Physical Access Control System Market Report 2024 - Physical Access Control System Market Opportunities, Trends And Revenue

"The Business Research Company recently released a comprehensive report on the Global Physical Access Control System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:
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 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.

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Major Key Players of the Market:
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

Physical Access Control System Market 2024 Key Insights:
• 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%.
• Surging Adoption Of Electronic Security Systems Drives Growth In The Physical Access Control System Market
• Technological Advancements Drive Innovation In The Physical Access Control System Market
• North America was the largest region in the physical access control system market in 2023

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