Access control is important in the fields of information and physical security. This is the process of providing selective and restrained access to various resources and locations. Various levels of authorizations provide permission to consumption, usage, and sharing these resources and places. According to the researchers, the global access control market is poised to witness impressive growth over the next few years. This growth is mainly driven by advancing technology and rise in the rate of adoption of this technology. Rising globalization is also expected to influence the demand in this market. Key established players in this market are looking for investments in the emerging economies. These emerging countries are expected to provide vital growth opportunities to the existing as well as potential industry players.
Segmentation in the Access Control Systems Market
Researchers segment the access control market on the basis of the types of products and their applications. They also consider the major geographic regions in the market to determine the growth trends across these regions. Major products in the market are segmented into contactless cards and readers, contact cards and readers, biometrics, all-in-one cards or hybrid cards and readers, management software, controller, database, server and mobile access. Basic applications in the market are segmented into industrial, residential, commercial, military and defense, government and public sector, healthcare and educational industries. On the basis of the geographic regions, this market is categorized into Europe, Asia Pacific, North America and rest of the world.
Market Drivers, Restraints and Growth Trends
According to the researchers, the global access control market is mainly driven by the increasing rate of crime around the world. Growth in the terrorist activities and rising security concerns and applications are also expected to drive this market at a healthy CAGR. Strong advancements in technologies and unification of applications are also expected to drive the market. Increased government rules and regulations and inclination towards adoption of access control systems are also expected to drive this market. Major challenges and restraints for this market include fluctuating costs and lack of awareness amongst the industry components. However, rising demand from the emerging markets, along with advancements in the technology and adoption of cloud services are expected to drive this market at a healthy rate.
According to the latest research reports, the global access control market is expected to grow at a steady CAGR of around 10% from 2014 to 2020. At the estimated growth rate, the market is set to reach $10.4 Billion by 2020. Rapid rise in demand from the emerging markets like Asia Pacific, Latin America and Middle East are expected to provide vital traction for the growth of this market. In terms of market shares, the global market is expected to be dominated by North America.