Access Control Market to be Worth $10 Billion by 2023: Due to Growing Security Concerns, Technological Advancements & IoT-based Security Systems

News provided by

Aug 16, 2017, 08:45 ET

DUBLIN, August 16, 2017 /PRNewswire/ --

The "Access Control Market by Component (Hardware (Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Others) and Software), Service (Installation, Maintenance, and ACaaS), Vertical, and Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.

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.

Companies Mentioned

ASSA ABLOY AB (Sweden)
Access Control Innovation (Hong Kong)
Adman Technologies Pvt. Ltd. (India)
Allegion plc (Ireland)
Amag Technology Inc. (US)
Axis Communications AB (Sweden)
Bosch Security Systems Inc. (Germany)
Brivo Inc (US)
Crossmatch Technologies Inc. (US)
Others

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Types of Access Control Systems (Qualitative)

8 Access Control Market, By Component and Service

9 Access Control as A Service Market

10 Access Control Market, By Vertical

11 Geographic Analysis

12 Competitive Landscape

13 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/bqg4nh/access_control

Media Contact:

Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets