Dublin, March 21, 2024 (GLOBE NEWSWIRE) -- The "Global Access Control Market by Offering (Hardware-Card-based, Biometric, & Multi-technology Readers, Electronics Locks, Controllers; Software; Services), ACaaS (Hosted, Managed, Hybrid), Vertical and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global access control market has undergone significant growth and is expected to continue its upward trajectory, according to a new research report. The access control market, comprising hardware, software, and services, has been observed to grow from USD 10.4 billion in 2024 to an estimated USD 15.2 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 7.8%.
Amid the increase in security threats and technological advancements, the software segment of the access control market is predicted to witness the highest growth rate within the forecast period. Cloud-based software and management system software play a critical role in the seamless functionality of access control systems, contributing to their growing market share.
In the commercial sector, which includes businesses, retail stores, hotels, and hospitals, a significant adoption of advanced access control systems is evident. This sector is expected to maintain the largest market share due to the need for stringent security measures. Notably, the United States is expected to hold the major market size in the North American access control market during the forecast period. Current trends indicate an increase in demand for efficient and sophisticated electronic security solutions to counteract rising security threats in the US.
Market Dynamics
- Drivers: The market is primarily driven by the increased awareness of security technologies and the integration of wireless systems that offer simplified management and cost-effectiveness.
- Restraints: A high initial investment cost coupled with maintenance expenses poses a restraint to the market's growth.
- Opportunities: The rapid pace of urbanization in emerging countries presents significant opportunities for expanding the access control market.
- Challenges: A notable market challenge is overcoming the low awareness among potential consumers regarding the availability and benefits of advanced security solutions.
The report provides a comprehensive analysis of the access control market dynamics, including key drivers, restraints, opportunities, and challenges that influence market growth. A detailed competitive assessment of leading players in the market is also included, highlighting growth strategies, market shares, and services offered.
Users interested in understanding the competitive landscape, technological innovations, market development, diversification, and market trends will find valuable insights in the research report. Strategic information provided in the report aims to better position stakeholders in the market and enable informed decision-making.
Key Market Highlights
- A growth strategy analysis, including product launches, acquisitions, and expansions by the leading players in the market.
- Regional market analysis to unveil lucrative areas of investment and growth across various geographies.
- In-depth insights into key market trends and emerging technologies that are shaping the future of access control systems.
- A comprehensive assessment of market competition and the positioning of key players in the industry landscape.
The research report on the global access control market is a valuable resource for stakeholders seeking to understand market trends and make informed business decisions. The report's findings underscore the ongoing evolution of the access control industry and its impact on security and management across the globe.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 247 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $10.4 Billion |
| Forecasted Market Value (USD) by 2029 | $15.2 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
Companies Mentioned
- Assa Abloy
- Dormakaba Group
- Johnson Controls
- Allegion PLC
- Honeywell International Inc.
- Identiv, Inc.
- Nedap N.V.
- Suprema Inc.
- Bosch Security Systems GmbH
- Thales
- Amag Technology
- Axis Communications Ab
- Gunnebo Safe Storage Ab
- Nec Corporation
- Gallagher Group Limited
- Brivo Systems, LLC
- Salto Systems, S.L.
- Idemia
- Vanderbilt Industries
- Cansec Systems Ltd.
- Securitas Technology
- Datawatch Systems
- Telcred
- Forcefield Security
- Kisi Inc.
For more information about this report visit https://www.researchandmarkets.com/r/iton10
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