The Evolution of Access Control Technology: Market Forecast and Key Insights for 2029

The access control market is projected to grow from USD 10.4 billion in 2024 and is expected to reach USD 15.2 billion by 2029, growing at a CAGR of 7.8% from 2024 to 2029. The rising number of smart infrastructure and smart city projects is driving the market for access control systems. Access control systems can be integrated with traffic management systems, public safety networks, and even building automation systems, creating a unified platform for managing and optimizing urban operations.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=164562182

Access control are being used in various verticals such as commercial, military & defence, government, residential, education, healthcare among other. In terms of verticals, the residential segment is expected to witness the highest CAGR during the forecast period. As the value of properties are growing, homeowners are naturally invested in safeguarding their investment. Access control systems, has the ability to deter unauthorized access and monitor activity, contributing significantly to the overall value and security of a home. Moreover, it also provides remote monitoring and control of home's simply with smartphone apps which allows you to grant or deny access, check lock status, and receive real-time alerts, empowering safety from anywhere.

The hardware segment in the access control market is expected to hold with the largest market share during the forecast period. Hardware segment is one of the essential component as it encompasses of all the physical elements required for a functional system, from card readers and biometric scanners to door controllers and electronic locks. These components play a critical role in granting or denying access, collecting data, and ensuring security. Without robust hardware, even the most sophisticated software cannot function effectively.

In Asia Pacific, China will likely dominate the access control market during the forecast period. China is a growing economy with rapid industrialization, infrastructure development, and continuous improvement in the standard of living of the citizens. The rapid expansion of cities and businesses in China creates a need for security and controlled access. Access control systems offer efficient tools for managing access to residential buildings, commercial complexes, government facilities, and critical infrastructure.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=164562182

Major players in this market ecosystem are ASSA ABLOY (Sweden), dormakaba Group (Switzerland), Jhonson Controls (Ireland), Allegion Plc (Ireland), Honeywell International Inc. (US), Identiv, Inc. (US), Nedap N.V. (Netherlands), Suprema Inc. (South Korea), Bosch Security Systems GmbH (Germany), and Thales (France), among others. The market players have availed opportunities like indulging in partnerships and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.