The global access control market was valued at $8.23 billion in 2019 and is expected to reach $14.43 billion by 2025, representing a CAGR of 9.8% over the forecast period.
That’s according to a report from Mordor Intelligence, which says cloud-based access control and video management solutions are in trend. Each access card, fob controller, calendar permission, and technology upgrade is integrated via cloud security, so updating secure access changes are both mobile friendly and globally scalable. New doors, offices, and users can be added to the system at any time for greater convenience, with benefits provided, such as quicker installation time, automatic software updates, flexibility and mobility, and managed services with increased cyber security.
Deployment of wireless technology in security system is also a key driver for the market studied. Wireless access control sends data to system control panels via a wireless radio signal, where wireless sensors are easy to move, which keep track of all sorts of unique occurrences, with real-time alerts that keep aware of what is happening. Moreover, the report says wireless intrusion detection and prevention systems also enable protection of a wireless network by alerting the wireless network administrator in case of a security breach.
The report says that due to increasing crime rates globally, public security is a growing challenge. Access control systems play a major role in urban security, by enabling end users to exercise greater control over their domains. The most effective way of protecting personnel and assets from theft or harm is to limit physical and virtual access to only those individuals who can be identified and evaluated. Modern access control systems are automating this process with capabilities, like encrypted communications, which enable authentication by credentials, biometrics, and mobile devices.
However, due to less awareness among users about advanced security solutions and its usage in various applications, the growth of the market might be a challenge in the future.
In terms of the end-user industries, the healthcare sector is expected to drive technological transformation within the market. The United States accounts for a significant portion of the global demand for access control systems, mainly used to monitor employees who have administrative access to organisational systems.
Key players in the market are listed as 3M Cogent, Inc., Hanwha Techwin Co., Ltd., Honeywell Security Group, etc.