Thursday, February 11, 2021

Access Control Market Worth USD 20.02 Billion at 8.7% CAGR by 2027 Owing to Increasing Adoption of Cloud Computing Solutions in North America

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 & Industry 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.


List of the Companies Profiled in the Global Market for Access Control:

  • Nedap N.V. (Netherlands)
  • Genetec Inc. (Montreal, Canada)
  • Honeywell International Inc (North Carolina, United States)
  • Dots Info Systems (India) Pvt. Ltd., (Mumbai, India)
  • Bosch Sicherheitssysteme GmbH (New York, United States)
  • KISI Inc. (Brooklyn, NY, United States)
  • HID Global Corporation (Texas, United States)
  • Matrix Comsec Pvt. Ltd. (Gujrat, India)
  • Enterprise Systems Corporation (Texas, United States)
  • Perco (Saint Petersburg, Russia)
  • Identiv, Inc. (California, United States)
  • Centrify Corporation (California, United States)
  • dormakaba Holding AG (R├╝mlang, Switzerland)
  • Allegion plc (Ireland)
  • Johnson Controls, Inc. (Cork, Ireland)
  • ASSA ABLOY group (Stockholm, Sweden)
  • Ekran System Inc. (California, United States)
  • SolarWinds Worldwide, LLC. (Austin, Texas, United States)
  • TED Systems, Lenexa, KS. (Lenexa, United States)
  • Gemalto N.V. (Amsterdam, Netherlands)
  • IMEDIA France (Courbevoie, France)
  • Siemens Aktiengesellschaft (Munich, Germany)
  • Mace Security International Inc. (Ohio, United States)



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REPORT COVERAGE-

The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. 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 FACTORS-

Increasing Demand for Mobile Access Control Systems to Promote Growth

According to the survey by HID Global in 2019, around 54% of businesses are likely to shift to mobile access control systems by 2022. The growing adoption of smartphone and mobility devices is driving the organizations to introduce enterprise mobility access control solutions. These solutions provide increased productivity, reduced technology overhead, and save cost and time. Furthermore, the increasing adoption of cloud-based systems amongst enterprises is expected to contribute to the global access control market during the forecast period.


Read Detailed Summary of This Report:

https://www.fortunebusinessinsights.com/access-control-market-104592


COVID-19 IMPACT-

COVID-19 to Accelerate Demand for Multifactor Authentication System

The global IT industry has advanced its security approaches and capabilities to provide faster responses to data thefts. The COVID-19 pandemic has proved to be the catalyst for accelerating this growth as the growing concerns regarding cyberattacks and phishing attacks are driving the adoption of multifactor authentication systems amongst enterprises. This development is likely to favor the market growth during the forecast period.


REGIONAL INSIGHTS-

North America to Remain at Forefront; Increasing Adoption of Cloud-Computing Solutions to Favor Growth

Among all the regions, North America is expected to remain dominant and hold the highest position in the global access control market during the forecast period. This dominance is attributable to the increasing adoption of cloud computing-based systems and the presence of established players that are developing advanced access control systems in the region between 2020 and 2027. North America stood at USD 3.81 billion in 2019.

The market in Asia-Pacific is expected to showcase significant growth backed by the growing adoption of smartphones and mobile computing devices in the region.


COMPETITIVE LANDSCAPE-

Merger and Acquisition by Eminent Companies to Expand Product Portfolio and Boost Sales Revenue

The global access control market is fragmented by the presence of major companies focusing on acquiring other small companies to develop advanced access control systems to cater to the growing demand from manufacturing and industries, military and defense, and oil & gas sector globally.


AN INDUSTRY DEVELOPMENT-

  • February 2020ASSA ABLOY Group announced the acquisition of the United Kingdom-based solution provider, Biosite Systems Ltd. The acquisition is aimed at consolidating its position by providing innovative access control solutions to their customers.


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