According to Reports-n-Reports, the access control market is projected to reach $10.03 Billion by 2023 from $6.39 Billion in 2016 at a CAGR of 6.48% from 2017 to 2023. This is said to be driven by 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.
The 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.
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).
The commercial vertical is the largest vertical driving the growth of the access control market. Commercial vertical held largest market share in 2016. 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.
The report provides a comprehensive analysis 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 abovementioned segments. The report also includes an in-depth analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (35%), Tier 2 (30%) and Tier 3 (35%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (40%), Directors (35%) and others (25%) from various key organizations operating in the access control market. The primary interviews were conducted worldwide covering regions such as North America (25%), Europe (35%), Asia Pacific (35%), and RoW (5%).
For more data, you can browse the report’s 64 Market Data Tables and 46 Figures spread through 173 Pages and in-depth TOC, order a copy of Access Control Market by Component, Service, Vertical, and Geography - Global Forecast to 2023, and/or download a sample copy.