Pune: 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, according to the new market research report, The “Access Control Market Global Forecast to 2023”, published by MarketsandMarkets.
The Access Control Market component includes card-based readers, biometric readers, electronic locks, controllers, and others) and software and service such as installation, and maintenance. The major driver for the growth of the market is by the high adoption of access control solutions owing to growing security concerns globally. The overall access control market is driven by factors such as technological advancements and deployment of wireless technology in security systems, and the adoption of access control as a service (ACaaS) and mobile access control.
Card-based readers expected to drive growth of access control market
The market for card-based readers is expected to grow at the highest CAGR between 2017 and 2023. The 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. It also enables the users to monitor and operate remotely and transfer the credential over the mobile phones. These additional features are driving the demand for smart cards and proximity cards in the access control market.
Commercial vertical expected to grow at highest CAGR between 2017 and 2023
In the commercial vertical, various commercial areas, such as enterprises and data centers, banks and financial centers, hotels, retail stores and malls, and entertainment areas, are considered. Protecting the infrastructure and assets from threats such as accidents, vandalism, theft, sabotage, and terrorism is a major concern for the commercial vertical. These security issues increase the demand for access control systems and solutions for this vertical.
Access control market in APAC to grow at highest CAGR between 2017 and 2023
The access control market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The rising penetration of security systems in small and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others, is expected to drive the market. Commercial, military and defense, government, and industrial are the major verticals driving the growth of the access control market in APAC.
The key players in the ecosystem of the access control market profiled in this report are ASSA ABLOY AB (Sweden), Johnson Controls International plc (Ireland), dorma+kaba 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), Gemalto N.V. (Netherlands), and OT-Morpho (France).