Access Control Market to Surpass Valuation of USD 17 Billion by 2031 | SkyQuest Technology
Westford,USA, Dec. 04, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Access Control Market size will reach a value of USD 17 Billion by 2031, with a CAGR of 8% during the forecast period (2024-2031). There are several factors that are driving the growth of the global access control market share such as urbanization and smart cities developments, the rise in concerns for security, cloud and IoT based solutions, and the shift towards biometric as well as multi- factor authentication. Also, one of the primary reasons that explains why businesses are embracing the new access control systems is due to restrictions that are in place. In many sectors, including but not limited to healthcare, financial services and the public sector, laws and professional guidelines demand high level access control mechanisms to protect sensitive information and facilities from unauthorized access.
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Browse in-depth TOC on the “Access Control Market”
Pages – 157
Tables – 105
Figures – 76
Access Control Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 9.18 Billion |
| Estimated Value by 2031 | USD 17 Billion |
| Growth Rate | Poised to grow at a CAGR of 8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Expanding Horizons with Cloud-based Solutions |
| Key Market Opportunities | Adoption of Smart Technologies |
| Key Market Drivers | Growing proliferation of multifactor and multimodal authentication |
DAC Type to Hold Significant Growth due to its Flexibility and Enhanced Security Features
Digital Access Control (DAC) is dominating the global access control industry due to its flexibility and enhanced security features. The incorporation of revolutionary technologies such as biometrics and mobile credentials enhances the convenience of the users as well as the efficiency of the operations. Therefore, there is a growing acceptance of DAC system installations by organizations, owing to the increasing safety worries, and the need to advance access control in management in different industries.
Hardware Component to Lead Market due to Reliability and Tangible Security Benefits
Hardware components, such as smart locks and card readers, the global access control market trends due to their reliability and tangible security benefits. The increasing focus on physical security in the commercial and residential spheres propels the growth of demand for strong hardware solutions. With businesses and homeowners paying more attention to safety, the dependence on high-end hardware components keeps growing, hence strengthening their market position.
North America to Dominate Market due to Institutions Increasingly Invest in Sophisticated Security Systems
North America leads the global access control market shareat a regional level due to heightened security concerns and stringent regulatory requirements. The existence of technology leading companies encourages inventiveness in the design of access control solutions. Hence, more and more organizations and enterprises are spending on advanced security measures, boosting the growth of the global access control market. Moreover, the emphasis of the region on embedding IoT and AI technology takes the efficiency of access control a notch higher.
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Access Control Market Insight
Drivers:
- Growing Awareness of Security Threats
- Stricter Regulations Regarding Data Security
- Innovations in Biometric Technology
Restraints:
- Ongoing Costs Related to Maintenance and Access updates
- risk of Cyber Threats Increases &Raising
- Integrating New Systems with Existing Security Infrastructure
Prominent Players in Access Control Market
The following are the Top Access Control Market Companies
- HID Global (USA)
- ASSA ABLOY (Sweden)
- Johnson Controls International (Ireland)
- Honeywell International Inc. (USA)
- Allegion PLC (Ireland)
- dormakaba Holding AG (Switzerland)
- Bosch Security Systems (Germany)
- Gemalto (Thales Group) (France)
- Sentry Security Systems (USA)
- NEC Corporation (Japan)
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Key Questions Answered in Global Access Control Market Report
- What is the projected market size of the global access control market by 2031?
- Which factors are driving the expansion of the access control market?
- According to the global access control market forecast, why is North America expected to be the dominating region?
This report provides the following insights:
- Analysis of key drivers (The rise of the Internet of Things (IoT), interconnected & efficient access control systems, adoption of cloud-based solutions), restraints (Fast pace of technological advancements, Ensuring compatibility among various systems), opportunities (Expanding access control systems, expansion of E-commerce).
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the access control market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the access control market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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