According to the new research report "Industrial Access Control Market by Component (Hardware (Card-Based Readers, Biometrics Readers, Electronic Locks, and Controller/Server), and Software), Service (Installation, Maintenance, and ACaaS), Application, and Geography - Global Forecast to 2023", is projected to grow from USD 815 million in 2017 to USD 1,318 million by 2023—growing a CAGR of 8.3%. The growth of the industrial access control market is driven by the growing security concerns, technological advancements and deployment of wireless technology in security systems, and adoption of Internet of Things (IoT)-based security systems. Adoption of access control as a service (ACaaS) is expected to provide substantial growth opportunities to market players.
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The market for electronic locks is expected to grow at the highest CAGR from 2017 to 2023. This is primarily due to reduced cost, increased convenience of not carrying any separate credential such as cards or key fobs. It also enables the users to monitor and operate remotely and transfer the credential over the mobile phones. These additional features are driving electronic locks for the industrial access control market.
The industrial access control market for the utilities application is expected to grow at the highest CAGR from 2017 to 2023. Utilities application is the largest application driving the growth of industrial access control market for avoiding security threats. Security solutions are a vital part of every industrial area setup and thus are expected to grow at a high rate during the forecast period. Protecting the infrastructure and assets from threats such as accidents, vandalism, theft, sabotage, and terrorism is the major concern for utilities application. These security issues increase the demand for access control systems and solutions for this application.
The industrial access control market in APAC is expected to grow at the highest CAGR during the forecast period. Factors driving the growth of the market in this region include the rise in industrialization and commercialization and high demand for security solutions in developing countries. The reason for this growth is the huge population base, rapid industrialization, and increasing focus on security threats in this region. In APAC, the industrial access control market is mainly driven by China, Japan, and India because of the rapid pace of industrialization in these countries.
Key players in the market include ASSA ABLOY AB (Sweden), Johnson Controls International PLC (Ireland), dormakaba Holding AG (Switzerland), Allegion plc (Ireland), Honeywell Security Group (US), NEC Corporation (Japan), Bosch Security Systems Inc. (Germany), Identiv, Inc. (US), Siemens Building Technologies (Switzerland), and 3M Company (US). These players are increasingly undertaking product launches and developments, mergers and acquisitions, contracts, partnerships, and agreements to develop and introduce new technologies and products in the market.
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