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Redding, California - July 15, 2024

Access Control Market to be Worth $19.6 Billion by 2031

Access Control Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware {Biometric Devices, Electronic Locks, Other}, Software {Cloud, On-premise}, Services), End User (Residential, Commercial {Retail, IT & Telecom, Other}, Industrial), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Access Control Market by Offering (Hardware {Biometric Devices, Electronic Locks, Other}, Software {Cloud, On-premise}, Services), End User (Residential, Commercial {Retail, IT & Telecom, Other}, Industrial), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the access control market is projected to reach $19.6 billion by 2031, at a CAGR of 10.6% from 2024 to 2031. The growth of the access control market is driven by the rising demand for advanced access control devices, growing safety & security concerns related to unauthorized access, and the increasing number of smart home projects around the world. However, the high initial costs of deployment limit the adoption of access control systems, restraining the growth of this market.

Furthermore, organizations’ increasing preference for cloud-based access control systems and the growing use of wireless access controls are expected to generate growth opportunities for the stakeholders in the access control market. However, low awareness regarding advanced security solutions in developing countries and data security & privacy issues are major challenges in the access control market.

Additionally, the increasing adoption of Access Control as a Service (ACaaS), the growing utilization of smartphones for access control, and the increasing use of contactless biometric access control devices are prominent trends in the access control market.

Based on offering, the access control market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of over 56.0% of the access control market. The hardware segment comprises biometric devices, cards, electronic locks & doors, controllers, and hybrid devices. The large market share of this segment is attributed to the growing adoption of access control systems for safeguarding offices, government buildings, airports, hospitals, and military facilities, growing urbanization, and the increasing number of smart homes & apartments.

In addition, the increasing deployment of access control systems for more comprehensive and efficient security is expected to drive the growth of this segment. For instance, in February 2023, San Diego International Airport deployed Identiv’s comprehensive, end-to-end access control ecosystem, including Hirsch Velocity Software and its Velocity Vision Video Management System (VMS), under a single Graphical User Interface (GUI).

However, the services segment is projected to register the highest CAGR during the forecast period. Organizations’ growing need for visibility to diagnose and troubleshoot problems before they impact operations or end-user experiences is driving the adoption of access control services. Technical support and upgrades ensure optimum utilization of access control solutions. Additionally, the increasing deployment of access control solutions and the rising demand for both pre-deployment and post-deployment services support the growth of this segment. These services are crucial for maintaining security, privacy, and compliance within an organization. Access control services typically encompass various aspects, including authentication, authorization, auditing, and monitoring.

Based on end user, the access control market is broadly segmented into residential, commercial, and industrial end users. In 2024, the commercial segment is expected to account for the largest share of over 52.0% of the access control market. The large market share of this segment is attributed to the increasing implementation of access control systems across government facilities, the growing use of smart cards in the hospitality sector, and the increased adoption of enterprise-level access control solutions.

In addition, the increasing deployment of access control systems for office spaces to bolster the security of entrances supports the growth of this segment. In August 2023, HID Global Corporation (U.S.), the global leader in trusted identity solutions, partnered with Ghelamco Group (Belgium), an international real estate investor and developer, to standardize HID’s mobile and physical access control solutions across its prestigious projects in Warsaw, Poland.

Moreover, the commercial segment is also projected to register the highest CAGR during the forecast period. The growth of this segment is driven by market players’ growing focus on technology and product development to cater to the needs of commercial end users. For instance, in July 2023, Anviz Global Inc. (U.S.), an industry leader in professional and converged intelligent security solutions, launched its next-generation access control solutions powered by the Open Supervised Device Protocol (OSDP) for education, government, commercial real estate, retail, manufacturing, healthcare, and hospitality, among other end users, providing them with access to a comprehensive and integrated security control experience.

Based on geography, the access control market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 44.0% of the access control market. APAC’s large market share is attributed to the region’s rapidly developing economies, consistent technological advancements in access control solutions, increased use of access control systems at airports and railway stations, and the increasing deployment of access control systems across government agencies for tracking employee attendance.

For instance, in March 2022, IDEMIA (France), the global leader in Identity technologies, announced plans to provide biometric solutions to Singapore’s Changi Airport Terminals 1 and 2 (T1 and T2) to elevate the passenger experience, particularly in the immigration process.

Moreover, Asia-Pacific is also projected to register the highest CAGR of 11.7% during the forecast period. The growth of this regional market is driven by the rising adoption of biometric recognition technology and technological advancements in access control systems. For instance, in November 2022, NEC Corporation (Japan), a Japanese multinational information technology and electronics corporation, developed a Gateless Access Control System using Biometric Recognition that combines NEC’s face recognition technology with person re-identification technology, which matches people even if they are facing away or their bodies are occluded, to provide fast and reliable gateless entry control.

Key Players:

The key players operating in the access control market are Johnson Controls International plc (Ireland), Honeywell International Inc. (U.S.), Identiv, Inc. (U.S.), Suprema Inc. (South Korea), Bosch Sicherheitssysteme GmbH (Germany), Genetec Inc. (Canada), NEC Corporation (Japan), Assa Abloy (Sweden), dormakaba International Holding AG (Switzerland), Allegion plc (Ireland), Nedap N.V. (Netherlands), Thales (France), IDEMIA (France), Axis Communications AB (Sweden), Anviz Global Inc. (U.S.) and Dahua Technology Co., Ltd (China).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5097

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of offering, end user, and geography?
What is the historical market size for access control hardware, software, and services across the globe?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the access control market?
Who are the major players in the access control market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the access control market?
What are the growth strategies adopted by major players in the access control market?
What are the key geographic trends, and which are the high-growth countries?

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Redding, California - July 15, 2024

Access Control Market to be Worth $19.6 Billion by 2031

Access Control Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware {Biometric Devices, Electronic Locks, Other}, Software {Cloud, On-premise}, Services), End User (Residential, Commercial {Retail, IT & Telecom, Other}, Industrial), and Geography - Global Forecast to 2031

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