Dublin, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The "Physical Access Control System Global Market Report 2022: Ukraine-Russia War Impact" report has been added to ResearchAndMarkets.com's offering.
The global physical access control system market is expected to grow from $7.42 billion in 2021 to $8.30 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The physical access control system market is expected to reach $12.34 billion in 2026 at a CAGR of 10.4%.
North America was the largest region in the physical access control system market in 2021. The regions covered in the physical access control system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising adoption of electronic security systems such as biometrics is expected to propel the growth of the physical access control system market going forward. An electronic security system refers to equipment that could perform security operations such as surveillance, access control, alarm, or intrusion control to a facility or area that uses power from the mains and a power backup. Electronic Security Systems are the physical security systems deployed to integrate into a facility's necessary level of protection.
For instance, in 2021, according to Goode Intelligence, a UK-based identity, authentication, and biometrics research and events company, biometrics are used by 73% of businesses to provide a positive customer and user experience. Additionally, 55% use biometric authentication technologies, and 75% use biometrics for identity verification. Therefore, the rising adoption of electronic security systems will drive the physical access control system market.
Technological Advancements are a key trend gaining popularity in the physical access control system market. Major companies operating in the physical access control system market are focused on developing new technological solutions to strengthen their position.
For instance, in February 2020, Openpath Security Inc, a US-based access control and security automation company, launched digital badging capabilities. These capabilities reimagined credential with Custom Designs that has two-way communication and enterprise-grade security capabilities to bridge the physical and digital security gaps. It also allows users to match their physical ID badge and photo to a digital credential to enhance the security process.
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- Impact of high global inflation on market growth.
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| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2022 - 2026 |
| Estimated Market Value (USD) in 2022 | $8.3 billion |
| Forecasted Market Value (USD) by 2026 | $12.34 billion |
| Compound Annual Growth Rate | 10.4% |
| Regions Covered | Global |
Scope
Markets Covered:
1) By Component: Hardware; Software; Services
2) By Technology: Keypads-based PACs; Card-based PACs; Biometric PACs
3) By End User: Banking, Financial Services and Insurance (BFSI); Healthcare; Manufacturing; Services, Communication and Media; Retail and Other Corporate; Transportation and Utilities; Other End Users
Key Topics Covered:
1. Executive Summary
2. Physical Access Control System Market Characteristics
3. Physical Access Control System Market Trends And Strategies
4. Physical Access Control System Market - Macro Economic Scenario
5. Physical Access Control System Market Size And Growth
6. Physical Access Control System Market Segmentation
7. Physical Access Control System Market Regional And Country Analysis
8. Asia-Pacific Physical Access Control System Market
9. China Physical Access Control System Market
10. India Physical Access Control System Market
11. Japan Physical Access Control System Market
12. Australia Physical Access Control System Market
13. Indonesia Physical Access Control System Market
14. South Korea Physical Access Control System Market
15. Western Europe Physical Access Control System Market
16. UK Physical Access Control System Market
17. Germany Physical Access Control System Market
18. France Physical Access Control System Market
19. Eastern Europe Physical Access Control System Market
20. Russia Physical Access Control System Market
21. North America Physical Access Control System Market
22. USA Physical Access Control System Market
23. South America Physical Access Control System Market
24. Brazil Physical Access Control System Market
25. Middle East Physical Access Control System Market
26. Africa Physical Access Control System Market
27. Physical Access Control System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Physical Access Control System Market
29. Physical Access Control System Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
- Honeywell Commercial Security
- Bosch Security and Safety Systems
- Safran Security
- Assa Abloy AB
- Tyco
- Axis Communications
- Allegion plc Ltd.
- Aiphone Co.
- TKH Group NV
- Avigilon Corporation
- Johnson Controls International Plc
- Brivo Systems LLC
- United Technologies Corporation
- Identiv
- Secugen Corporation
- Paxton Access.
For more information about this report visit https://www.researchandmarkets.com/r/g14mb4
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