Access Control Market Projected to Grow at a 12.4% CAGR, Reaching $61.31 Billion by 2033

Between 2023 and 2033, the access control market is projected to grow at a consistent compound annual growth rate of 12.4%. Although the market is expected to be valued at US$ 19.05 billion in 2023, it is predicted to surpass a market share of US$ 61.31 billion by 2033.

The latter objective is primarily dependent on ensuring the safety of workers, managers of the facility, and visitors. Demand will be driven by the increasing need for integrated access control systems to establish safe environments throughout industrial regions that combine several technologies with backup plans for the protection of people and property.

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• Sophisticated cyberattacks, increased digital traffic, and the limitation of unwanted visitors are a few key factors that garner market growth. Furthermore, it also ensures a safe work environment.
• A wide array of applications such as healthcare, manufacturing, BFSI, and financial services are expanding the market growth. The transition also helps in getting rid of traditional keys.
• The advent of biometric scanners and security checks also functioned through access control systems, advancing the safety layer while increasing productivity.
• The integration of machine learning, artificial intelligence, and cloud technologies across the verticals is fueling the demand for access control systems. Moreover, integrated systems with high-end security layers are gaining traction in the access control market.

Key Points

1. The United States market leads the access control market in terms of sales volume in North America. The market thrives at a CAGR of 7.5% during the forecast period. The market growth is attributed to the expansion of corporate infrastructure. The regional market is anticipated to hold a sales volume of 4,328.4 in 2023.
2. India access control market is another lucrative market with a CAGR of 9.8% between 2023 and 2033. The regional growth is attributed to high digitization in varied sectors like healthcare and financial services. The market is expected to hold a sales volume of 890.4 in 2023.
3. The hardware segment is likely to thrive in the component type category as it thrives on a CAGR of 13.3% between 2023 and 2033. The growth is attributed to high consumption and easy installation. It holds a sales volume of 12,187.4 units in 2023 though, the software segment thrives on a CAGR of 11.3% between 2023 and 2033.
4. The iris recognition access control segment is likely to thrive in the system type category as it thrives on a CAGR of 16% between 2023 and 2033. The growth is attributed to customized privacy options. It holds a sales volume of 2,690.5 units in 2023.

Competitive Landscape:

The key vendors work on integrating smart technologies like artificial intelligence, machine learning, and enhanced security. Key competitors also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel. The key players in the market are Honeywell International Inc., NEC Corporation, Johnson Controls, Bosch Security and Safety Systems, Assa Abloy AB, Thales Group, STANLEY Convergent Security Solutions, Inc., 3M, Secom Co., Ltd, Dormakaba Holding AG, HID Global, Matrix Comsec Pvt. Ltd., Paxton Access Ltd.

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Recent Market Developments:

• Johnson Controls introduced its electronic access control that comes with a centralized and automated security system for managing employee and visitor access to the facilities offered. The brand has also launched its hosted access control.
• In 2022, NEC Corporation launched its biometric authentication with iris recognition technology. It has ranked first in the NIST accuracy testing.

Key Segments

By Component:

• Hardware
  • Fingerprint Scanners
  • Facial Recognition Devices
  • Iris Scanners
  • Smart Cards
  • Others
• Software
  • Integrated Access Control Software
  • Standalone Software/Middleware
  • Facial Recognition Software
  • Iris Recognition Software
  • Others
• Services
  • Professional Services
    • System Integration & Installation
    • Security Consulting
    • Support & Maintenance
  • Managed Services

By System Type:

• Fingerprint Access Control Systems
• Face Recognition Access Control Systems
• Iris Recognition Access Control Systems
• Card-Based Access Control Systems
• Others

By Industry:

• IT & Telecom
• BFSI
• Military & Defense
• Manufacturing
• Healthcare
• Transportation & Logistics
• Government
• Education
• Others