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An access control system provides secure access to physical resources by validating user credentials. Access control includes credentials such as proximity cards, smart cards, fingerprint readers, iris scanners, face recognition readers, hand geometry readers, electronic locks, control panels or controllers, and security management software.

The access control market is expected to grow from USD 7.5 billion in 2018 to USD 12.1 billion by 2024, at a CAGR of 8.24% from 2018 to 2024. The growth of the access control market is driven by high adoption of access control solutions owing to increasing crime rates globally; technological advancements and deployment of wireless technology in security systems; and adoption of IoT-based security systems with cloud computing platforms. Adoption of access control as a service (ACaaS); implementation of mobile-based access control; and increasing urbanization in emerging countries are expected to provide additional growth opportunities to players in the access control market.

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Card-based readers are expected to hold the largest share of the access control market during the forecast period. Cards are used as credentials to authenticate user identity and determine access grant/denial (also the appropriate level of access). Access control readers can be magnetic stripe, proximity, or smart card readers. Card-based readers are proven to be more reliable than biometric readers and electronic locks. Increasing demand for smart and proximity cards to monitor and record employee activities is one of the factors driving the growth of card-based readers.

The commercial vertical is the largest adopter of access control systems. In this vertical, commercial premise such as enterprises and data centers, banks and financial centers, hotels, retail stores and malls, and entertainment areas have been considered. These places require access control systems for protecting people and assets by preventing unauthorized access. The demand for access control systems is increasing since they reduce the need for manned security significantly, thereby reducing security expenditure. These factors are encouraging commercial and service organizations to adopt access control systems to protect people and property.

The 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 growing industrialization, commercialization, and high demand for security systems. Also, rising terror threats and crime rates in APAC countries and low police officer to population ratio are expected to create high demand for access control systems in APAC. Multi-technology readers enable legacy access control systems to upgrade to new technologies to increase security levels. This region has become a global focal point for investments and business expansion opportunities.

Related Reports:

Access Control Market by Component (Hardware (Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Others) and Software), Service (Installation, Maintenance, and ACaaS), Vertical, and Geography - Global Forecast to 2023

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