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Access Control Market Worth $12.1 Billion by 2024 - Exclusive Report by MarketsandMarkets™

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News provided by

MarketsandMarkets

Feb 25, 2019, 10:30 ET

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CHICAGO, Feb. 25, 2019 /PRNewswire/ -- According to the new research report "Access Control Market by Component (Hardware Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Software), Service (Installation, Maintenance, & ACaaS), Vertical, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Access Control Market is expected to grow from USD 7.5 billion in 2018 to USD 12.1 billion by 2024, at a CAGR of 8.24%. The growth of the access control market is driven by high adoption of access control solutions owing to increasing crime rates globally; technological advancements and deployment of wireless technology in security systems; and adoption of IoT-based security systems with cloud computing platforms. Adoption of access control as a service (ACaaS); implementation of mobile-based access control; and increasing urbanization in emerging countries are expected to provide huge growth opportunities to players in the access control market.

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https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=164562182

Biometric readers to grow at highest CAGR during 2018–2024

The biometric readers segment is expected to grow at the highest CAGR from 2018 to 2024. The market for biometric reader-based access control systems has been further categorized into fingerprint recognition, hand geometry recognition, iris recognition, and face recognition. Biometric readers are rapidly gaining worldwide traction owing to the growing need for surveillance and security in government facilities, manufacturing units, power stations, defense establishments, and enterprises.

Residential vertical expected to grow at highest CAGR from 2018 to 2024

The access control market for the residential vertical is expected to grow at the highest CAGR from 2018 to 2024. In smart homes, access control systems are used to enhance security. The key factors contributing to the growth of this market include the rise in crime rates, ongoing technological advancements, increasing need for hazards detection such as fire and gas leaks, and ensuring the safety of children at home. The growing smart home market will lead the demand for access control solutions in the residential sector.

Browse in-depth TOC on "Access Control Market"

65 – Tables

52 – Figures  

208 – Pages  

Growing security concerns will boost demand for access control solutions in APAC during forecast period

The access control market in APAC is expected to grow at the highest CAGR during the forecast period. Factors driving the growth of the market in this region include growing industrialization, commercialization, and high demand for security systems. Also, rising terror threats and crime rates in APAC countries and low police officer to population ratio are expected to create high demand for access control systems in APAC.

Get 10% Free Customization on this Report:

https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=164562182

The key players in the market include ASSA ABLOY AB (Sweden), Johnson Controls International plc (Ireland), dormakaba Holding AG (Switzerland), Allegion plc (Ireland), Honeywell Security Group (US), Identiv, Inc. (US), Nedap N.V. (Netherlands), Suprema HQ Inc. (South Korea), Bosch Security Systems Inc. (US),  and Gemalto N.V. (Netherlands). These players are increasingly undertaking product launches and developments, mergers and acquisitions, contracts, partnerships, and agreements to develop and introduce new technologies and products in the market.

Please Explore Relevant Reports:

Biometric System Market by Authentication Type (Single-Factor and Multifactor), Functionality Type (Contact, Non-Contact, and Combined), Component (Hardware and Software), Application, and Geography - Global Forecast to 2023 

Access Control as a Service Market by Service (Hosted, Managed), Deployment (Public Cloud, Private Cloud), End-Use Application (Commercial, Manufacturing & Industrial, Government Bodies, Utilities), Region - Global Forecast to 2022

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/access-control-market.asp

Visit Our Web Site: https://www.marketsandmarkets.com

SOURCE MarketsandMarkets

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