Access Control Global Market Opportunities and Strategies Report 2023: A $34.11 Billion Market by 2031 Featuring Honeywell, Robert Bosch, Assa Abloy, Johnson Controls, & Thales Group

DUBLIN, March 7, 2023 /PRNewswire/ -- The "Access Control Global Market Opportunities and Strategies to 2031" report has been added to  ResearchAndMarkets.com's offering.

The access control market reached a value of nearly $10,544.2 million in 2021, having grown at a compound annual growth rate (CAGR) of 6.0% since 2016. The market is expected to grow from $10,544.2 million in 2021 to $17,461.9 million in 2026 at a rate of 10.6%. The market is then expected to grow at a CAGR of 14.3% from 2026 and reach $34,116.2 million in 2031.

Growth in the historic period resulted from increased use of mobile access control systems and government investments to prevent increasing number of cyber-attacks. The market was restrained by lack of knowledge/expertise regarding advanced access control solutions.

Going forward, increasing smart homes, increasing adoption of access control by the hospitality sector, and rise in data security breaches are expected to drive the market. Factor that could hinder the growth of the access control market in the future include high cost of installation.

The access control market is segmented by type into card based and biometric based. The card-based market was the largest segment of the access control market segmented by type, accounting for 73.3% of the total in 2021. Going forward, the biometric based segment is expected to be the fastest growing segment in the access control market segmented by type, at a CAGR of 11.8% during 2021-2026.

The access control market is segmented by vertical into commercial, military and defense, government, residential, education, healthcare and others, manufacturing and industrial, transportation and hospitality. The commercial market was the largest segment of the access control market segmented by vertical, accounting for 36.2% of the total in 2021. Going forward, the commercial segment is expected to be the fastest growing segment in the access control market segmented by vertical, at a CAGR of 11.2% during 2021-2026.

The access control market is segmented by deployment model into cloud and on-premises. The on-premises market was the largest segment of the access control market segmented by deployment model, accounting for 62.1% of the total in 2021. Going forward, the cloud segment is expected to be the fastest growing segment in the access control market segmented by deployment model, at a CAGR of 16.2% during 2021-2026.

North America was the largest region in the access control market, accounting for 38.2% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the access control market will be Asia Pacific, and, South America where growth will be at CAGRs of 12.4% and 11.0% respectively. These will be followed by North America, and, Middle East where the markets are expected to grow at CAGRs of 10.6% and 10.3% respectively.

The access control market is slightly fragmented, with a large number of players. The top ten competitors in the market made up to 26.47% of the total market in 2021. The access control market is fragmented with the presence of a few global players and local players in various regions. These companies compete in various developed and developing markets to gain higher market shares.

These companies face immense competition from the local companies, which tend to offer effective but cheaper solutions. Honeywell International Inc was the largest competitor with 4.73% share of the market, followed by Robert Bosch GmbH with 4.15%, Assa Abloy AB with 3.96%, Johnson Controls International Inc with 3.26%, Thales Group with 2.35%, Allegion PLC with 1.90%, Hanwha Techwin Co. Ltd with 1.85%, Schneider Electric SE with 1.74%, NEC Corporation with 1.29%, and IDEMIA with 1.23%.

The top opportunities in the access control market segmented by type will arise in the card based market segment, which will gain $4,810.8 million of global annual sales by 2026. The top opportunities in the access control market segmented by deployment model will arise in the cloud market segment, which will gain $4,490.6 million of global annual sales by 2026.

The top opportunities in the access control market segmented by vertical will arise in the commercial market segment, which will gain $2,675.1 million of global annual sales by 2026. The top opportunities in the access control market size will gain the most in USA at $2,401.1 million.

Market-trend-based strategies for the access control market for the companies to follow include focus on launching cloud-based access control systems for their market growth, introducing mobile-based access control solutions to sustain their position in the market, consider working with hotel partners to bring guest keys to digital wallets for easier access and to provide AI facial recognition, focus on launching biometric access control systems to improve their product offerings, and focus on launching innovative products in the access control market to strengthen their product portfolio.

Player-adopted strategies in the access control market includes strengthening its business by launching new products, strengthening its business by acquiring companies with advanced technologies, and strengthening its business by acquiring companies with same business.

To take advantage of the opportunities, the report recommends the access control companies to focus on cloud-based access control systems, focus on mobile-based access control systems, focus on hospitality access control, focus on launch of biometric access control products, focus on product innovations, expand in emerging markets, provide competitively priced offerings, continue to use B2B promotions, continue to target fast-growing end-use verticals.

Competitive Landscape And Company Profiles

• Honeywell International Inc
• Robert Bosch GmbH
• Assa Abloy AB
• Johnson Controls International Inc
• Thales Group

Key Mergers And Acquisitions

• Assa Abloy Acquired Control iD
• Johnson Controls Acquired Vindex Systems
• Thales Acquired OneWelcome
• ButterflyMX Acquired CloudKeyz
• Johnson Controls Acquired Security Enhancement Systems
• Cards-x Acquired Adon Development
• Comelit Acquired PAC-GDX
• Motorola Solutions' Acquired Openpath
• ASSA ABLOY Acquired Biosite
• Genea Acquired Sequr Inc
• Honeywell Acquired Sine Group
• OPSWAT Acquired Impulse
• Thales Acquired Gemalto

Key Topics Covered:

1. Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Market Segmentation By Type
6.3.1. Card Based
6.3.2. Biometric Based
6.4. Market Segmentation By Vertical
6.4.1. Commercial
6.4.2. Military And Defense
6.4.3. Government
6.4.4. Residential
6.4.5. Education
6.4.6. Manufacturing And Industrial
6.4.7. Transportation
6.4.8. Hospitality
6.4.9. Healthcare And Others
6.5. Market Segmentation By Deployment Model
6.5.1. Cloud
6.5.2. On-Premises

7. Major Market Trends
7.1. Cloud-Based Access Control
7.2. Mobile-Based Access Control Systems
7.3. Increasing Focus On Hospitality Access Control
7.4. Increasing Launch Of Biometric Access Control Products
7.5. Product Innovations

8. Global Market Size And Growth
8.1. Market Size
8.2. Historic Market Growth, 2016 - 2021, Value ($ Million)
8.2.1. Market Drivers 2016 - 2021
8.2.2. Market Restraints 2016 - 2021
8.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 - 2026
8.3.2. Market Restraints 2021 - 2026

9. Global Market Segmentation
9.1. Global Access Control Market, Segmentation By Type, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Access Control Market, Segmentation By Vertical, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Access Control Market, Segmentation By Deployment Model, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)

For more information about this report visit https://www.researchandmarkets.com/r/y0fv34

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