Access Control Market worth $US12.8 billion by 2025
According to the new market research report, published by MarketsandMarkets, the access control market is projected to grow from $8.6 billion in 2020 to $12.8 billion by 2025, growing at a CAGR of 8.2 per cent.
The ‘Access Control Market with COVID-19 Impact by Offering (Card-based Readers, Biometric Readers, Electronic Locks, Controllers, Software, Services), ACaaS (Hosted, Managed, Hybrid), Vertical, and Region – Global Forecast to 2025 Report’ suggests increasing deployment of wireless security systems and rising adoption of IoT-based security systems with cloud computing platforms are the key factor that drives the growth of the access control market.
Biometric technologies are used to measure different physiological parameters for identification and authentication purposes in access control systems. The market for biometric reader-based access control systems has been further categorized into fingerprint recognition, palm recognition, iris recognition, face recognition, and voice recognition.
The report argued biometrics is one of the fastest-growing technologies used to secure perimeters. This technology enables identifying a person’s physical characteristics to provide controlled physical access to infrastructure. This technology is being increasingly used in government facilities, manufacturing units, power stations, defence establishments, and enterprises.
According to the report, the commercial vertical is the largest end user of access control systems. In this vertical, commercial facilities such as enterprises and data centers; BFSI; retail stores and malls; and entertainment areas are considered. Manned security for all physical locations is difficult and expensive. The demand for access control systems is increasing since they reduce the need for manned security to a greater extent, thereby reducing security expenditure. These factors are encouraging commercial facilities to adopt access control systems to protect people and properties.