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Global Access Control Market is expected to grow at a CAGR of 10.2% during the forecast period from 2019-2025

02-21-2020 02:28 PM CET | IT, New Media & Software

Press release from: Fior Markets

Global Access Control Market 2019, Global Access Control Market Growth, Global Access Control Market Trends and Analysis,

Global Access Control Market 2019, Global Access Control Market Growth, Global Access Control Market Trends and Analysis,

As per the report published by Fior Markets, the global access control market is expected to grow from USD 6.21 Billion in 2017 to USD 13.55 Billion by 2025 at a CAGR of 10.2% during the forecast period from 2018-2025. TheNorth America region is dominating the market because of rise in crime rates, cyber-attacks and terrorist attacks. High implementation of access control systems in U.S. had dominated the North America market.

Access Control Market by Type (Components, Software, Service), Vertical (Commercial,Military & Defense,Governmental, Healthcare, Others),Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.

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Leaders in the industry ASSA ABLOY AB, Johnson Controls International plc, dormakaba Holding AG, Allegionplc, Honeywell Security Group, Identiv, Inc., Nedap N.V., Suprema HQ Inc., Bosch Security Systems Inc., NEC Corporation, IDEMIA, Salto Systems among others which are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in April 2018, Fort Campbell was installed with access control mechanisms to check driving licenses as well as military ID.

The type segment is classified into components, software, and service. The hardware components segment dominated the market and valued around USD 2.96 Billion in 2017. The high demand of hardware components is due to high utilization of cards. Cards are used as credentials to authenticate user identity and determine access grant/denial. Access control readers can be a magnetic stripe, proximity, or smart card readers. The vertical segment is segmented into commercial, military & defense, governmental, residential, education, healthcare, manufacturing and industrial and transportation. Commercial segment dominated the market with the highest share of 26.90% in 2017. The commercial vertical is the largest user of access control systems. Commercial users such as enterprises and data centers, banks and financial centers, hotels, retail stores and malls, and entertainment area require access control systems for protecting people and assets by preventing unauthorized access

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Use of IoT-based security systems with cloud computing platforms is a major factor propelling the growth of the market. Rising incidences of identity theft is a key driver aiding in the growth of this market. Also, technological improvements along with the use of wireless technology in security systems have further driven the access control market size. Less knowledge among users and high cost are two major drawbacks. However, the use of Access Control as A Service (ACaaS) and mobile-based access control systems may drive the market growth in the coming years.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients' objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. We sell market research reports obtained from major publishers from various industries, in which a comprehensive overview of the market is provided along with statistical forecasts, strategic recommendations, detailed segmentation, current market scenario, competitive landscape and key trends.

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