Press release
Global Access Control Market: Rising Adoption of Smart Homes and Increased Cybersecurity Threats Amplify Market Growth
Access Control Market
What Is The Projected Market Size Of The Global Access Control Market And Its Growth Rate?
The access control market is exhibiting impressive growth, due to several major factors:
• 2024 Market Size: $13.69 billion
• 2025 Market Size: $15.07 billion (10.1% CAGR)
• Anticipated 2029 Market Size: $26.43 billion (15.1% CAGR)
The market's growth can be attributed to the increased use of mobile access control systems, government investments to prevent cyber-attacks, focus on cloud-based access control systems, rising adoption by the hospitality sector, and the surge in data security breaches.
What Is Driving The Growth In The Access Control Market?
One of the main drivers for the Access Control Market's rapid expansion is the escalating trend of smart homes. This concept, which employs Internet-connected devices for remote monitoring and management of appliances and systems, is driving the need for connected access control systems that can be controlled from afar. 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, predominantly propelled by Germany, the UK, and France. Therefore, it is clear that the advent of smart homes is a significant catalyst for growth in the access control market.
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Who Are the Key Players Driving Access Control Market Growth?
The market's development is being led by a number of key players:
• Honeywell International Inc
• Robert Bosch GmbH
• Assa Abloy AB
• Johnson Controls International Inc
• Thales Group
• Allegion PLC
• Hanwha Techwin Co. Ltd
• Schneider Electric SE
• NEC Corporation
• IDEMIA, and more
What Are The Key Trends In The Access Control Market?
Several key trends shape the future of the Access Control Market:
• Launching cloud-based access control systems for market growth
• Introducing mobile-based access control solutions to strengthen their market position
• Working with hotel partners to bring guest keys to digital wallets for easier access
• Providing AI facial recognition
• Launching biometric access control systems
• Launching innovative products in the access control market so as to strengthen product portfolio
What Are The Segments Of The Global Access Control Market?
The Global Access Control Market is categorised into the following segments:
• By Type: Card Based, Biometric Based
• By Vertical: Commercial, Military And Défense, Government, Residential, Education, Healthcare And Others, Manufacturing And Industrial, Transportation, Hospitality
• By Deployment Model: Cloud, On-Premises
Which Region Leads The Access Control Market?
In 2024, Asia-Pacific held the largest market share in the access control market. Moreover, throughout the forecast period, it is also projected to be the fastest-growing region. Other regions discussed in this report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Access Control Market Global Market Report?
- Market Size Analysis: Analyze the Access Control Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Access Control Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Access Control Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Access Control Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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