- The access control market analysis conducted by Future Market Insight (FMI) offers insights into key drivers propelling the market growth. The report highlights factors driving the access control demand outlook in terms of components and system type. As per FMI, the demand for integrated access control solutions to offer safe working environment will remain a chief growth driver.
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.
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.
Bosch Security and Safety Systems
Assa Abloy AB
STANLEY Convergent Security Solutions, Inc.
Secom Co., Ltd
Dormakaba Holding AG
Matrix Comsec Pvt. Ltd.
Paxton Access Ltd.
BioEnable Technologies Pvt Ltd.
Spectra Technovision (India) Pvt. Ltd.
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:
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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