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Access Control Market worth $15.2 billion by 2029 - Exclusive Report by MarketsandMarkets

CHICAGO, Feb. 13, 2024 /PRNewswire/ -- The access control market is projected to grow from USD 10.4 billion in 2024 and is expected to reach USD 15.2 billion by 2029, growing at a CAGR of 7.8% from 2024 to 2029 according to a new report by MarketsandMarkets. Access control systems provide improved operational efficiency and cost savings as it streamlines access management processes, reducing administrative workload and manual tasks. It also provides enhanced security and minimizes losses from theft or data breaches, leading to cost savings in the long run.

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Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=164562182

Browse in-depth TOC on "Access Control Market"
197 - Tables
59 - Figures
254 - Pages

Access Control Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 10.4 billion

Estimated Value by 2029

$ 15.2 billion

Growth Rate

Poised to grow at a CAGR of 7.8%

Market Size Available for

2020-2029

Forecast Period

2024-2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Offering, ACaaS, Vertical and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Low awareness among users about availability and benefits of advanced security solutions

Key Market Opportunities

Growing implementation of mobile-based access control

Key Market Drivers

Increasing adoption of IoT-based security systems with cloud computing platforms

Card-based readers in the hardware segment is expected to hold the largest market share during the forecast period.

Cards are used as credentials to verify user identity and decide whether to provide access (also the appropriate level of access). Card-based readers are compatible with a variety of door control systems and credentials, including proximity cards, magnetic stripe cards, and smart cards. This flexibility allows for easy integration with existing infrastructure and scalability to accommodate growing needs. Moreover, compared to biometric readers or sophisticated facial recognition systems, card-based readers are significantly cheaper to install and maintain.

Hosted access control as a service market segment is expected to hold the largest market share during the forecast period.

In hosted services, the servers holding access control data are placed at third-party locations. A user receives complete control over the access rights without the need to maintain the infrastructure. This ACaaS provides centralized security and management across multiple locations, streamlining security operations and enhancing visibility. The providers also ensure that systems are kept up to date with the latest security patches and firmware updates, improving overall security posture.

Commercial segment is expected to witness the second highest CAGR in the access control market during the forecast period.

Access control provides enhanced visitor management and experience. As it aids in pre-registration and temporary access credentials for visitors to streamline the check-in process and improve security. Integration with visitor management systems allows for centralized tracking and managing visitor activity. Moreover, access control systems manage employee and visitor access to different departments, secure confidential information, and comply with industry regulations.

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North America is expected to hold the largest share of the access control industry during the forecast period.

North America is at the forefront of implementing access control for improving safety measures and security. The rising concerns regarding data security are driving the demand for access control in the region. Security threats like cyberattacks, data breaches, and physical thefts are on the rise in North America. This underscores the need for robust access control solutions to protect sensitive assets, comply with data privacy regulations, and deter unauthorized access.

Key Players

Leading players in the access control companies include ASSA ABLOY (Sweden), dormakaba Group (US), Johnson Controls (Ireland), Allegion Plc (Ireland), Honeywell International, Inc. (US), Identiv, Inc. (US), Nedap N.V. (Netherlands), Bosch Security Systems GmbH (Germany), Thales (US), AMAG Technology (US), Axis Communications AB (Sweden), Gunnebo Safe Storage AB. (Austria), NEC Corporation (Japan), GALLAGHER GROUP LIMITED (NewZealand), Brivo Systems, LLC. (US), SALTO Systems, S.L. (Spain), IDEMIA (France), Vanderbilt industries (UK), Cansec Systems Ltd. (Canada), Securitas Technology (US), Datawatch Systems (US), Telcred (Sweden), Forcefield Security (France), and Kisi Inc. (US) are few other key companies operating in the access control market.

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About MarketsandMarkets

MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.

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