How is Increase in Demand from Retail & Corporate Sector Spurring Growth of 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. 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.

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According to a report published by the European Banking Federation in 2020, banking and related financial services activities make a significant contribution to the EU’s economy. As per its report, around 1 in every 100 jobs in the EU continued to be a banking job in 2019, while the average number of bank staff has been rising each year since 2008, with 28% increase in total. PACS, being an integral part in the BFSI sector, is expected to experience further rise in demand through 2031.

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.

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• 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).
• 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.

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Physical Access Control System Market Segmentation by Category

• Technology
o Keypad-based Physical Access Control Systems
o Card-based Physical Access Control Systems
o Biometric-based Physical Access Control Systems
o Fingerprint Recognition
o Face Recognition
o Voice Recognition
o Palm Recognition
o Iris Recognition

• Solution
o Hardware
o Software
o Services

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2018/10/19/1624045/0/en/Airport-Retailing-Consumer-Electronics-Market-Witnessing-a-2x-Increase-in-Consumer-Electronics-Sales-across-SEA-India-Most-Lucrative-Says-Fact-MR.html

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.

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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This release was published on openPR.