Access Control Market expected to reach US$ 50.4 Bn by 2031

DUBAI, UNITED ARAB EMIRATES, December 9, 2021 /EINPresswire.com/ — The access control market revenue will total US$ 15.3 Bn for 2021, according to Future Market Insights (FMI) study. The overall market is expected to reach US$ 50.4 Bn by 2031, growing at a CAGR of 12.6% for 2021 – 2031. Newly released data on the access control demand outlook indicates a 10.8% y-o-y growth in 2021. In terms of system types, the market share of fingerprint and face recognition access control systems are the largest. However, the iris recognition access control systems will register faster growth at a 16.2% CAGR through the assessment period.

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. 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.

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“Access control systems have become a fundamental part of enterprise security departments for applications including the protection of perimeter and high-level data and assets,” said a report analyst. “Frequently changing sources of threats, mandatory compliance, and increased liability issues are the key elements fuelling the demand for access control systems for enhancing security.”

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 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.

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Key Takeaways from Access Control Market Survey

• North America is likely to remain one of the most attractive markets with the U.S. accounting for a market share of over 79% in the region by 2031.
• The U.K. is expected to lead the European market with growing sales of access control solutions at a CAGR of over 15% through 2031.
• Thanks to the rising government investments in infrastructural advancement, the demand for access control solutions in China is estimated to rise at a CARG of 12% over the forecast period.
• With increasing terror threats in India, the demand for access control solutions in the country is expected to surpass a valuation of US$ 751 million by 2031.
• Japan is anticipated to emerge as a highly lucrative market, demonstrating growth at a robust CAGR of 17% over the next ten years.

Key Drivers

• Increasing awareness regarding cybercrime and security for data is fueling the demand for access control solutions.
• Advent of digitalization is expected to create sales opportunities for access control solutions.
• Ongoing technological development in access control solutions will bolster the growth of the market.
• Growing shift from key-based to key-less access control is driving the growth of the market.

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Competitive Landscape

Manufacturers operating in the access control market are emphasizing on optimizing their existing product and service portfolio. Some of the market players are focusing on receive approval for their product to expand their market share, For instance.

• Honeywell the expanded the capabilities of its MAXPRO Cloud portfolio in Feb 2021, with the launch of its new products MPA1 and MPA2, access control panels that offer web, cloud-based and on-premise hosting options.
• Nedap’s AEOS physical access control system received CPNI certification, which makes it suitable for the U.K.’s technical authority standards applications.
Some of the key players operating in the market profiled by FMI are:
• Identiv
• 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.
• BioEnable Technologies Pvt Ltd.
• Spectra Technovision (India) Pvt. Ltd.
• ZKTeco India
• Intellicon Private

About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

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