With the emergence and long-term Impact of COVID-19, the Global Access Control Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Access Control Market is poised to raise up to USD XX Billion by 2030. Products for access control offer users the ability to verify which is authorized to access a company’s physical infrastructure. Physical access control is the process of securing a certain area, such as a building, a parking lot, or an office. The management and enforcement of physical security typically require the installation of a physical access control system (PACS). PACS prevents unauthorized access to certain portions of a structure or its surroundings. The market growth is driven by significant factors such as the growing penetration of cyber threats and technological innovations and the emergence of the Internet of Things for connected devices. According to Statista, Manufacturing had the highest percentage of cyberattacks among the top global industries in 2022. Nearly 25% of all cyberattacks during the studied year were committed against manufacturing companies. Insurance and finance came in second place with about 19 percent. With a share of 14.6 percent, professional, business, and consumer services came in third. Moreover, the increase in usage of advanced technologies such as artificial intelligence and the increasing popularity of access control devices in commercial spaces enhanced the market opportunities during the projected period. However, operational and ROI Concerns and a lack of awareness about security solutions stifle market growth throughout the forecast period of 2023-2030.
Geographically, the global Access Control Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). North America is leading the market growth owing to an increase in expenditure on wireless systems and the adoption of cloud computing and IoT-based systems. On the other side, Asia Pacific is expected to be the fastest growing region owing to expanding construction sector, a large number of manufacturing industries, and a growing crime rate.
The global Access Control Market is highly competitive owing to the presence of several key manufacturers such as Panasonic Holding Corporation, Suprema Inc., Hanwha Vision, Thales Group (Gemalto NV), Bosch Security System Inc., Honeywell International Inc, and others.
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Global Access Control Market Size study & Forecast, by Type (Card Reader & Access Control Devices, Biometric Readers, Electronic Locks, and Software, other Type), End-user Vertical (Commercial, Residential, Government, Industrial, Transport & Logistics, Healthcare, Military & Defense, and Other End-User Verticals) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Access Control Market is anticipated to grow with a healthy growth rate of more than 7.8% over the forecast period 2023-2030.
- In the End User segment, commercial emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the rising adoption of cloud computing and IoT-based systems.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- Card Reader and Access Control Devices
- Biometric Readers
- Electronic Locks
- Other Types
By End User:
- Transport and Logistics
- Military and Defense
- Other End User Verticals
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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