity to the door for hands-free access control.
MorphoManager Segment occupies the largest share of the Global Access Control Systems Market
Based on technology solutions, the global access control systems market is divided into MorphoManager, Video surveillance solutions, Video Management Systems. MorphoManager used for measuring different physiological parameters for credentials and verification purposes in access control systems holds the largest market share. It provides seamless integration of biometrics and access control. The market for biometric reader-based access control systems have been further characterized into palm recognition, iris recognition, fingerprint recognition, face recognition, and voice recognition. Biometrics allows for the recognition of a person's physical features in order to provide monitored physical access to infrastructure. This technology is being progressively used in government facilities, defense establishments, manufacturing units, power stations, and enterprises.
Asia Pacific is expected to witness significant growth in the market during the forecast period
The access control systems market is geographically distributed into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The APAC region is expected to grow with a healthy CAGR during the estimated timeframe. The growth of the APAC region can be attributed to the wider acceptance of various firms setting up their manufacturing plants in the region. Additionally, numerous regional as well as IT firms, including startups, have been created, which is expected to create a need for increased asset protection. Many countries, including China, Japan, and India, are experiencing a residential property revolution. The properties are also outfitted with advanced levels of biometric-enabled access control, which reduces the risk of robbery or vandalism.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Access Control Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Global Access Control Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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