The Physical Access Control System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Physical Access Control System Global Market Report 2024, The physical access control system market size has grown rapidly in recent years. It will grow from $9.18 billion in 2023 to $10.16 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to biometric technology adoption, integration with IoT, contactless access solutions, cloud-based solutions, mobile access management.
The physical access control system market size is expected to see rapid growth in the next few years. It will grow to $15.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to increasing security concerns, growing adoption of biometrics, demand for contactless solutions, adherence to regulatory standards, convergence of physical and logical security. Major trends in the forecast period include AI and machine learning integration, data analytics for security insights, convergence of physical and logical security, shift to contactless solutions, emphasis on cybersecurity.
The rising adoption of electronic security systems such as biometrics is expected to propel the growth of the physical access control system market going forward. An electronic security system refers to equipment that could perform security operations such as surveillance, access control, alarm, or intrusion control to a facility or area that uses power from the mains and a power backup. Electronic Security Systems are the physical security systems deployed to integrate into a facility's necessary level of protection. For instance, in 2021, according to Goode Intelligence, a UK-based identity, authentication, and biometrics research and events company, biometrics are used by 73% of businesses to provide a positive customer and user experience. Additionally, 55% use biometric authentication technologies, and 75% use biometrics for identity verification. Therefore, the rising adoption of electronic security systems will drive the growth of the physical access control system market.
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The physical access control system market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Keypads-based PACs, Card-based PACs, Biometric PACs
3) By End User: Banking, Financial Services and Insurance (BFSI), Healthcare, Manufacturing, Services, Communication and Media, Retail and Other Corporate, Transportation and Utilities, Other End Users
Major companies operating in the physical access control system market are increasing their focus on introducing biometric identification services to gain a competitive edge in the market. Biometric identification services refer to the use of unique physiological or behavioral characteristics, such as fingerprints, facial features, or iris patterns, to verify and authenticate an individual's identity. For instance, in December 2023, Amazon Web Services Inc., a US-based cloud computing company, launched Amazon One Enterprise, a fully managed service that provides highly accurate and secure enterprise access control through an easy-to-use biometric identification system. The service is designed to help organizations improve their overall security by preventing costly security breaches and streamlining access management. The service combines palm and vein imagery for biometric matching, delivering an accuracy rate of 99.9999%, which exceeds the accuracy of most biometric alternatives, such as scanning two irises.
The physical access control system market report table of contents includes:
- Executive Summary
- Physical Access Control System Market Characteristics
- Physical Access Control System Market Trends And Strategies
- Physical Access Control System Market - Macro Economic Scenario
- Global Physical Access Control System Market Size and Growth
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- Global Physical Access Control System Market Competitive Benchmarking
- Global Physical Access Control System Market Competitive Dashboard
- Key Mergers And Acquisitions In Physical Access Control System Market
- Physical Access Control System Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- United Technologies Corporation
- Panasonic Corporation
- Schneider Electric SE
- Johnson Controls International PLC
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