– The Access Control Market Analysis conducted by Future Market Insight (FMI) provides insight into the main drivers of market growth. The report highlights the factors determining the outlook for access control demand in terms of components and system type. According to IMF, the demand for integrated access control solutions to provide a safe working environment will remain the main driver of growth.
DUBAI, United Arab Emirates, July 15, 2021 / PRNewswire / – Global Access Control Market Value To Exceed US $ 15 billion by 2021. According to an IMF study, the access control market should reach a valuation of $ 50.4 billion through 2031, increasing at a CAGR of 12.6% during the forecast period 2021-2031 compared to the CAGR of 8.1% recorded between 2016 and 2020.
The emergence of digitalization and cloud computing across the world is driving the market. With the increasing adoption of these cloud-based technologies, the risk of cybercrime, digital fraud and potential information leaks has also increased, making the use of access control systems indispensable in various industrial sectors. This should create lucrative sales opportunities in the market.
The growing need for integrated access control solutions to create a safe working environment is driving demand. It also enabled the market to register an annual growth of 10.8% in 2021. In response to the growing risk of data and security theft, IT companies are installing more and more access control systems to record employee entry and exit times.
The technology also helps prevent unsolicited entry to campus and minimize the risk of a data breach. Thus, the information technology and telecommunications sector is expected to contribute a revenue share of around 23% by 2021, according to IMF.
The fingerprint reader dominates the segment of hardware access control components. Promoted by the heavy use of these scanners in smartphones and laptops to eliminate the need for passwords and login credentials, the fingerprint access control system is expected to account for over 35% of the share market in 2021.
“The main 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” said the IMF analyst.
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Key points to remember from Access control Market research
- North America is expected to remain one of the most attractive markets, with the United States accounting for a market share of over 79% in the region by 2031.
- The UK is expected to dominate the European market with sales growth of access control solutions at a CAGR of over 15% through 2031.
- Thanks to growing government investments in infrastructure development, the demand for access control solutions in China is expected to increase to a CARG of 12% over the forecast period.
- With the increase in terrorist threats in India, the demand for access control solutions in the country is expected to exceed an assessment of US $ 751 million by 2031.
- Japan is expected to become a very lucrative market, growing at a robust 17% CAGR over the next ten years.
- Growing awareness of cybercrime and data security is fueling demand for access control solutions.
- The advent of digitalization is expected to create sales opportunities for access control solutions.
- The ongoing technological development in access control solutions will enhance the growth of the market.
- The increasing shift from key-based access control to keyless access control is driving the growth of the market.
- The high cost of installation is a factor hampering the demand for access control solutions.
- The compulsion to be hacked negatively affects the growth of the access control market.
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Manufacturers operating in the access control market place great emphasis on optimizing their portfolio of existing products and services. Some of the market players are focusing on endorsing their product to expand their market share, for example.
- Honeywell has extended the capabilities of its MAXPRO Cloud portfolio by February 2021, with the launch of its new products MPA1 and MPA2, access control panels that offer web, cloud and on-premise hosting options.
- Nedap’s AEOS physical access control system has received CPNI certification, making it suitable for UK Technical Authority standards applications.
Some of the major players operating in the market presented by IMF are:
- Honeywell International Inc.
- NEC Company
- Johnson Controls
- Bosch Safety and Security Systems
- Assa Abloy AB
- Thales Group
- STANLEY Converged Security Solutions, Inc.
- Secom Co., Ltd
- Dormakaba Holding AG
- HID Global
- Matrix Comsec Pvt. Ltd.
- Paxton Access Ltd.
- BioEnable Technologies Pvt Ltd.
- Technovision Specters (India) Pvt. Ltd.
- ZKTeco India
- Intellicon Private
More valuable information on Access control Marlet
IMF in its new report offers an unbiased analysis of the global access control market, analyzing forecast statistics to 2021 and beyond. The survey reveals growth projections for the Access Control market with detailed segmentation:
- Fingerprint scanners
- Facial recognition devices
- Iris scanners
- Integrated access control software
- Stand-alone software / middleware
- Facial recognition software
- Iris recognition software
- Professional services
- System integration and installation
- Security advice
- Assistance and maintenance
- Managed Services
By type of system:
- Fingerprint access control systems
- Facial recognition access control systems
- Iris recognition access control systems
- Card access control systems
- IT & Telecom
- Military & Defense
- Health care
- Logistic transport
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (AEM)
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Key questions addressed in the report
- The report provides an overview of the access control market demand outlook for the forecast period 2021-2031
- The market research also highlights the expected sales growth for the Access Control market between 2021 and 2031.
- The Access Control market research identifies key growth drivers, restraints, and other forces impacting dominant trends and evaluating the current market size and forecast and technological advancements in the market. within the industry
- Analysis of access control market shares, covering key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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