The Access Controls market is a fast-growing global market which is majorly driven by the rising demand for the card based readers technology in the commercial vertical of the world. The global market is anticipated to reach a total of USD 11.19 billion by the end of 2023 at an 8.28 % CAGR.
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Alcatraz AI, a startup working on facial authentication to create a frictionless access control, has announced the launch of a platform with customized hardware on the edge, software on-premises and in the Cloud.
Access Controls Market Value and Growth:
The size of the Global Access Controls Market was around USD 7.52 Billion by revenue, at the end of 2018. It is expected to grow at a CAGR of 8.28 % to reach close to USD 11.19 Billion by the end of the forecast period.
Access Controls Market Drivers and Restraints:
The rising demand for card-based readers is the main reason for the growth of the global access controls market in the mentioned forecast period. Also, the fast-evolving world calls for the use of such systems which need less human intervention and longer functioning time.
However, the global concentration of the access controls market is a significant restraint to the global market. Also, the unpredictable development in the global market may prove to restrain the growth of the access controls market in the coming future.
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Access Controls Market Segmentation Analysis:
Based on the component the access controls market is categorized into Card-Based Readers, Controllers, Biometric Readers, Software, and Electronic Locks. Among the mentioned components the card-based readers' segment is anticipated o lead the global market in the forecast period. This is mainly due to the prevailing advantage of the card based readers over biometric and electronic locks. The rising demand for smart cards with high proximity is the reason for the proposed domination of this segment in the global access controls market in the forecast period.
Based on the service provided the global access controls market is categorized into Installation, Maintenance, and ACaaS. Of the mentioned services the installation segment is anticipated to witness the highest growth rate in the forecast as mentioned earlier period. The complexity involved in the installation process is the reason for the interest of significant participants in this segment.
By vertical the commercial vertical is considered to be the largest adopter of the access controls in the global market. The use of access control systems such as card-based readers is majorly in demand at enterprises & data centers, banks & financial centers, hotels, retail stores & malls, and entertainment areas. The rising demand due to the comfort it gives the users are the drivers to the growth of the commercial vertical on the global scale.
Access Controls Market Geographical Analysis:
By geography, the global access controls market is segmented as Latin America, Europe, Asia Pacific, North America, and Middle-East & Africa. North America region leads the global Access Controls market by both value and volume, as of 2018. The situation of all the market key players in this region is the main reason for its leading market position. However, this region is only the second fastest growing in the world following the Asia Pacific region.
Europe is second in the lead in the global market for access control market in the year 2018. The presence of a considerable customer base in and around this region is helping in the growth of the Access Controls market in Europe. Also, the technological supremacy of Europe and North America over the rest of the world is the vital condition which facilitates them to develop in this emerging field, creating the eye-catching performance in the global market
The Asia Pacific region is the next largest market share holder in the year 2018, in terms of value and volume. This region is expected to be the fastest growing regional market for Access Controls owing to the future opportunities offered in this region and interest shown from the top leading key companies in the Asia Pacific region, mainly towards India, China, and Japan which is the cause for such growth rate. The regional advantages offered this region, such as ease of setup and cheap resources, and a large number of skilled population is a significant reason for this region’s advancement in the global market.
On the other hand, the Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Access Controls Market in these regions is slow growing in nature.
Access Controls Market Key Market Players:
ASSA ABLOY AB (Sweden), Salto Systems K.S. (Spain), NEC Corporation (Japan), dormakaba Holding AG (Switzerland), Cisco Systems (US), Time and Data Systems International (UK), Nedap N.V. (Netherlands), AMAG Technology (US), Cansec Systems (Canada), Gunnebo (Sweden), Identiv, Inc. (US), Axis Communications (Sweden), Godrej & Boyce Mfg.Co. Ltd. (India), Lenel Systems International (US), Allegion plc (Ireland), Kisi Inc. (US), Johnson Controls International plc (Ireland), Suprema HQ Inc. (South Korea), Panasonic Corporation (Japan), 3M Company (US), Bosch Security Systems Inc. (US), Honeywell Security Group (US), and Gemalto N.V. (Netherlands)
Major Point from Table of Content:
2. Research Methodology
3. Report Overview
4. Market Dynamics
5. Competitor Benchmarking Analysis
6. Market Segmentation
7. Geographical Landscape
8. Key Player Analysis
8.1 ASSA ABLOY AB
8.2 Salto Systems K.S.
8.3 NEC Corporation
8.4 dormakaba Holding AG
8.5 Cisco Systems
8.6 Time and Data Systems International
8.7 Nedap N.V.
8.8 AMAG Technology
8.9 Cansec Systems
9. Market Outlook & Investment Opportunities
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