Physical Access Control System Market Key Insights 2024-2033: Growth Rate, Trends And Opportunities
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The physical access control system market has experienced rapid growth, advancing from $9.18 billion in 2023 to $10.16 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The surge in the historic period is credited to the adoption of biometric technology, integration with the Internet of Things (IoT), the implementation of contactless access solutions, the widespread use of cloud-based solutions, and the management of mobile access. Looking ahead to 2028, the market is anticipated to sustain this rapid growth, reaching $15.72 billion at a CAGR of 11.5%. The projected expansion is linked to heightened security concerns, an increased adoption of biometrics, a growing demand for contactless solutions, adherence to regulatory standards, and the convergence of physical and logical security. Noteworthy trends in the forecast period include the integration of artificial intelligence (AI) and machine learning, the utilization of data analytics for security insights, the continued convergence of physical and logical security, a shift towards contactless solutions, and a heightened emphasis on cybersecurity.
The physical access control system market anticipates robust growth propelled by the rising adoption of electronic security systems, particularly biometrics, across various industries. Electronic security systems encompass a range of equipment designed to enhance surveillance, access control, and intrusion prevention in facilities. Biometric technologies, adopted by 73% of businesses for ensuring positive user experiences, authentication, and identity verification, are integral components of modern electronic security systems. According to Goode Intelligence, biometric technologies continue to witness widespread adoption, underscoring their pivotal role in driving the growth of the physical access control system market.
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What Are The Key Trends That Influence Physical Access Control System Market Share Analysis?
Technological advancements are a key trend gaining popularity in the physical access control system market. Major companies operating in the physical access control system market are focused on developing new technological solutions to strengthen their position. For instance, in July 2023, Anviz, a US-based access control and security automation company, launched next-gen OSDP-powered access control solutions specifically designed for access control systems, providing advanced features and benefits, making it a popular choice for many organizations. OSDP enables organizations to ensure the security and efficiency of various facilities by controlling and monitoring access to physical spaces.
Which Market Players Are Driving Growth In The Physical Access Control System Market?
Major companies operating in the physical access control system market report are United Technologies Corporation, Panasonic Corporation, Schneider Electric SE, Johnson Controls International plc, NEC Corporation, Safran Group, Tyco International plc, Assa Abloy AB, Gallagher Group Ltd., Dahua Technology Ltd., Allegion plc Ltd., Gemalto NV, Dormakaba Holding AG, Idemia Group, TKH Group NV, Axis Communications AB, Avigilon Corporation, HID Global Corp, Genetec Inc., Honeywell Commercial Security Ltd., Nedap NV, Identiv Inc., LenelS2, Bosch Security and Safety Systems, Paxton Access., Brivo Systems LLC, Aiphone Co, Verkada Inc., Vanderbilt Industries LLC., Secugen Corporation
How Is The Global Physical Access Control System Market Segmented?
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
Read The Full Physical Access Control System Market Report Here
The Physical Access Control System Global Market Report 2024 provides an overview of the physical access control systemmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The physical access control system market forecast analyzes physical access control system market size, physical access control system market share, leading competitor and their market positions.
The Table Of Content For The Physical Access Control System Market Include
1. Physical Access Control System Market Executive Summary
2. Physical Access Control System Market Segments
3. Physical Access Control System Market Size And Template Market Growth Rate
4. Key Physical Access Control System Market Trends
5. Major Physical Access Control System Market Drivers
……
25. Key Mergers And Acquisitions In The Physical Access Control System Market
26. Top Physical Access Control System Companies
27. Physical Access Control System Market Opportunities And Strategies
28. Physical Access Control System Market, Conclusions And Recommendations
29. Appendix
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