Global access control market set to grow to $20.3 billion by 2033

From GlobeNewswire: 2024-07-16 15:00:00

The Global Access Control Market is set to grow from USD 9.6 Billion in 2023 to USD 20.3 Billion by 2033, with a 7.78% Compound Annual Growth Rate. Access control systems verify user identities and regulate access to resources, both physical and digital. Cloud computing and IoT-based systems are driving market demand.

The hardware segment is expected to dominate the global access control market, offering encrypted door controllers, biometric applications, and wireless lock systems for enhanced security. Discretionary access control (DAC) systems are projected to hold the largest market share, offering cost-effective solutions with improved efficiency and data security.

The commercial sector is predicted to lead the global access control market, driving the need for security systems in businesses. North America is expected to have the largest market share due to advanced technology adoption and a focus on security measures. Asia Pacific is set to grow rapidly, driven by infrastructure development and smart city initiatives.

Key players in the global access control market include SSA ABLOY, Johnson Controls, dormakaba Group, Allegion plc, Honeywell, and others. Recent developments include the launch of innovative fire alarm control panels by Honeywell. The market is segmented by component, type, application, and region, offering insights into market trends and growth opportunities.



Read more at GlobeNewswire: Global Access Control Market Size To Worth USD 20.3 Billion