Physical Access Control System Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Physical Access Control System Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $15.72 billion In 2028 At A CAGR Of 11.5% :

The physical access control system market size has grown rapidly in recent years. It will grow from $9.18 billion in 2023 to $10.16 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to biometric technology adoption, integration with IoT, contactless access solutions, cloud-based solutions, mobile access management.

The physical access control system market size is expected to see rapid growth in the next few years. It will grow to $15.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to increasing security concerns, growing adoption of biometrics, demand for contactless solutions, adherence to regulatory standards, convergence of physical and logical security. Major trends in the forecast period include AI and machine learning integration, data analytics for security insights, convergence of physical and logical security, shift to contactless solutions, emphasis on cybersecurity.

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Physical Access Control System Market Major Segments
The physical access control system market covered in this report is segmented -

1) By Component: Hardware, Software, Services
2) By Technology: Keypads-based PACs, Card-based PACs, Biometric PACs
3) By End User: Banking, Financial Services and Insurance (BFSI), Healthcare, Manufacturing, Services, Communication and Media, Retail and Other Corporate, Transportation and Utilities, Other End Users

Key Driver - Surging Adoption Of Electronic Security Systems Drives Growth In The Physical Access Control System Market

The rising adoption of electronic security systems such as biometrics is expected to propel the growth of the physical access control system market going forward. An electronic security system refers to equipment that could perform security operations such as surveillance, access control, alarm, or intrusion control to a facility or area that uses power from the mains and a power backup. Electronic Security Systems are the physical security systems deployed to integrate into a facility's necessary level of protection. For instance, in 2021, according to Goode Intelligence, a UK-based identity, authentication, and biometrics research and events company, biometrics are used by 73% of businesses to provide a positive customer and user experience. Additionally, 55% use biometric authentication technologies, and 75% use biometrics for identity verification. Therefore, the rising adoption of electronic security systems will drive the growth of the physical access control system market.

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Prominent Trend - Technological Advancements Drive Innovation In The Physical Access Control System Market

Technological advancements are a key trend gaining popularity in the physical access control system market. Major companies operating in the physical access control system market are focused on developing new technological solutions to strengthen their position. For instance, in July 2023, Anviz, a US-based access control and security automation company, launched next-gen OSDP-powered access control solutions specifically designed for access control systems, providing advanced features and benefits, making it a popular choice for many organizations. OSDP enables organizations to ensure the security and efficiency of various facilities by controlling and monitoring access to physical spaces.

Physical Access Control System Market Players
Major companies operating in the physical access control system market report are United Technologies Corporation, Panasonic Corporation, Schneider Electric SE, Johnson Controls International plc, NEC Corporation, Safran Group, Tyco International plc, Assa Abloy AB, Gallagher Group Ltd., Dahua Technology Ltd., Allegion plc Ltd., Gemalto NV, Dormakaba Holding AG, Idemia Group, TKH Group NV, Axis Communications AB, Avigilon Corporation, HID Global Corp, Genetec Inc., Honeywell Commercial Security Ltd., Nedap NV, Identiv Inc., LenelS2, Bosch Security and Safety Systems, Paxton Access., Brivo Systems LLC, Aiphone Co, Verkada Inc., Vanderbilt Industries LLC., Secugen Corporation

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Largest And Fastest Growing Region In The Market
North America was the largest region in the physical access control system market in 2023. The regions covered in the physical access control system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Physical Access Control System Market Report Structure
3. Physical Access Control System Market Trends And Strategies
4. Physical Access Control System Market - Macro Economic Scenario
5. Physical Access Control System Market Size And Growth
…..
27. Physical Access Control System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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