Access control market to grow at a CAGR of 6.48% between 2017 and 2023
The access control market is expected to be worth USD 10.03 billion by 2023, growing at a CAGR of 6.48% between 2017 and 2023. The major drivers for the growth of the access control market are the high adoption of access control systems due to growing security concerns, technological advancements, the deployment of wireless technology in security systems, and the adoption of Internet of Things (IoT)-based security systems. Less awareness among end users about advanced security solutions is a major restraining factor for the growth of the access control market.
The access control market is expected to be worth USD 10.03 billion by 2023, growing at a CAGR of 6.48% between 2017 and 2023. The major drivers for the growth of the access control market are the high adoption of access control systems due to growing security concerns, technological advancements, the deployment of wireless technology in security systems, and the adoption of Internet of Things (IoT)-based security systems. Less awareness among end users about advanced security solutions is a major restraining factor for the growth of the access control market.
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Commercial vertical held largest market share in 2016
The commercial vertical is the largest vertical driving the growth of the access control market. Protecting the infrastructure and assets from threats such as accidents, vandalism, theft, sabotage, and terrorism is the major concern in banking, and finance and retail sectors. These security issues increase the demand for access control systems and solutions for this vertical. These factors are expected to propel the growth of the access control market for the commercial vertical.
Access control market in APAC expected to grow at highest CAGR during forecast period
This report covers the access control market in North America, Europe, APAC, and RoW. The access control market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The huge population base, increasing investments for digitalization, growing terrorist activities, and increasing focus on commercial and industrial verticals are some of the important factors that have contributed to the growth of the access control market in this region.
Breakdown of profiles of primary participants:
• By Company Type: Tier 1 = 35%, Tier 2 = 30%, and Tier 3 = 35%
• By Designation: C-Level Executives = 40%, Directors = 35%, and Others = 25%
• By Region: North America = 25%, Europe = 35%, APAC = 35%, and RoW = 5%
The key players in the access control market profiled in this report are ASSA ABLOY AB (Sweden), Johnson Controls International plc (Ireland), dorma+kaba Holding AG (Switzerland), Allegion plc (Ireland), Honeywell Security Group (US), Identiv, Inc. (US), Nedap N.V. (Netherlands), Suprema HQ Inc. (South Korea), Bosch Security Systems Inc. (US), Gemalto N.V. (Netherlands), and OT-Morpho (France).
Research Coverage:
The report provides a comprehensive study of the access control market segmented on the basis of vertical, component, service, and geography. This report aims to estimate the size and future growth potential of the access control market across the above mentioned segments. The report also includes an in-depth study of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report:
• This report includes market statistics pertaining to components, along with their respective market volumes.
• Major drivers, restraints, challenges, and opportunities for the growth of the access control market have been study in this report.
• Illustrative segmentation, study, and forecast by component, service, vertical, and geography have been performed to provide an overall view of the access control market.
• This report will help stakeholders better understand their competitors and gain insights on ways to improve their position in the business. The competitive landscape section includes the competitor ecosystem, product developments, and mergers and acquisitions.
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