The access control market is forecast to grow from $10.4 billion (€9.58bn) in 2024, to $15.2bn (€14bn) by 2029, growing at a CAGR of 7.8% from 2024 to 2029, according to a new report by MarketsandMarkets.
The market analyst describes access control systems as “providing improved operational efficiency and cost savings as it streamlines access management processes, reducing administrative workload and manual tasks. It also provides enhanced security and minimises losses from theft or data breaches, leading to cost savings in the long run”.
According to the report, the card-based reader in the hardware segment and the hosted access-control-as-a-service market segment are expected to hold the largest market share during the forecast period. Hosted access control is described as when servers holding access control data are placed at third-party locations. A user receives complete control over the access rights without the need to maintain the infrastructure.
The report found that the commercial segment is expected to witness the second highest CAGR in the access control market during the forecast period, while North America is expected to hold the largest share of the market.
MarketsandMarkets said: “North America is at the forefront of implementing access control for improving safety measures and security. The rising concerns regarding data security are driving the demand for access control in the region. Security threats like cyberattacks, data breaches, and physical thefts are on the rise in North America. This underscores the need for robust access control solutions to protect sensitive assets, comply with data privacy regulations, and deter unauthorised access.”
The report comprises 197 market data tables and 59 Figures, with 254 Pages and in-depth TOC on “Access Control Market – Global Forecast to 2029”
Some of the prominent key players featured within the report are:
- ASSA ABLOY (Sweden)
- dormakaba Group (US)
- Johnson Controls (Ireland)
- Allegion Plc (Ireland)
- Honeywell International, Inc. (US)
- Identiv, Inc. (US)
- Nedap N.V. (Netherlands)
- Bosch Security Systems GmbH (Germany)
- Thales (US)
- AMAG Technology (US)
- Axis Communications AB (Sweden)
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