Press release
How is Innovation Playing a Key Role in the U.S. Physical Access Control Market
Growing demand for physical access control systems (PACS) from fast-evolving industries such as banking, financial services, and insurance (BFSI); healthcare; retail; and others is offering lucrative growth opportunities for PACS equipment manufacturers across regions.For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=1854&utm_source=openpr&utm_medium=Prasad
The Government of the United States has defined the PACS as a system to grant access to employees and contractors who work at or visit a site by electronically authenticating their PIV credentials.
A new report by Fact.MR on the global physical access control system market opines that this industry will grow at an impressive 9% CAGR through 2031.
Key Takeaways from Physical Access Control System (PACS) Market Study
• Rise in demand for biometric-based PACS, such as fingerprint recognition, face recognition, voice recognition, and others, is expected to fuel the sales of PACS equipment, allowing this segment to hold a 40% market share over the coming years.
• Growing demand from the services, communication, and media sector is set to catalyze market growth; this sector will contribute a share of over 32% through 2031.
• The PACS market grew at around 7.5% over the past 5 years, and the outlook continues to remain strong for the next 10 years (expected CAGR of over 9% from 2021 to 2031).
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• The United States, Mexico, and Canada are set to remain lucrative regions for stakeholders throughout the forecast period.
• The U.S. holds around 85% share in the North American market, and its outlook remains positive.
• Germany and France progress will be stable. Japan and Korea will continue to be a bright spot in this market.
Physical Access Control System Market Segmentation by Category
Technology
• Keypad-based Physical Access Control Systems
• Card-based Physical Access Control Systems
• Biometric-based Physical Access Control Systems
o Fingerprint Recognition
o Face Recognition
o Voice Recognition
o Palm Recognition
o Iris Recognition
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Solution
• Hardware
• Software
• Services
Who is Winning in this Space?
The global physical access control system market is highly competitive in nature, and is thriving on key players. In order to remain in key positions, top companies are diversifying their product offerings.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/02/22/1740153/0/en/Cloud-Deployments-of-Computer-Aided-Dispatch-Systems-Surge-Despite-Security-Concerns-finds-Fact-MR-study.html
For instance,
• Safran Security launched the world’s first biometric terminal MorphoAccess® VP, integrating its ground-breaking technology combining fingerprint and finger vein biometrics, in 2020.
• Assa Abloy launched its new extensive range of PACS equipment and solutions, such as Access Control System fitted for Beijing Subway, Harmony Integrated Wiegand Lockset, Doors, and Hardware for Florida Polytechnic University, and others, in 2020.
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E: sales@factmr.com
Website: https://www.factmr.com
Content Source: https://www.factmr.com/media-release/2038/physical-access-control-trends
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