Access control market projected to grow to $15.2 billion by 2029 with CAGR of 7.8%.

From GlobeNewswire: 2024-08-09 09:00:00

The access control market is projected to grow from USD 10.4 billion in 2024 to USD 15.2 billion by 2029, with a CAGR of 7.8%. The increasing adoption of IoT-based security systems with cloud computing platforms is driving market growth, enhancing security and preventing unauthorized access.

Major players in the access control market include ASSA ABLOY, dormakaba Group, Johnson Controls, and Thales. Other significant companies such as NEC Corporation, IDEMIA, and Vanderbilt industries are also making a mark in the industry.

ASSA ABLOY offers a wide range of access control solutions, including mechanical and electromechanical locks, digital door locks, security doors, and entrance automation systems. dormakaba Group focuses on creating seamless, secure experiences for people across various industries with products such as sensor barriers, high-security locks, and workforce management solutions.

Drivers for the access control market include increasing adoption of IoT-based security systems with cloud computing platforms, providing benefits such as on-demand scalability and remote management capabilities. However, high installation, maintenance, and ownership costs pose a restraint to market growth.

Opportunities in the market include the growing implementation of mobile-based access control, offering users increased flexibility and control through features such as remote access management and personalized access experiences. Challenges include low awareness among users about advanced security solutions, with many overlooking the long-term benefits in favor of perceived high costs.

The access control market is segmented by offering, service, vertical, and region, catering to various industries such as commercial, government, healthcare, and transportation. The market offers different service models such as Hosted ACaaS, Managed ACaaS, and Hybrid ACaaS to meet the diverse needs of customers worldwide.



Read more at GlobeNewswire: The Evolution of Access Control Systems in the North