Access Control Market is estimated to surge at a CAGR of 6.20% over the period 2018-2024 to attain a market size of US$9.194 billion by 2024

Knowledge Sourcing Intelligence announces the publication of a new report on “Access Control Market – Forecasts from 2019 to 2024" to their offering.

Access control systems are electronic systems that help in recognizing user identity and thus allows a person’s entry into a premise, providing complete protection along with ensuring the security with the system.

This report provides forecast and analysis of the access control market which is estimated to fuel at a CAGR of 6.20% over the period of 2018-2024. Access control systems are expected to foresee a significant growth during the forecast period owing to the adoption of cloud-based services further leading to advancements in technology by introducing cloud-based access controls and helps in maintaining the access from anywhere. Additionally, the growing number of cybersecurity measures owing to the growing number of data breach incidences are further driving the market demand in the forecast period. The hardware segment from the product segment is expected to hold a significant market share. It is accounted to hold a share of over 80% in 2017. However, the software segment is expected to surge with a high CAGR during the forecast period. Furthermore, the growing demand for providing better security and access control management among various industry verticals is driving the growth of the global access control market in the forecast period and in the upcoming years. Concerns regarding the safety of the employees and the organization’s data are further propelling the market demand in the forecast period. 

Geographically, the Asia Pacific region is projected to hold a significant market share and is expected to grow with a good CAGR over the next five years. Globalization and rapid urbanization have led to growth in the growing tertiary sector here. This has further resulted in the expansion of the IT sector in many countries like India, creating a huge market opportunity for access control systems. Additionally, with the opening of offices and operations by many companies for IT products and services, the demand for access control systems and solutions has risen, boosting the market growth in this region. On the other hand, the market demand for access control solutions in North America and European regions is expected to fuel in the forecast period due to the increasing regulations regarding data security in these regions, which in turn is expected to force organizations to equip themselves with state-of-the-art access control systems.

Some of the major players covered as part of the report are Vanderbilt Industries, Honeywell International Inc., and Siemens.

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This report segmented the access control market on the basis following terms:

  • By Product
    • Hardware
      • Biometrics
      • Cards and Readers
      • Mobile Phones
      • Others
    • Software
  • By Service
    • Installation and Integration
    • Support and Maintenance
    • Professional Services
  • By Deployment
    • Cloud
    • On-premise
  • By End User Industry
    • Telecommunication
    • BFSI
    • Government
    • Healthcare
    • Others
  • Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • Spain
      • United Kingdom
      • Others
    • Middle East and Africa
      • UAE
      • Saudi Arabia
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Others