The global access control market size is expected to reach USD 20.02 billion by 2027 backed by the growing demand for cloud-based systems and the increasing popularity of mobile access control systems amongst enterprises.
Fortune Business Insights in its latest report, titled, “Access Control Market Size, Share & COVID-19 Impact 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 market stood 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 for Multifactor Authentication SystemThe global IT industry has advanced its security approaches and capabilities to provide faster responses to data thefts.
This development is likely to favor the market growth during the forecast period.Access control is an efficient method that guarantees total access of the company data to its users.
It provides data security to the users that enables access to valuable information and resources to the designated people while preventing data theft.
Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market.
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.DRIVING FACTORSIncreasing Demand for Mobile Access Control Systems to Promote GrowthAccording to the survey by HID Global in 2019, around 54% of businesses are likely to shift to mobile access control systems by 2022.