Access Control Market to 2025 - Global Analysis and Forecasts by Type (Hardware, Software, and Services) and Application (BFSI, Residential, Commercial, Healthcare, Government & Transport, and Others)
The global access control market is anticipated accounted to US$ 6.05 Bn in 2017 and is expected to grow at a CAGR of 13.2% during the forecast period 2018 - 2025, to account to US$ 16.66 Bn by 2025. Access control systems are the systems that perform authorization, identification, authentication, access approval, and accountability of individuals via login credentials, which includes biometric scans, passwords, personal identification numbers (PINs), and physical or electronic keys.
Over the past years, the security industry has been dramatically changing. Moreover, access control is the fastest growing segment in the physical security industry. This is also attributable to the transformation from closed traditional proprietary solutions to the open IP solutions, thus developing enhancements in the performance of products and management. Presently, the access control solutions are increasingly being integrated for including other services and systems. Further, the increase in building automation and smart homes is opportunistic for the access control market. Many of the companies such as Gemalto, IDEMIA, IDEX Biometrics, and others are expanding and exploring ways for authenticating an individual using biometric-related information.
With some advance access control products, risk in security breaches rises including the underground hacking of fingerprints to extract valuable information from the confidential documents. This poses a significant need for federal organizations to deploy better access control products to address these threats. With the help of government initiatives in the area of the safe & secure city to protect infrastructure facility, physical plant, buildings, people, Individual facilities, and complete metropolitan areas, demand for access control is expected to boost. Owing to the fact, the Governments of the countries is also looking forward to taking more initiatives to deploy video surveillance cameras in public places as well to maintain law and order, and minimize the crime rates.
The population of US has a leverage of high standard of living as it is a developed economy. The spending level of individuals is high due to high per capita income of the country. This results in adoption of more facilities such as use of video surveillance cameras, locks in the commercial and residential areas. The high disposable income will further result in rising need for video surveillance systems in the country thus, influencing the growth for access control market as well. High living standard and growing concern for safety among the individuals, enterprises, and industries is anticipated to accelerate the access control market. The U.S. dominates the North America access control market. Rise in concerns regarding the increase in crime rates has driven the access control market in the country. Further, the growth in security measures has led to the development of technologically advanced solutions.
The top companies operating in the field of access control market include Gemalto N.V., Honeywell Security Group, Siemens Building Technologies, ASSA ABLOY AB, NEC Corporation, Johnson Controls International plc, AMAG Technology, Inc., Schneider Electric SE, Gallagher Group Ltd., and Identiv, Inc. among others. Various other companies operating in the access control market and are coming up with new technologies and offerings which is helping the access control market to expand over the years in terms of revenue.
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