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Access Control Market expected to reach US$ 50.4 Bn by 2031

12-20-2021 02:52 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: FMI

Access Control Market

Access Control Market

The access control market revenue will total US$ 15.3 Bn for 2021, according to Future Market Insights (FMI) study. The overall market is expected to reach US$ 50.4 Bn by 2031, growing at a CAGR of 12.6% for 2021 – 2031.

Newly released data on the access control demand outlook indicates a 10.8% y-o-y growth in 2021. In terms of system types, the market share of fingerprint and face recognition access control systems are the largest. However, the iris recognition access control systems will register faster growth at a 16.2% CAGR through the assessment period.

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The global security industry has rapidly transformed with the advent of cloud computing and wireless access facilities, which is likely to fuel demand for access control solutions in the coming years. Access control sales are estimated to rise at a 12.6% CAGR between 2021 and 2031 in comparison to the 8.1% CAGR registered during 2016-2020.

With rapid development in cloud computing and access control, the security and controls market has transformed, in comparison to the previous decade. Emerging cloud-based technologies provide web- and cloud-based solutions for cost-effectiveness, real-time analytics, easy access to data, integration with other systems and software, sharing of data internally and externally, scalability, and flexibility.

The rapidly growing usage of mobile devices has shifted the focus of corporate sectors towards enterprise mobility practices. The major types of smartphone door access control systems include IP systems, control panel systems, and mobile access credentials.

The use of mobile-based credentials is the organic evolution from conventional physical security in the access control industry. Mobile credentials offer superior security and convenience. Smartphone access encompassed with cloud-based systems make such solutions an economical choice for long-term applications, although local systems only require one-time investments.

“Access control systems have become a fundamental part of enterprise security departments for applications including the protection of perimeter and high-level data and assets,” said a report analyst. “Frequently changing sources of threats, mandatory compliance, and increased liability issues are the key elements fueling the demand for access control systems for enhancing security.”

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Key Takeaways from the Access Control Market Study

• Iris recognition access control systems will witness the highest growth rate at over 16 percent, owing to investments into new biometric security solutions through 2031.
• The healthcare sector is anticipated to capture the largest share of 19.8 percent in 2021, backed-up by security concerns in healthcare facilities associated with the use of EMR.
• The U.S. will remain dominant in North America with an 84.5 percent share in 2021, supported by faster access to tech developments in end use verticals.
• The market in Japan is expected to progress at a noteworthy CAGR of close to 17 percent through 2031, supported by a tech-driven economy.
• In the U.K., sales are expected to increase at a CAGR of more than 15 percent over the next ten years, driven by favorable government investments and policies.

Key Drivers

• Increasing awareness regarding cybercrime and security for data is fueling the demand for access control solutions.
• Advent of digitalization is expected to create sales opportunities for access control solutions.
• Ongoing technological development in access control solutions will bolster the growth of the market.
• Growing shift from key-based to key-less access control is driving the growth of the market.

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Competitive Landscape

Key vendors of access control solutions are focusing on evolving their existing product and service portfolio. Companies are launching industry-specific solutions in order to meet industry specific needs.

• For instance, In Feb 2021, Honeywell announced the expansion of capabilities of its MAXPRO Cloud portfolio with the launch of MPA1 and MPA2, access control panels that offer cloud, web-based, or on-premise hosting options.
• In April 2021, NEC Corporation announced the provision of an electronic customs procedure system utilizing facial recognition at the customs inspection areas of Naha Airport, the busiest airport in Okinawa, Japan.
• Nedap’s AEOS physical access control system received CPNI certification, making it suitable for the U.K.’s technical authority standards.

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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

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