Access Control Market Size is Estimated to Hit USD 17.56 Billion by 2031, Surge Driven by Integration of IoT and Cloud Computing

The Access Control Market size was valued at USD 9.75 billion in 2023. This impressive market is projected to grow at a compound annual growth rate (CAGR) of 7.7% over the forecast period from 2024-2031, culminating in a market size of USD 17.56 billion by 2031.

The widespread adoption of IoT-based security systems integrated with cloud computing platforms stands as a pivotal force behind the growth of the access control market.

The demand for access control solutions is fueled by the integration of IoT devices and cloud computing platforms.

Cloud-based systems offer remote management, scalability, and compliance advantages. Heightened security concerns across sectors, along with the rise of automated systems for 24/7 access, further drive demand in residential and commercial spaces. Access control as a service (ACaaS) solutions provide secure data storage, backup, and auditing capabilities, attracting increased interest. Wireless access facilities and the evolving security industry spurred by cloud computing are poised to create substantial market opportunities.

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Top Companies Featured in Access Control Market Report:

• dormakaba Holding
• Johnson Controls
• Honeywell International
• Nedap
• Thales Group
• NEC Corporation
• ASSA ABLOY
• Allegion plc
• Identiv Inc
• Suprema HQ
• Bosch Security Systems

Market Analysis- Multifactor Authentication on the Rise

Security demands propel the adoption of multifactor and multimodal authentication systems, particularly for sensitive industries like oil and gas. These systems provide an advanced layer of security and streamlined network access. Companies prioritize their development, with innovations like multimodal, touchless biometric authentication terminals.

Access Control Industry Segmentation as Follows:

BY OFFERING

• Hardware
• Software
• Service

By Offerings: The hardware segment dominated the market in 2023 due to the widespread business model of hardware sales and the demand for integrated systems like controllers, readers, and biometrics for enhanced security.

BY INDUSTRY VERTICAL

• Commercial
• Government
• Education
• Manufacturing & Industrial
• Military & Defense
• Residential
• Healthcare
• Transportation

By Industry Verticals: The commercial sector holds the largest market share, driven by the demand for standardized off-the-shelf systems, particularly in line with government and commercial standards for ballistic or explosion protection.

BY SERVICE

• Managed
• Hosted
• Hybrid

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Recent Developments

• In December 2023: Thales partners with leading Korean mobile operator SK Telecom to implement Post Quantum Cryptography (PQC) within 5G networks, bolstering subscriber security.
• In November 2023: Suprema Inc. unveils the BioStation 2a, featuring cutting-edge deep learning AI algorithms for fast, accurate fingerprint recognition.
• In October 2022: dormakaba introduces ‘Demystifying Access Control’, a RIBA-approved CPD module, enhancing industry knowledge.

Impact of the Russia-Ukraine War

The ongoing Russia-Ukraine conflict has a notable impact on the Market Access Control landscape. Supply chain disruptions, particularly affecting semiconductors and electronic components, have led to delays in the production and fulfillment of access control systems. Additionally, heightened cybersecurity concerns arising from the conflict necessitate increased spending on advanced security measures, including sophisticated access control solutions.

North America led the global market in 2023, attributed to its strong investment in security solutions and developed surveillance infrastructure.

The presence of a well-developed surveillance infrastructure further boosts the demand for wireless access management systems.  The widespread use of smartphones throughout the United States population drives the need for advanced mobile access management solutions. Additionally, extensive adoption of cloud computing and IoT-based technologies acts as a major catalyst for market growth in North America. The presence of key industry players like Genetec Inc., Honeywell International Inc., and Identiv, Inc. within the region further accelerates market expansion.

The Asia Pacific market is projected to experience the fastest growth, driven by increased adoption of access control by SMEs, hospitality, and various sectors.

Key Takeaways for the Access Control Market Study

• The seamless integration of access control systems with cloud-based platforms and IoT devices is a primary driver of market growth, offering scalability, remote management, and cost-effectiveness for businesses.
• Heightened security concerns in both the public and private sectors are fueling the demand for advanced Market Access Control Market solutions to protect assets, property, and individuals.
• The rising significance of multifactor and multimodal authentication underscores the critical need for enhanced security measures in digital access control environments.
• North America’s dominance and the Asia Pacific’s rapid growth highlight shifting market trends and the importance of understanding regional variations in demand drivers and technological adoption.

Major Key Points from Table of Content

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Access Control Market Segmentation, By Offering
9. Access Control Market Segmentation, By Service
10. Access Control Market Segmentation, By Industry Vertical
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion

Continued….

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