Press release
Access Control Market Key Trends And Forecast Report 2024-2033
Access Control Market
The Business Research Company offers in-depth market insights through Access Control Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The access control market size has grown rapidly in recent years. It will grow from $12.41 billion in 2023 to $13.7 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to increased use of mobile access control systems and government investments to prevent increasing number of cyber-attacks.
The access control market size is expected to see rapid growth in the next few years. It will grow to $22.14 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to increasing smart homes, increasing adoption of access control by the hospitality sector, and rise in data security breaches. Major trends in the forecast period include focus on launching cloud-based access control systems for their market growth, introducing mobile-based access control solutions to sustain their position in the market, consider working with hotel partners to bring guest keys to digital wallets for easier access and to provide ai facial recognition, focus on launching biometric access control systems to improve their product offerings, and focus on launching innovative products in the access control market to strengthen their product portfolio.
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Market Segmentation:
The access control market covered in this report is segmented -
1) By Type: Card Based, Biometric Based
2) By Vertical: Commercial, Military And Défense, Government, Residential, Education, Healthcare And Others, Manufacturing And Industrial, Transportation, Hospitality
3) By Deployment Model: Cloud, On-Premises
Major Driver - Rapid Growth Of Smart Homes Boosts Demand For Access Control Systems
The access control market is expected to be supported by rapid growth in smart homes in the forecast period. A smart home is a residence that uses internet-connected devices to enable the remote monitoring and management of appliances and systems. Access control provides both home security and home automation. Increasing smart homes is driving the need for connected access control systems for homes that can be accessed remotely. For instance, according to CITyFiED, a Spain-based project funded by the European Union's Seventh Program, the number of smart homes in Europe is expected to reach 84 million by 2022, with Germany, the UK and France pushing the market forward. For instance, the smart home penetration rate in the UK is expected to reach 63% by 2025. Therefore, increasing smart homes is expected to act as a driver for the access control market.
Competitive Landscape:
Major companies operating in the access control market report are Honeywell International Inc, Robert Bosch GmbH, Assa Abloy AB, Johnson Controls International Inc, Thales Group, Allegion PLC, Hanwha Techwin Co. Ltd, Schneider Electric SE, NEC Corporation, IDEMIA, Matrix comsec, SecurAX Tech Solutions Pvt Ltd, AMAG Technology Inc, CloudWalk Technology Co Ltd, Shenzhen IntelliFusion Technology Co Ltd, NetPosa Technologies Ltd, Hid Global, Gallagher Security (Europe) Ltd, Vanderbilt Industries, Dahua Technology Ltd, British Security Industry Association (BSIA), Fermax Electronica SAU, Delta Scientific Corporation, Userful Corporation, Anviz Global Inc, Vicon Industries, Hikvision, Cloudkeyz, ButterflyMX, Security Enhancement Systems, Openpath, Genea, Sequr Inc, Acura, Agility Technologies Corp (ATC), Wolpac, Absolute Integrated Electronic Solutions, Adax, Aflak Electronics Industries Co, Al Aqili Future Technologies, AI Kawther General Trading, Al Nahr Company for Security Solutions, AL Smari Trading, Ametrad Technology Services Co, Biosec Solutions, BIO-key, BioRugged (Pty) Ltd
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Top Trend - Growing Popularity Of Cloud-Based Access Control Systems Fuels Market Expansion
Cloud-based access control is gaining popularity in the access control market. Cloud-based access control systems are cost-effective and offer various advantages, including easy access to data, real-time analytics, integration with other systems and software, sharing of data internally and externally, scalability and flexibility. Major players in the market are focusing on launching cloud-based access control systems for their market growth. For example, in September 2021, Active Witness, a Canada-based cloud-based access control manufacturer, launched SIMA, a cloud-based access control system that combines facial recognition with a QR code (quick response code) which is sent to the user's mobile device. It processes access requests using Active Witness' cloud-based software and the company's app, available for iOS and Android.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Access Control Market Characteristics
3. Access Control Market Trends And Strategies
4. Access Control Market - Macro Economic Scenario
5. Access Control Market Size And Growth
…..
27. Access Control Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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