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Access Control Market worth $14.9 billion by 2028, at a CAGR of 8.4%

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Access Control Market worth $14.9 billion by 2028, at a CAGR of 8.4%

March 28
08:37 2023
Access Control Market worth $14.9 billion by 2028, at a CAGR of 8.4%
Access Control Market
Access Control Market Size is expected to reach USD 14.9 billion by 2028 from USD 9.9 billion in 2023 growing at a CAGR of 8.4% during Forecast Period

The report “Access Control Market by Offering (Hardware-Card-based, Biometric, & Multi-technology Readers, Electronic Locks, Controllers; Software; Services), ACaaS (Hosted, Managed, Hybrid), Vertical and Region – Global Forecast to 2028” The global Access Control Market size is projected to grow from USD 9.9 billion in 2023 to USD 14.9 billion by 2028; it is expected to grow at a CAGR of 8.4% from 2023 to 2028. Factors such as increasing adoption of IoT-based security systems with cloud computing platforms and rising number of smart infrastructure and smart city projects are contributing to the growth of access control market. Furthermore, rapid urbanization in emerging countries and adoption of Acaras as cost-effective and flexible solution is expected to provide the market with greater growth opportunities.

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Browse 177 market data Tables and 58 Figures spread through 255 Pages and in-depth TOC on “Access Control Market by Offering, Vertical and Region- Global Forecast to 2028”

View detailed Table of Content here

Access Control Market

Card based readers by hardware is expected to account for the largest share in 2022.

Smart cards are more reliable than magnetic stripes and proximity cards. The increasing use of smart cards for monitoring and recording employee activities in organizations is one of the major factors driving the growth of the market for card-based readers.

Hosted Acaras held the largest share in Access Control as a Service Market.

Owing to the high rate of adoption of access control as a service, hosted Acaras is expected to hold the largest market share during the forecast period. The benefits offered by hosted and managed services such as reduced labor costs, minimized capital expenditure, and the freedom provided to companies to stay focused on core business areas contribute to the growth of the Acaras market.

Commercial Vertical to hold largest market share of access control market.

This growth of commercial vertical can be attributed to the increasing incidence of robbery and theft in commercial buildings. To protect commercial assets, property owners are buying security systems embedded with access control for remote monitoring. Breaches pertaining to information security are a major concern nowadays.

Access control market in Asia Pacific to exhibit highest growth rate during forecast period.

The increasing adoption of access control solutions by small and medium-sized enterprises is also expected to drive market growth. The growing risks of terrorist threats and crime rates and a low police-to-population ratio in Asia Pacific countries are also expected to create a high demand for access control systems.

The key players operating in the access control market are ASSA ABLOY (Sweden), Johnson Controls (Ireland), dorm Akaba Holding (Switzerland), Allegion plc (Ireland), Honeywell International (US), Identic, Inc. (US), Neap N.V. (Netherlands), Suprema HQ Inc. (South Korea), Bosch Security Systems Inc. (Germany), and Thales (France).

Don’t miss out on business opportunities in Access Control Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

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