According to newly released data from Future Market Insights on the access control market, the market will grow at a CAGR of 12.6 percent from 2021-2031, with revenue totaling $15 million by the end of 2021. Growth has been attributed to rapid technological advancements in the IT and telecom industry. Advanced technologies have become essential in improving economic competitiveness, thereby propelling market growth.
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.
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 rapidly growing usage of mobile devices has shifted the focus of corporate sectors towards enterprise mobility practices. The major types of smartphone door access control systems include IP systems, control panel systems, and mobile access credentials.
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.
Key Takeaways from the Access Control Market Study
- Iris recognition access control systems will witness the highest growth rate at over 16 percent, owing to investments into new biometric security solutions through 2031.
- The healthcare sector is anticipated to capture the largest share of 19.8 percent in 2021, backed-up by security concerns in healthcare facilities associated with the use of EMR.
- The U.S. will remain dominant in North America with an 84.5 percent share in 2021, supported by faster access to tech developments in end use verticals.
- The market in Japan is expected to progress at a noteworthy CAGR of close to 17 percent through 2031, supported by a tech-driven economy.
- In the U.K., sales are expected to increase at a CAGR of more than 15 percent over the next ten years, driven by favorable government investments and policies.
“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 fueling the demand for access control systems for enhancing security.”
Read the complete analysis on the Future Market Insights website.