International. The global access control market, taking into account the impact of Covid, is expected to grow from US$8.6 billion in 2021 to US$13.1 billion by 2026, at a CAGR of 8.7%, according to the latest research from Marketsandmarkets.
Analysts suggest that the continued adoption of access control as a service (ACaaS); implementation of access control based on mobile devices; Global proliferation of smart city initiatives, and increasing urbanization in emerging countries provides enormous growth opportunities to access control market players.
The growth of this sector is driven by the high adoption of solutions due to the increase in crime rates globally; technological advances and deployment of wireless technology in security systems; and adoption of IoT-based security systems with cloud computing platforms. Biometric readers represent the biggest growth.
Commercial sector leading vertical growth
The commercial vertical is the largest end user of access control systems. In this vertical, commercial facilities such as companies and data centers; BFSI; retail stores and shopping malls; and are considered entertainment areas. Staffed security for all physical locations is difficult and expensive. The demand for access control systems is increasing as they reduce the need for security per staff to a greater extent, thus reducing security expenses. These factors were found to be encouraging commercial facilities to adopt access control systems to protect people and property by researchers.
The largest geographic market in North America
North America, according to Marketsandmarkets, is more advanced than other regions in terms of implementing access control systems. Companies in the U.S., Canada, and Mexico are making efforts to improve their expertise and develop innovative access control systems and services.
This provides them with a greater competitive advantage to increase their share of the region's access control market. The increasing number of cyber and malware attacks in the region has forced various governments and security agencies to improve the security features in their transactions by deploying RFID and biometric technologies, further contributing to the overall growth of the access control market.
Leave your comment