Fort Collins, Colorado, Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the access control market size was valued at USD 9.4 Billion in 2022 and is expected to reach USD 20.5 Billion by 2032 at a CAGR of 8.2%.
Public and private sector companies' growing concern for security has led to adoptings newer technologies. The need for automated devices and 24*7 accessibility and protection fuel the demand in residential and business sectors. Moreover, the access control as a service (ACaaS) combines the advantage of on-premise devices with SaaS. These systems are very popular as they offer remote secure data backup and storage. Therefore, the ease of automation accessibility and convenience drives the access control market growth.
The security of the businesses and the brands is being updated regularly. As the security layers are being adopted by businesses, access control systems offer personalized and restricted access to information and other components. Different organizations adopt multi-cloud and hybrid-cloud environments. There are numerous types of access controls, including access-based controls, mandatory access controls, and discretionary access controls. The increase in the demand for such a system drives the market growth.
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Segmentation Overview:
The global access control market has been segmented into component, type, and application. Software is the most important and essential component of any advanced security and access system, the software segment is fast-growing in the access control market. The increasing popularity of cloud-based systems fuels the demand for security software. Based on type, the mandatory access control (MAC) system is one of the most secure systems with a significant market share.
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Access Control Market Report Highlights:
- The global access control market growth is anticipated at a CAGR of 8.2% by 2032.
- The increased demand for enhanced security systems and the broader adoption of the Internet of Things and cloud systems drive the access control market.
- The hardware segment is expected to account for a significant market share in the forecast period. On the other hand, the increasing popularity of cloud-based systems fuels the demand for security software.
- The DAC segment dominates the market owing to enhanced security. Therefore, an increase in the adoption of the DAC system is driving the market growth.
- Some prominent players in the access control market report include Shandong Sanshan Huawo Machinery Equipment Manufacturing Co. Ltd., Haven Steel Products Inc., Munson Machinery Company Inc., MB Crusher, Keith Huber Corporation, Changzhou Qianyi Machinery Technology Co. Ltd., Gaomi Guanriyu Machinery Co. Ltd., Bush Whacker, Reed Manufacturing Co., Woods Equipment Company, and The Toro Company.
Industry Trends and Insights:
- In 2023, Motorola Solutions announced the launch of the new Avigilon TM physical security suite, which provides safe, scalable, and adaptable video security and access management to enterprises of all sizes worldwide.
- In 2023, Sandvik introduced an AutoMine core automation platform built with AutoMine fleet management that enables customers to easily control traffic flow and handle complex operations such as deadlock control, dispatch, and dynamic speed scaling to result in greater flexibility and output.
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Access Control Market Segmentation:
- By Component: Hardware, software & services.
- By Type: DAC, MAC, RBAC.
- By Application: Homeland security, commercial, residential, and industrial.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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