The global access control marketsize is expected to reach USD 20.02 billion by 2027 backed by the growingdemand for cloud-based systems and the increasing popularity of mobile accesscontrol systems amongst enterprises. Fortune Business Insights in its latest report, titled, “Access Control Market Size, Share & COVID-19Impact Analysis, By Component (Hardware, Software, and Services), By Type (DAC, MAC, RBAC), By Application (Homeland Security, Commercial, Residential, and Industrial), and Regional Forecast, 2020-2027.”, observes that the marketstood at USD 10.31 billion in 2019 and is projected to exhibit a CAGR of 8.7% between 2020 and 2027.
COVID-19 to Accelerate Demand forMultifactor Authentication System
The global IT industry has advanced its securityapproaches and capabilities to provide faster responses to data thefts. TheCOVID-19 pandemic has proved to be the catalyst for accelerating this growth as the growing concerns regarding cyberattacks and phishing attacks are driving the adoption of multifactor authentication systems amongst enterprises. This development is likely to favor the market growth during the forecast period.
Access control is an efficient method thatguarantees total access of the company's data to its users. It provides datasecurity to the users that enables access to valuable information and resources to the designated people while preventing data theft. Moreover, it provides access control policies and security technology to protect confidential information such as customer data for an enterprise.
The market report includes qualitative andquantitative analysis of several factors such as the key drivers and restraintsthat will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Demand for Mobile AccessControl Systems to Promote Growth
According to the survey by HID Global in 2019,around 54% of businesses are likely to shift to mobile access control systemsby 2022. The growing adoption of smartphone and mobility devices is driving organizations to introduce enterprise mobility access control solutions. These solutions provide increased productivity, reduced technology overhead, and saves cost and time. Furthermore, the increasing adoption of cloud-based systems amongst enterprises is expected to contribute to the global access control market during the forecast period.
Homeland Segment Held 10.7% MarketShare in 2019
The homeland segment, based on application, held amarket share of about 10.7% in 2019 and is anticipated to experiencesignificant growth during the forecast period. This is ascribable to factors such as the growing demand for advanced access control systems to prevent thefts across residential places.
North America to Remain at Forefront;Increasing Adoption of Cloud-Computing Solutions to Favor Growth
Among all the regions, North America is expected toremain dominant and hold the highest position in the global access controlmarket during the forecast period. This dominance is attributable to the increasing adoption of cloud computing-based systems and the presence of established players that are developing advanced access control systems in the region between 2020 and 2027. North America stood at USD 3.81 billion in 2019.
The market in Asia-Pacific is expected to showcasesignificant growth backed by the growing adoption of smartphones and mobilecomputing devices in the region.
Merger and Acquisition by EminentCompanies to Expand Product Portfolio and Boost Sales Revenue
The global access control market is fragmented bythe presence of major companies focusing on acquiring other small companies todevelop advanced systems to cater to the growing demand from manufacturing and industries, military and defense, and oil & gas sector globally.
February 2020 –
- ASSA ABLOY Group announced the acquisition of the United Kingdom-based solution provider, Biosite Systems Ltd. The acquisition is aimed at consolidating its position by providing innovative access control solutions to its customers.
List of the Companies Profiled in theGlobal Access Control Market:
Nedap N.V. (Netherlands)
- Genetec Inc. (Montreal, Canada)
- Honeywell International Inc (North Carolina, United States)
- Dots Info Systems (India) Pvt. Ltd., (Mumbai, India)
- Bosch Sicherheitssysteme GmbH (New York, United States)
- KISI Inc. (Brooklyn, NY, United States)
- HID Global Corporation (Texas, United States)
- Matrix Comsec Pvt. Ltd. (Gujrat, India)
- Enterprise Systems Corporation (Texas, United States)
- Perco (Saint Petersburg, Russia)
- Identiv, Inc. (California, United States)
- Centrify Corporation (California, United States)
- dormakaba Holding AG (Rümlang, Switzerland)
- Allegion plc (Ireland)
- Johnson Controls, Inc. (Cork, Ireland)
- ASSA ABLOY group (Stockholm, Sweden)
- MajorTable of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Ecosystem Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- (Would be provided for 10 players only)
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details
- (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Click here to get the short-term andlong-term impact of COVID-19 on this market.
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