New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The global access control market size is expected to expand at ~11.7% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 39.1 billion by the end of 2035, up from a revenue of ~USD 10.3 billion in the year 2022. This growth is largely attributed to the increasing awareness among enterprises about the need for enhanced security solutions, and the rising demand for access control systems in residential and commercial areas due to increasing theft and robberies. The United States experiences a home burglary every 15 seconds, which means approximately 4,700 burglaries happen every day. There are 60-65% of burglaries committed in residential properties, and 27% of thieves enter through open front and back doors.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4803
Access control systems, such as key cards, electronic locks, and security cameras, help to deter criminals from entering a home or business because they know that their access will be monitored and tracked. This makes them less likely to try and commit a crime in an area where access control is in place.
Access Control Market: Key Takeaways
- Market in North America to propel the highest growth
- The electronic locks segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Intensifying Use of IoT-Connected Devices to Boost Market Growth
A number of industries, such as healthcare, retail, automotive, and manufacturing, are deploying IoT-connected devices. The number of connected IoT devices worldwide is expected to grow another 15% to 17 billion active endpoints by 2023, with over 30 billion IoT devices expected by 2027. IoT devices such as mobile phones, refrigerators, watches, fire alarms, door locks, bicycles, home security systems, medical sensors, fitness trackers, and smartwatches provide greater control, convenience, and security, and can be used to automate processes, monitor energy usage, and manage access control.
Access control is used to ensure that only authorized users or devices can access the data stored on an IoT-Connected Device, and that unauthorized users or devices are blocked from accessing that data. This is important for protecting the data from malicious attacks or unauthorized use.
Access Control Market: Regional Overview
The global access control market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Deployment of Smart Home Technology to Drive the Growth in the North America Region
The access control market in North America region is expected to generate the most revenue by the end of 2035. The increasing focus on security and safety in homes, as well as the convenience of being able to access your home remotely, has led to a surge in the demand for access control systems in North America. The high rate of adoption of smart home devices and the availability of advanced and cost-effective access control systems has further fueled the growth of the market in this region. As of 2023, at least 60 million households in the US are predicted to be extensively using smart home technology, as measured by using it at least once per month.
Additionally, in 2023, nearly 47% of all households will have smart home technology. As people become more reliant on technology to control aspects of their home life, such as lighting, security, climate control, and entertainment, they are likely to demand more secure access control systems to ensure their safety and privacy.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4803
Increasing Adoption Of Access Control Solutions In A Variety Of Industries to Drive the Market Growth in the Asia Pacific Region
The Asia Pacific access control market is estimated to garner the largest revenue by the end of 2035. This is mainly due to the increasing adoption of access control solutions across various verticals, such as banking and finance, government, healthcare, and others, in countries such as India, China, Japan, Australia, South Korea, and Taiwan. For instance, Federal Bank Limited in India partnered up with IDEMIA, the world leader in augmented identity solutions, for the purpose of enhancing their current access control and staff management systems with biometric contactless technology. This solution uses IDEMIA's SmartBio SDK to verify employees' identity and allow them to access the Core Banking System using iris and facial recognition. It ensures secure access to the bank's data and also enables the bank to keep a log of all employees accessing the system.
Additionally, the rising need for efficient and reliable security solutions and the growing demand for access control systems in the corporate sector are some of the other factors propelling the access control market growth in region.
Access Control, Segmentation by Offering
- Electronic Locks
- Card Reader & Access Control Devices
- Biometric Readers
Electronic locks are expected to command the highest revenue by the end of 2035 due to the increasing demand for these locks, which offer more convenience and security compared to traditional locks. Electronic locks provide better security and convenience by allowing users to control their locks remotely and securely.
Additionally, they also provide enhanced features such as PIN codes, biometric authentication, and keyless entry. Electronic locks, also known as digital locks, are becoming an increasingly popular solution, not just in homes, but as well in industrial and commercial settings. As a result of the rapid growth of smart locks over the last couple of years, almost 12 million homes in the United States now have them installed. Furthermore, they can also be connected to other home automation systems, such as lighting and climate control systems, making them an attractive option for many homeowners.
Access Control, Segmentation by End User
- Government
- Residential
- Commercial
- Industrial
- Healthcare
- Military & Defense
- Transport & Logistics
The government sector is expected to hold the biggest revenue share by the end of 2035. Access control is a secure system that is designed to prevent unauthorized access to government buildings. It also allows for tracking of personnel and visitors, providing an audit trail of any activity that takes place. This level of security is especially important for government buildings which must adhere to strict security compliances. Government data is often a target for malicious actors since it is highly valuable and many times difficult to secure.
Additionally, government organizations are frequently targeted in cyberattacks due to their size and complexity, which makes them an attractive target for criminals. There were more than 31,000 cybersecurity incidents reported by federal agencies in the United States in 2018. A mere two percent of exposed data was caused by the U.S. government, as well as nearly six percent of all data breaches in the following year.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4803
Access Control, Segmentation by Software
- Visitor Tracking
- Security Management
- Space Management
Few of the well-known market leaders in the global access control market that are profiled by Research Nester are Suprema Inc., Honeywell International Inc., Identiv, Inc., Allegion plc., Assa Abloy AB, Nedap N.V., Bosch Security Systems GmbH, Gemalto Inc., TrustSEC, Fingerprint Cards AB, and other key market players.
Recent Development in the Market
- TrustSEC released the launch of its Bio Access control card. By utilizing an access control card, users would be able to streamline their authentication process, which is also backed by strong security standards. Through the use of a distinctive fingerprint, the Bio access control cards from TrustSEC successfully validate the user's identity over both logical and physical access points.
- Fingerprint Cards AB has revealed that Lenovo's ThinkBook 14 and ThinkBook 15 G4 notebooks are equipped with fingerprint cards in the power button as part of their biometric PC solution.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
