DUBAI, U.A.E, July 15, 2021 /PRNewswire/ -- The global access control market value is expected to surpass US$ 15 billion by 2021. According to a study by FMI, the market for access control is likely to reach a valuation of US$ 50.4 billion through 2031, growing at a CAGR of 12.6% during the forecast period 2021-2031 in comparison to CAGR 8.1% registered between 2016 and 2020.
The emergence of digitalization and cloud-based computing across the globe is driving the market. With increasing adoption of these cloud-based technologies, the risk of cybercrime, digital fraud, and potential information leaks also has increased, making the use of access control systems indispensable in various industry verticals. This is expected to create lucrative sales opportunities in the market.
Surging need for integrated access control solutions to create a safe working environment is spurring the demand. It also enabled the market to register year-on-year growth of 10.8% in 2021. In response to the increasing risk of data and security theft, IT companies are increasingly installing access control systems to record employee entry and exit timings.
The technology also helps to prevent unsolicited entry in campus and minimize the risk of data breaches. Thus, the IT & telecom sector is expected to contribute a revenue share of around 23% by 2021, as per FMI.
Fingerprint scanner is dominating the hardware access control component segment. Favored by the extensive use of these scanners in smartphones and laptops to eliminate the need for passwords and login IDs, the fingerprint access control system is anticipated to account for more than 35% of the market share in 2021.
"Key players in the access control market are investing in research and development (R&D) activities and collaborating with other companies to develop industry-specific solutions," says the FMI analyst.
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Key Takeaways from Access Control Market Survey
- North America is likely to remain one of the most attractive markets with the U.S. accounting for a market share of over 79% in the region by 2031.
- The U.K. is expected to lead the European market with growing sales of access control solutions at a CAGR of over 15% through 2031.
- Thanks to the rising government investments in infrastructural advancement, the demand for access control solutions in China is estimated to rise at a CARG of 12% over the forecast period.
- With increasing terror threats in India, the demand for access control solutions in the country is expected to surpass a valuation of US$ 751 million by 2031.
- Japan is anticipated to emerge as a highly lucrative market, demonstrating growth at a robust CAGR of 17% over the next ten years.
- Increasing awareness regarding cybercrime and security for data is fueling the demand for access control solutions.
- Advent of digitalization is expected to create sales opportunities for access control solutions.
- Ongoing technological development in access control solutions will bolster the growth of the market.
- Growing shift from key-based to key-less access control is driving the growth of the market.
- High cost of installation is a factor impeding the demand for access control solutions.
- Constraint of being hacked is negatively affecting the growth of the access control market.
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Manufacturers operating in the access control market are emphasizing on optimizing their existing product and service portfolio. Some of the market players are focusing on receive approval for their product to expand their market share, For instance.
- Honeywell the expanded the capabilities of its MAXPRO Cloud portfolio in Feb 2021, with the launch of its new products MPA1 and MPA2, access control panels that offer web, cloud-based and on-premise hosting options.
- Nedap's AEOS physical access control system received CPNI certification, which makes it suitable for the U.K.'s technical authority standards applications.
Some of the key players operating in the market profiled by FMI are:
- Honeywell International Inc.
- NEC Corporation
- Johnson Controls
- Bosch Security and Safety Systems
- Assa Abloy AB
- Thales Group
- STANLEY Convergent Security Solutions, Inc.
- Secom Co., Ltd
- Dormakaba Holding AG
- HID Global
- Matrix Comsec Pvt. Ltd.
- Paxton Access Ltd.
- BioEnable Technologies Pvt Ltd.
- Spectra Technovision (India) Pvt. Ltd.
- ZKTeco India
- Intellicon Private
More Valuable Insights on Access Control Market
FMI, in its new report, offers an unbiased analysis of the global access control market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in access control market with detailed segmentation:
- Fingerprint Scanners
- Facial Recognition Devices
- Iris Scanners
- Smart Cards
- Integrated Access Control Software
- Standalone Software/Middleware
- Facial Recognition Software
- Iris Recognition Software
- Professional Services
- System Integration & Installation
- Security Consulting
- Support & Maintenance
- Managed Services
By System Type:
- Fingerprint Access Control Systems
- Face Recognition Access Control Systems
- Iris Recognition Access Control Systems
- Card-Based Access Control Systems
- IT & Telecom
- Military & Defense
- Transportation & Logistics
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Report
- The report offers insight into access control market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for access control market between 2021 and 2031
- Access control market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Access control market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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