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Access Control Global Market Report 2024 To 2033 | Honeywell International Inc, Robert Bosch GmbH, Assa Abloy AB, Johnson Controls International Inc, Thales Group, Allegion PLC, Hanwha Techwin Co. Ltd
Access Control Market Size
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Kimberly Clark Corporation, Essity AB, Procter and Gamble Co., Reckitt Benckiser Group plc, Unicharm International, NicePak International, Rockline Industries, Johnson & Johnson, The Clorox Company, Edgewell Personal Care, The Himalaya Drug Company, Sateri, Savlon (ITC), Little's, MeeMee, LuvLap, Hengan, Vinda, C&S Paper and Dongshun, Shanghai Shimei Biotechnology Co. Ltd., Zhejiang Youquan Care Products Technology Co. Ltd., Shaoxing Wanhuangmei Nonwovens Co. Ltd., Ningbo Riway Daily Commodity, Anhui Yunzhiyu Daily Chemical Products, Shandong Gyrfalcon Business, Shaoxing Elite Bio-Tech Co. Ltd., Innovate GMBH, Optimum11 GMBH, Dr. Deppe Group, WHR, Temca GMBH, Optima nonwovens GMBH, PDI (EMEA), Wipertec, Turati, Vega SRL, O-PAC SRL, Stenago SRL, TAKEANDCARE, Drylock Technologies NV, Biosphere Corporation, SaneChem, Cotton Club, Medline Industries Inc, Unilever Group, 3M Co., Diamond Wipes International Inc., The Honest Company Inc., Fibertex, Indo Chem Laboratories, Zhermack, Arabian Wet Wipes FZC, Emirates Wetwipes, Quality Wipes, Care Wet Wipes, Shamsan Group, Batterjee Paper Products, Zulustar (Pty) Ltd., Validus Medical Pty Ltd., Wemy Industries, National Pride (Pty) Ltd.
Access Control Market 2024 Key Insights:
• 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%.
• Rapid Growth Of Smart Homes Boosts Demand For Access Control Systems
• Growing Popularity Of Cloud-Based Access Control Systems Fuels Market Expansion
• Asia-Pacific was the largest region in the access control market in 2023 and it is also expected to be the fastest-growing region in the forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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