Physical Access Control System Market 2024 - By Size, Share, Trends And Growth Prospects 2033

The new report published by The Business Research Company, titled ""Physical Access Control System Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

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.

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

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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

Contents of the report:
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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