The access control market is expected to be worth USD 10.03 Billion by 2023, growing at a CAGR of 6.48% between 2017 and 2023. Factors such as the high adoption of access control solutions due to growing security concerns, technological advancements, the deployment of wireless technology in security systems, and the adoption of Internet of Things (IoT)-based security systems drive this market. The market growth can be directly linked to the growth of the commercial sector and increased security threats across the world. The adoption of access control systems is growing in the existing and potential market segments, such as banking and finance, enterprises, retail, and hospitality.
The access control market has been segmented on the basis of component into hardware and software. With the help of software, it is possible to configure the security system with the support for an unlimited number of client workstations, card holders, and users. Considering this, the demand for software components in the access control market has increased. The market for card-based readers is expected to experience high growth between 2017 and 2023. Card is used as a credential in an access control system to authenticate a person's identity, determine the appropriate level of access, and provide access to the physical resource. The implementation of mobile access control with readers will boost the access control market in the near future.
In 2016, the commercial vertical accounted for the largest share of the access control market, followed by the government vertical. The market for the commercial is expected to grow at a high CAGR between 2017 and 2023. The growing demand for access control systems due to increasing security concerns in enterprises and data centers, banks and financial centers, hotels, retail stores and malls, and entertainment areas is contributing to the growth of the access control market.
APAC is expected to hold the largest share of the access control market in 2023. The huge population base, increasing security concerns, growing urbanization, and increasing focus on industrialization are driving the growth of the access control market in APAC. The use of access control solutions in commercial and industrial verticals is the major factor driving the growth of the market in APAC.