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Access Control and Authentication Market Driven by Increasing Demand for Enhanced Security Standards, to Rise at 15.3% CAGR
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Increasing safety and security concerns across the economic sector and the tightening regulations by governments to protect confidentiality are identified in the report as the key factors giving a stimulus to the global access control and authentication market. Several countries and international regulatory bodies have designed policies and compliances for security, which have encouraged investment in security measures from companies and organizations. The report highlights lucrative market prospects for access control and authentication systems in the near future. According to a lead TMR analyst, “The forthcoming years will see a significant increase in budget allocation for safeguarding critical infrastructure across several countries. The trend will fuel the demand for physical security systems”
The study states that revival of commercial projects in the residential, industrial, and defense sectors is also anticipated to shape favorable opportunities for the market to prosper. “Fuelled by technological advancements, the access control and authentication market is progressing towards the convergence of logical and physical solutions”, the TMR analyst added. This trend will boost the demand for access control and authentication systems.
North America led the global access control and authentication market in 2013, holding a 32% market share. However, the report touts Asia Pacific to register the fastest growth among the regional markets for access control and authentication solutions. The report projects the Asia Pacific market to expand at an impressive 17.1% CAGR during the forecast period. Rapid development of the access control and authentication market in Asia Pacific is largely driven by the demand registered in countries such as India, Vietnam, China, and Thailand. Escalating funding towards infrastructure has fostered better investment opportunities in advanced security solutions across these countries.
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Based on end use, transportation and logistics emerged as the largest segment in 2013, accounting for 23% of the global access control and authentication market. Repeated terror attacks on transportation facilities have impelled governments in many nations to lay down strict guidelines and invest significantly in enhancing the security standard of the sector. Over the report’s forecast period, the healthcare segment is anticipated to register the fastest CAGR, 20.4%. The demand for advanced security solutions has incredibly increased in healthcare sector to ensure better patient monitoring. Among the different product types, biometric technology is expected to witness a significant growth in demand from the healthcare sector.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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