Meticulous Research®– a leading global market research company published a research report titled “Access Control and Authentication Market by Technology (Biometrics, Smart Card, Electronic Locks), Component, Application (Residential/Commercial, IT Telecom, BFSI, Retail, Defense, Healthcare, Manufacturing, Hospitality) – Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the access control and authentication (ACA) market is expected to grow at a CAGR of 11.2% from 2020 to reach $22.7 billion by 2027. The growth in this market is majorly attributed to the factors such as increasing demand for high-level secured access control & authentication devices, growing security concerns, increasing strategic developments among players working in ACA market, and stringent government rules & regulations. In addition, growing acceptance of smart technologies, such as voice recognition, fingerprint recognition, face recognition, and smart cards and their high adoption rate in the security devices are also expected to support the growth of this market over the coming years. However, the factors such as high initial cost for the deployment of biometric access control system and impact of COVID-19 on the access control & authentication industry has created some serious challenges for the growth of this market.
The global access control and authentication market study present historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of technology (biometrics, smart card, electronic locks & doors, magnetic strips, others), component (hardware, software, services), application (residential, commercial, government & public utilities, IT & telecom, BFSI, retail, military & defense, healthcare, manufacturing, hospitality, education), and geography. The study also evaluates industry competitors and analyzes the market at a country level.
Based on technology, the ACA market is segmented into biometrics, smart card, electronic locks & doors, magnetic stripe, and others. Among these, the biometric technology segment is estimated to account for the largest share of the overall access control and authentication market in 2020, as well as projected to grow with the fastest CAGR during the forecast period. The large share of this segment is mainly attributed to the increasing adoption of biometric authentication devices, rapid technological advancements, rising acceptance & demand for access control system, and increasing investment in biometric technology. In addition, growing need for contactless biometric access control & authentication devices owing to COVID-19 pandemic is also encouraging the demand for biometric authentication devices and ultimately contributing to the rapid growth of the access control and authentication market.
Based on component, the ACA market is segmented into hardware, software, and services. The hardware segment is estimated to account for the largest share of the overall access control and authentication market in 2020, owing to the factors such as increasing adoption of access control hardware, advancements in promising technologies and their integration with access control devices, and increasing demand for high-level security. However, the services segment is expected to grow with the fastest growth rate over the coming years.
Based on application, the ACA market is segmented into residential & commercial, government & public sector, BFSI, IT & Telecom, retail, healthcare, military & defense, manufacturing, hospitality, education, and others. The residential & commercial sector is estimated to account for the largest share of the overall access control and authentication market in 2020, as well as projected to grow with the fastest CAGR during the forecast period. The large share of this segment is mainly attributed to the factors such as rapidly increasing urbanization, growing demand for high-quality security devices coupled with the growing awareness, increasing investment in smart city initiatives, and growing network infrastructure.
Geographically, the ACA market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East &Africa. The Asia Pacific region is estimated to account for the largest share of the global access control and authentication market in 2020. The large share of this region is mainly attributed to the presence of major players along with several emerging startups; technological advancements along with high adoption of modern technologies; technological transition of different manufacturing and services industries; and high economic growth rate in the region. Moreover, high demand for ACA products & applications due to the increasing government investments for security infrastructure, particularly for BFSI and healthcare industry, is also expected to support the fastest growth of the access control and authentication technologies market in the APAC region over the forecast period.
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The key players operating in the global access control and authentication market are Bosch Security and Safety Systems (U.S.), Panasonic Corporation (Japan), Gemalto N.V. (Netherlands), Honeywell Commercial Security (U.S.), Axis Communications AB (Sweden), Genetec Inc. (Canada), Identiv, Inc. (U.S.), Suprema, Inc. (Republic of Korea), Zhejiang Dahua Technology Co. Ltd. (China), NEC Corporation (Japan), ASSA ABLOY (Sweden), AMAG Technology, Inc. (U.S.), Johnson Controls International Plc (Ireland), and Sensory, Inc. (U.S.), among others.
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