International. Marketsandmarkets' latest report on the access control market includes the suggested impact of COVID-19 on the sector, including global forecasts for 2025 projecting growth from US$8.6 billion in 2020 to US$12.8 billion by 2025, growing at a CAGR of 8.2%.
The increasing deployment of wireless security systems and the increasing adoption of IoT-based security systems with cloud computing platforms are the key factor that is driving the growth of the access control market, according to the researchers.
Biometric readers are expected to witness the highest growth rate during the forecast period.
Analysts find that the commercial vertical is the largest end user of access control systems, including facilities such as enterprises and data centers; BFSI; retail stores and shopping malls; and 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 are encouraging commercial facilities to adopt access control systems to protect people and property.
Geographically, North America is the largest market, as researchers consider it more advanced than in 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 gives them 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.
