According to newly released data on the access control market analysis by Future Market Insights (FMI), the market will grow at a CAGR of 12.6% from 2021-2031, with revenue totaling US$ 15,371.0 Mn by the end of 2021. Growth has been attributed to rapid technological advancements in the IT & telecom industry. Advanced technologies have become essential in improving economic competitiveness, thereby propelling market growth.
The adoption of access control systems in various industry verticals is expected to propel the market. Information and data security is becoming a top priority for industrial organizations to secure their information and other digital assets from threats.
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The latter goal largely depends on guaranteeing safety for visitors, plant managers, workers, and more. The growing necessity of integrated access control solutions to create secure environments across industrial areas that layer several technologies in conjunction with contingency plans for human and asset protection will drive demand.
Therefore, access control is the ideal way to seamlessly fuse such solutions without compromising on productivity, safety, and security with greater efficiency. Several industrial organizations such as IT & telecom, healthcare, BFSI, and manufacturing, are adopting access management solutions to ensure the protection of resources.
The rapidly growing usage of mobile devices has shifted the focus of corporate sectors towards enterprise mobility practices. The major types of smartphone door access control systems include IP systems, control panel systems, and mobile access credentials.
The use of mobile-based credentials is the organic evolution from conventional physical security in the access control industry. Mobile credentials offer superior security and convenience. Smartphone access encompassed with cloud-based systems make such solutions an economical choice for long-term applications, although local systems only require one-time investments.
Key Takeaways from the Access Control Market Study
- Iris recognition access control systems will witness the highest growth rate at over 16%, owing to investments into new biometric security solutions through 2031.
- The healthcare sector is anticipated to capture the largest share of 19.8% in 2021, backed-up by security concerns in healthcare facilities associated with the use of EMR.
- The U.S. will remain dominant in North America with a 84.5% share in 2021, supported by faster access to tech developments in end use verticals.
- The market in Japan is expected to progress at a noteworthy CAGR of close to 17% through 2031, supported by a tech-driven economy.
- In the U.K., sales are expected to increase at a CAGR of more than 15% over the next ten years, driven by favorable government investments and policies.
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COVID-19 Impact Analysis on Access Control Market
The COVID-19 pandemic has impacted every sector with social distancing norms pushing organizations towards digitalization to ensure data and asset safety. Businesses that invested in digital transformation initiatives in the past have proved to be more resilient during the crisis.
The outbreak of the covid-19 virus has presented a challenge to communities and businesses, where the use of physical security systems has become more than a means to prevent criminal activity.
Part of the new post-covid normal is managing a location’s occupancy levels to ensure social distancing or allowing hands-free entrance. The demand for access control systems is projected to further continue to rising with a rapid shift towards enhanced verification systems and digital identity management. Consequently, the access control market is estimated to grow around 7.6% to 10.8% Y-o-Y from 2019 to 2021.
More Valuable Insights on Access Control Market
FMI’s report on the access control market is segmented into four major sections – component (hardware, software, and services), system type (Fingerprint Access Control Systems, Face Recognition Access Control Systems, Iris Recognition Access Control Systems, Card-based Access Control Systems, and others), industry (IT & telecom, BFSI, military & defense, healthcare, government, education, manufacturing, transportation & logistics, others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, India, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the access control market.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.