Access Control Systems Market Size
“The Business Research Company recently released a comprehensive report on the Global Access Control Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The access control systems market size has grown strongly in recent years. It will grow from $9.09 billion in 2023 to $9.90 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to growing awareness concerning home security, rising number of smart infrastructure and smart city projects, increasing availability of biometric equipment, growing interconnectedness of devices, increasing adoption of access control as a service.
The access control systems market size is expected to see strong growth in the next few years. It will grow to $13.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increasing security threats, rising concerns about data privacy and security, increasing adoption of cloud-based access control systems, increasing adoption of IoT, increasing demand for industrial access control system. Major trends in the forecast period include emergence of artificial intelligence (AI) and machine learning (ML) technologies, product innovation, technological advancements, demand for radio-frequency identification (RFID) card-based technology, increasing deployment of wireless security systems.
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Market Drivers and Trends:
The increasing adoption of IoT is expected to propel the growth of the access control system market going forward. The Internet of Things (IoT) refers to a network of physical objects embedded with sensors, software, and other technologies that enable them to collect and exchange data with other devices and systems over the internet. It arises due to cost reduction, improvements in connectivity, and improved security and privacy measures. IoT (Internet of Things) is used in access control systems to create intelligent door locking systems and leverage interconnected devices and technologies to manage and regulate access to physical spaces, data, or networks. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections in 2025. Therefore, the increasing adoption of IoT is driving the growth of the access control system market.
Major companies operating in the access control system market are concentrating on the development of advanced technologies, such as gateless access control systems, to meet the increasing demand for enhanced access control and security features. This technology solution uses biometric recognition to address congestion at busy entrances and includes face recognition technology to better serve customers with advanced features. For instance, in November 2022, NEC Corporation, a Japan-based information technology company, launched the Gateless Access Control System. This system enables the real-time authentication of a large number of people by using camera images to repeatedly detect individuals and perform face recognition. It can authenticate visitors without them having to direct their faces towards a camera, allowing for smooth and quick entry without additional burden on the visitors. Additionally, it features high security, streamlined access, real-time monitoring, and reporting. These features collectively contribute to the system’s ability to revolutionize access control by providing enhanced security and mitigating congestion at busy entrances.
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Major Key Players of the Market:
Robert Bosch GmbH, Siemens AG, Panasonic Holdings Corporation, Schneider Electric SE, Honeywell International Inc., 3M Company, Johnson Controls International Plc, NEC Corporation, Tyco International Plc, Assa Abloy AB, ADT LLC, Allegion Plc, IDEMIA, Axis Communications AB, Avigilon Corp, Southco Inc., HID Global Corp, SALTO Systems Inc., ZKTeco Co. Ltd., MorphoTrak LLC, Nortek Security & Control LLC, Kaba Ltd., Aware Inc., BIO-key International Inc., SecuGen Corporation, Digital Persona Inc., Suprema Inc., Tascent Inc.
Access Control Systems Market 2024 Key Insights:
• The Access Control Systems Market is expected to grow to $13.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• IoT Adoption Fueling Access Control System Market Growth
• NEC Corporation Introduces Gateless Access Control System
• North America was the largest region in the access control system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the access control systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Learn More About The Business Research Company
The Business Research Company (http://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC’s consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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