India Access Control Market | Overview With Detailed Analysis, Competitive Landscape, Forecast to 2030
Rapid installation of access control systems across defense and commercial sectors has boosted the growth of the Indian access control systems market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 4, 2022 /EINPresswire.com/ — Rapid installation of access control systems across defense and commercial sectors and investment of various private and government entities have boosted the growth of the India access control market.
However, a lack of knowledge regarding the benefits of advanced security solutions and high prices for the installment of access control systems at workplaces hinder market growth. On the contrary, escalating crime incidents and the introduction of technologically advanced & contactless smart cards for diversified applications would open new opportunities for the market players in the future.
As per the report, the India access control system industry was pegged at $160.20 million in 2020, and is estimated to generate $313.11 million by 2030, growing at a CAGR of 7.3% from 2021 to 2030.
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Several factors, such as rapid installation of access control systems across commercial and defense sectors currently propel the India access control market growth in India. Various private and government entities are investing in enhanced security systems for data protection and providing a safer and secure environment for their employees.
By industry vertical, the BFSI segment dominated the market in terms of revenue in 2020, contributing to nearly one-fourth of the India access control systems industry. In addition, the segment is projected to register the highest CAGR of 10.3% from 2021 to 2030, due to rise in digitalization in commercial banks and non-banking financial institutions in India. The report includes analysis of other segments such as IT & telecom, defense & aerospace, manufacturing, healthcare, transportation & logistics, government, and others.
By component, the services segment would register the highest CAGR of 10.1% during the forecast period, as access control services disrupt the regulatory landscape by providing technologically advanced solutions within various industry verticals.
However, the hardware segment held the largest share in 2020, accounting for nearly two-thirds of the India access control systems market, due to surge in demand for security of workplaces in organizations and rise in demand for access control hardware such as electromagnetic doors, fingerprint scanners, and others.
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By type, the card-based segment held the largest share in 2020, contributing to around three-fifths of the India access control systems market, due to their ability to limit access to certain areas. However, the biometric-based segment is anticipated to portray the highest CAGR of 8.9% during the forecast period, as it assures that the right person enters the restricted premise.
The key players profiled in the India access control market analysis are Honeywell International Inc., Robert Bosch GmbH, Johnson Controls, Tyco Security Products, Paxton Access Ltd., HID Global Corporation, IDCUBE, Siemens, Gallagher Security, RBH Access Technologies, ASSA ABLOY, Mercury Security, SOLUS, Suprema, Hikvision, IDEMIA, Mantra Softech India Private Limited, Dahua Technology Co., Ltd, ZkTeco Co., Ltd, Realtime Biometric, eSSL, Gemalto (3M Cogent), Godrej, and Virdi. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Covid-19 scenario:
• The Covid-19 outbreak increased the demand for access control management among different organizations for improved management of staff in the office premises.
• Owing to the adoption of social distancing norms and possibility of spread of virus, the demand for access control systems to check individuals entering a premise for their temperature using biometrics and veins recognition technology aided in disease control.
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