According to the new market research report, now available on ASDReports, on the "Access Control Market by Type (Hardware, Software & Services), Hardware (Magnetic Stripe, Proximity & Smart Cards, Biometrics, Electronic Locks (Electromagnetic, Electric Strike, Wireless), Controller/Server, Geography - Global Forecast to 2022", the market is expected to be worth USD 9.80 Billion by 2022, at a CAGR of 7.49% between 2016 and 2022. The most significant factors driving the market are the increasing urbanization and technological developments. The growth in commercial & services and residential applications of this market is driven by rising adoption of electronic locks.
Electronic locks are the fastest-growing readers for the access control market
The electronic locks are expected to grow at a faster rate over other readers in the market. This is primarily due to reduced cost, increased convenience of not carrying any separate credential such as cards or key fobs. It also enables the users to monitor and operate remotely and transfer the credential over the mobile phones. These additional features are driving electronic locks for the access control market.
The residential application expected to be the fastest-growing application for the access control market during the forecast period
The residential application is expected to grow at a faster rate over other applications in the access control market. This is due to the increasing demand for access control systems to minimize unauthorized access, to prevent invasion and burglary in residential properties. In addition, the residential properties are increasingly adopting electronic lock-based access control systems due to its convenience and its less cost over other access control readers. Further, increased trend for home automation is supporting the access control market to grow.
North America is the major consumer of the access control market
North America is expected to hold the largest share of the total access control market in 2016. The stable construction market in North America and technological developments are driving the North American market. In addition, the consumers are shifting toward digital, interconnected environment which also drives the North American access control market.
The report also profiles the most promising players operating in this market. The competitive landscape of the market presents a very interesting picture where a large number of big and small players have become a force to reckon with. The key players in this market are Assa Abloy AB (Sweden), Tyco International Plc (Ireland), Dorma + Kaba International Holding AG (Switzerland), Allegion, Plc (Ireland), and Honeywell security Group (U.S.) among others.
Source: ASDReports - Market Research
Date: Jul 26, 2016