Westford, USA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- As the world becomes increasingly interconnected, the need for accessible and secure networks grows. With the advent of connected cars and smart homes, security concerns are only going to increase. This has led to a burgeoning Global Access Control Market, with products designed to protect valuable data and assets from unauthorized access. Access control is becoming an important factor in protecting online resources and data. As businesses continue to grow, they need to find ways to keep their data secure and accessible only to approved personnel. In order to meet this demand, access control systems have become increasingly sophisticated.
One of the most popular methods in the global access control market is password authentication. This system requires users to enter a password before they can access specific information or resources. Password authentication is popular because it’s simple and reliable. However, it can be vulnerable to attack. For example, someone who knows your password can bypass your security measures and access the resources you’re supposed to protect.
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Some businesses in the access control market are using biometric identification technologies such as facial recognition or fingerprinting in addition to passwords or forms authentication. These technologies are more secure because they require users to input additional information (such as face, fingerprints, and retina, among others).
Growing Concerns Regarding Security and Privacy to Play key Role in Access Control Market
As per SkyQuest analysis, businesses around the globe are losing an estimated $35 billion each year to unauthorized security and privacy breaches. Data breaches can have a serious impact on a company’s reputation and bottom line, not to mention the personal information of employees and customers. In a recent study, we found that data breaches are now the biggest cost to organizations, surpassing costs associated with lost revenue, reduced employee productivity, and insurance claims.
The top three categories in the global access control market of data breached in 2021 were: financial institutions (26%), health care organizations (24%), and retail companies (22%). The majority of these breaches occurred due to human error or unauthorized access to database or internal system. In addition, spear phishing attacks rose by 44% in 2021, with successful attacks targeting more than one-third of all targets.
On the other hand, theft is by far the most common form of damage caused by unauthorized security and privacy breaches. In fact, it’s estimated that over 81% of all unauthorized security and privacy breaches are due to theft. Another major cost associated with unauthorized security and privacy breaches is lost revenue. According to a study by SkyQuest analysts, businesses lost an average of $3 million per data breach in 2021. This figure has consistently been rising, with organizations losing an average of $0.5 million per data breach in 2007.
Losses from data breaches could include lost sales, customers, or intellectual property. In some cases, criminals can steal sensitive personal data such as bank account numbers and Social Security numbers, which can lead to identity theft and other criminal activities. improperly handled credit reports can also hinder a person's ability to obtain loans or employment.
As a result, business around the globe have started strictly implementing access control policy and installing access control system in their premises to avoid unforeseen damages.
SkyQuest has done a through analysis of the global access control market and prepared a report. The report provides a detailed understanding about market dynamics, trends, growth opportunities, major players and their clienteles, among others.
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Key Findings in Global Access Control Market
- The installed base for access control technology is expected to reach over 680 million devices by 2028.
- Access control systems are being deployed for a wide range of commercial applications such as banking and retail, healthcare, transportation and logistics, and manufacturing.
- The industrial segment accounted for the highest share of the global access control market in 2021. This is because of increasing emphasis on safety and compliance certifications across industrial plants.
- By type, card-based systems are expected to account for the largest share of the global access control market in 2017, followed by Biometric systems. The proliferation of cloud-based technologies and their low implementation cost are driving uptake of biometric systems across various industries.
- By technology, RFID is expected to be the most dominant access control technology across various applications in 2017, due to its higher read range and robust security features. tag-based technologies such as Barcodes and QR Codes are also witnessing high adoption owing to their low implementation costs and limited space requirement.
SkyQuest’s report on global access control market provides deeper insights on market dynamics, market forecast, market share analysis, key players and their competitive landscape, new players, new revenue pockets, growth strategies, segmental analysis, and pricing analysis, among others.
Recent Developments in Global Access Control Market
- In September 2022, Alcatraz AI announced to showcase their autonomous access control solution, at GSX 2022
- In August 2022, Aratek launched new multimodal biometric software platform for access management and HR tracking
- In August 2022, Genetec, a leading provider in access control market, emerged as the fastest growing access control software provider
- In September 2022, Dronedek and Sera4 announced a collaboration to develop keyless access control system
- In September 2022, PlainID, a provider of access control management, announced a launch of a SaaS-enabled Authorization Platform
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Top Players in Global Access Control Market
- Honeywell International Inc (North Carolina, United States)
- Dots Info Systems (India) Pvt. Ltd., (Mumbai, India)
- Bosch Sicherheitssysteme GmbH (New York, United States)
- KISI Inc. (Brooklyn, NY, United States)
- HID Global Corporation (Texas, United States)
- Matrix Comsec Pvt. Ltd. (Gujrat, India)
- Johnson Controls, Inc. (Cork, Ireland)
- ASSA ABLOY group (Stockholm, Sweden)
- Ekran System Inc. (California, United States)
- SolarWinds Worldwide, LLC. (Austin, Texas, United States)
- TED Systems, Lenexa, KS. (Lenexa, United States)
- Gemalto N.V. (Amsterdam, Netherlands)
- IMEDIA France (Courbevoie, France)
- Siemens Aktiengesellschaft (Munich, Germany)
- Mace Security International Inc. (Ohio, United States)
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