Access Control & Authentication Market Worth $22.7 Billion by 2027, Growing at a CAGR of 11.2% from 2020, Says Meticulous Research®

According to a new market research report titled, "Access Control and Authentication Market by Technology (Biometrics, Smart Card, Electronic Locks), Component, Application (Residential/Commercial, IT, BFSI, Retail, Defense, Healthcare, Manufacturing, Hospitality) and Geography - Global Forecast to 2027", published by Meticulous Research®, the access control & authentication market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $22.7 billion by 2027.

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Access control and authentication systems are the electronic systems designed to regulate unauthorized access to secured areas through a network. The system recognizes, authenticates, and authorizes access to a person to enter into the premise thereby giving complete protection and ensuring security with the system.

Factors such as growing acceptance for advanced ACA technologies including fingerprint recognition, face recognition, IRIS recognition, voice recognition, and smart cards along with consistently proliferating consumer demand for modern ACA devices; stringent government regulation for asset safety; growing investments, particularly in education, public sector, healthcare, and banking industries; and perpetual technological advancements in ACA technology are driving the growth of the access control and authentication market. Moreover, increasing strategic partnerships among players operating in this market and growing penetration of ACA products, particularly in hospitality, residential & commercial, government & public sector, and IT & telecom sectors are also contributing to the growth of this market. However, the high initial cost involved in deploying biometric access control systems and lack of awareness, especially in developing  countries may limit the growth of this market to some extent. Moreover, increasing adoption of access control as a service  and incorporation of contactless biometric access control devices with temperature and fever detectors are the latest trends observed in this market.

Impact of COVID-19 on the Access Control & Authentication Market

In the first quarter of 2020, the world was hit by COVID-19. The outbreak was declared as the global pandemic by WHO as it spread across many countries. The COVID-19 pandemic has adversely hit almost every economy around the globe. The outbreak of COVID-19 has changed the world and significantly impacted daily lives of people globally. Government and enterprise organizations are undertaking new 'social role and responsibility' to keep people secure from potential COVID-19 infection. The impact of COVID-19 pandemic turned out to be worse than critical economic, strategic, and political upsets previously took place in modern history. Due to COVID-19 outbreak, the governments across the world are forced to shut manufacturing plants, retail stores, and import-export operations which has disrupted the overall supply chains and thus, affecting the demand and supply balance.

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At present, any interaction or physical access of traditional access control and authentication devices poses a level of risk to spread multiple infection, including COVID-19, flu, or the common cold. The advent of coronavirus is pouring the need for contactless biometric access control devices as the consumers are hesitant to interact with shared contact-based authentication devices. The situation has been evolving in unpredictable ways, and the companies operating in this market are adapting to the new reality, anticipating and planning for various scenarios. Realizing the potential, several access control companies are upgrading their access control and identification systems with various temperature or fever detectors promoting the rapid adoption of these devices to offer new capabilities that respond to the regulation enforced due to the coronavirus pandemic.

Majority of access control and authentication companies are investing in modern contactless access control technologies to avoid any contamination due to coronavirus. In addition, the governments are determined to bring the businesses on track by introducing favorable policy & initiatives including reduction & ease in interest rate, exceptions in tax, aiding financial packages. Owing to this, the recovery of industries and especially access control and authentication sector is expected to regain their growth track after some hardline dip in their revenue in current as well in coming quarters. The positive impact will be perceptible which in turn encourage the growth of the access control and authentication market over the forecast period.

The global access control & authentication market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of technology (biometrics, smart card, electronic locks), component, application (residential/commercial, IT telecom, BFSI, retail, defense, healthcare, manufacturing, hospitality), and geography. The study also evaluates industry competitors and analyses the market at a country level.

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Based on technology, the biometric technology segment commanded the largest share of the overall access control & authentication market in 2020. The large share of this segment can be attributed to the increasing adoption of biometric recognition technologies including facial, voice, IRIS, fingerprint, palm & vein in security systems and increasing usage of biometric access control devices across several applications, such as border control, airport, payment, hospitals, commercial, and residential spaces. In addition, consistent efforts exerted by leading players for product development along increasing investment in the biometric technology are also encouraging the fastest growth of the segment in the overall access control and authentication market over forecast period.

Based on component, the hardware segment accounted for the largest share of the overall access control & authentication market in 2020. The growth of this segment is attributed to the continuous incorporation of the promising technologies including AI, IoT, and cloud computing coupled with their easy integration with access control devices; rapidly increasing urbanization particularly in the developing countries; and rising demand of robust construction and reliable performance controllers. However, the services segment is expected to register the highest growth rate during the forecast period, owing to increasing need for regular services to prevent system failure and the disruption caused by access control systems fail. Service offers several benefits including prolonged operating life, reduced cost owing to failures & disruption to business, and remote diagnostics reducing call-outs. Owing to the benefits offered by services, this segment is expected to grow with a considerable CAGR over the coming years.

Moreover, on the basis of type, the access control and authentication hardware market is segmented into readers, controllers, and integrated solutions. In 2020, the readers segment commanded the largest share of the access control and authentication hardware market. The high demand for enhanced security, technological advancements, and growing urbanization in developing countries are some of the major factors supporting the growth of this segment.

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Based on application, the residential and commercial segment commanded the largest share of the overall access control & authentication market in 2020. The large share of this segment is attributed to the increasing security concerns, growing investment in the security system, and increasing need for high-level access control devices coupled with increasing number of thefts. In addition, the easy availability and rapidly increasing adoption of access control devices in the buildings, & office premises coupled with the increasing awareness is also encouraging the fastest growth of the biometric access control technology market. With the growing adoption of access control devices particularly in the residential and commercial sector, several leading players are focusing on technological collaborations, partnerships, or acquisitions to strengthen the portfolio for residential and commercial access control solutions.

Geographically, the Asia-Pacific region commanded the largest share of the global access control & authentication market in 2020. The large share of the region is primarily due to the rapidly increasing economy; increase of mobile communications network; and growing adoption of disruptive technologies such as in AI, IoT, and biometric. Besides, the easy availability of the access control devices has also encouraged the increasing adoption of access control and authentication devices in the region. Moreover, factors such as the presence of major access control companies and startups, consistent market specific product development, and increasing per capita consumption with large population base are further contributing to the fastest growth of the access control and authentication market in the Asia Pacific region over the forecast period. China is the major market for access control and authentication in APAC. In recent times, face recognition technology is achieving greater penetration in China. In China, the adoption of cameras to track passengers using facial recognition technology is on the rise, particularly at railway stations. Similarly, the technology is also being used to recognize and monitor homeless people on streets and parishioners in state-approved churches. Such growing adoption of facial recognition technologies is supporting the growth of the Chinese access control and authentication market.

The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past few years. The global access control & authentication market is consolidated and dominated by few major players, namely Bosch Security and Safety Systems (U.S.), Panasonic Corporation (Japan), Gemalto N.V. (Netherlands), Honeywell Commercial Security (U.S.), Axis Communications AB (Sweden), Genetec Inc. (Canada), Identiv, Inc. (U.S.), Suprema, Inc. (Republic of Korea), Zhejiang Dahua Technology Co. Ltd. (China), NEC Corporation (Japan), ASSA ABLOY (Sweden), AMAG Technology, Inc. (U.S.), Johnson Controls International Plc (Ireland), and Sensory, Inc. (U.S.), among others.

 To gain more insights into the market with a detailed table of content and figures, click here:  https://www.meticulousresearch.com/product/access-control-and-authentication-market-5097

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Content Source: https://www.meticulousresearch.com/pressrelease/51/access-control-and-authentication-market-2027

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.

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