Austin, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The Access Control Market Share is expected to be valued at USD 9.75 Billion in 2023. It is estimated to reach USD 19.00 Billion by 2032, with a growing CAGR of 7.7% over the forecast period 2024-2032.
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KEY PLAYERS:
- Dormakaba Holding
- Johnson Controls
- Honeywell International
- Nedap
- Thales Group
- NEC Corporation
- ASSA ABLOY
- Allegion plc
- Identiv Inc
- Suprema HQ
- Bosch Security Systems
“Increasing levels of crime, improvements in biometric technology, and the incorporation of IoT solutions are fueling the growth of access control systems.”
The access control market is on the rise due to the need for enhancing security, due to high security breaches, related theft increases, and growing technological capabilities allowing for improved safeguards. Access control systems allow for advanced management and control of access to any physical or digital space. The market is actively changing because of the increased interest in improved smart security solutions, growth in biometric technology, RFID systems, and cloud solutions. In 2024, about 60% of organizations continue to rely on ID badge access control as a method of unlocking, but there is a clear preference for smartphones. Further, 53% of organizations are aiming to build secure remote access as hybrid work trends spike. A USD 20 rent increase has supported the funding of access control upgrades, hence triggering a 39% improvement over the 5 years this has taken place. More than 70% of organizations have not experienced more than five major security incidents in yearly durations.
Access Control Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 9.75 billion |
| Market Size in 2032 | USD 19.00 billion |
| CAGR (2024-2032) | 7.7% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segment Analysis
"Hardware Dominates Market Share in 2023, While Software Segment Poised for Rapid Growth Due to Flexibility and Cloud-Based Solutions"
The hardware segment held the largest market share of 54% in 2023. This fact can be associated with the developments in hardware, which continue to be pivotal due to controlling the entry and exit through card readers, biometric scanners, electronic locks, and controlling devices. Security concerns and creating a safe environment will result in the escalating need for prohibitive hardware amid the high crime rate. This segment will be characterized by significant advancements to provide remote control, flexibility, and adaptability, which will drive growth.
The software segment is expected to grow the fastest during the forecast period, which will be associated with the best flexibility since it manages the system user access and ensures vulnerability. The other reason is the ongoing elimination of the necessity of on-premise deployment by offering cloud-based systems with the possibility of access via a laptop or mobile phone on the go.
"Managed Access Control Systems: Capturing Over 40% Market Share in 2023 and Poised for Rapid Growth"
The managed service segment captured a market share of over 40% in 2023 and is expected to grow at a rapid rate during 2024-2032. Managed Access Control provides a centralized system that substitutes analog locks with digital alternatives. It offers a compartmentalized approach to utilize unified control and a streamlined monitoring system. Thus, MAC systems are in high demand for large organizations.
"North America Leads Access Control Market in 2023; Asia Pacific Poised for Rapid Growth Through 2032"
North America dominated the Access Control Market in 2023 with a market share of over 40%. The region's strong demand for access control products is fueled by the need for high-security measures in various sectors, including finance, healthcare, and government. Technological advancements and the widespread adoption of smart home solutions further contribute to this dominance.
The Asia Pacific region is projected to have the fastest CAGR from 2024 to 2032. The rise in data breaches and unauthorized access incidents drives the demand for advanced access control systems. Investments in high-security infrastructure, including biometric and RFID technologies, are propelling market growth.
Recent Developments
- In July 2024, a new biometric access control reader was presented by HID Global, which provides more accurate fingerprint recognition and can be connected to mobile devices. With this reader, the level of security can be increased substantially because of precise identification and the possibility of managing it remotely.
- In June 2024, the updated version of the smart lock system was announced by ASSA ABLOY, which includes a newly designed encryption system, and a cloud access device. It can be connected to the system that is used currently, as well as to be managed remotely.
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Key Takeaways from the Market Study
- The Access Control Market offers advanced security solutions to tackle increasing worries about theft and unauthorized entry.
- The combination of biometric, RFID, and cloud-based technologies provides enhanced capabilities and ease of use.
- Recognizing regional patterns, like North America's strong presence and Asia Pacific's rapid expansion, can assist stakeholders in making well-informed investment choices.
- Recent progress in access control products from top firms showcases the continued innovation and competitive environment in the market.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Access Control Market Segmentation,by Offering
- Hardware
- Software
8. Access Control Market Segmentation, by service
- Managed
- Hosted
- Hybrid
9. Access Control Market Segmentation, by industry vertical
- Commercial
- Government
- Education
- Manufacturing & Industrial
- Military & Defense
- Residential
- Healthcare
- Transportation
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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