Access control market to reach $10.4 billion by 2020: MarketsandMarkets
MarketsandMarkets has published a new report that forecasts that the access control market will reach $10.4 billion by 2020, growing at a CAGR of 10.6% between 2014 and 2020.
The 170-page report is titled “Access Control Market by Product (Cards and Readers, Biometrics, Controllers, Management Software), Application (Commercial, Residential, Military and Defense, Government, Industrial, Healthcare, Education) and By Geography – Global Forecast and Analysis to 2020“.
More commercial and governmental organizations are replacing mechanical and manual locks with access cards and biometric systems as crime rates and terrorist threats continue to increase around the world.
This inherent need for stronger security measures has ultimately been the driving factor for the growth of the access control market.
Technological unification is another market driver, such as the integration of access control products with biometrics, mobile devices and cloud services.
The report segments the overall access control market based on product, application, and geography, the latter of which is grouped into North America (U.S., Canada, and Mexico), Europe (Germany, U.K., France, and Others), APAC (China, Japan, India and others) and rest of the world.
Both the APAC and North American regions are expected to see significant growth over the next five years. The APAC market accounted for a market share of 27.4% in 2013 and is estimated to grow at a CAGR of 11.3% between 2014 and 2020, while the North American region is expected to grow at CAGR of 11.1% between 2014 and 2020.
The access control market’s key players include Assa Abloy AB, Gallagher Group Ltd., Cross Match Technologies, Morpho SA, Honeywell Security Group, AMAG Technologies, Samsung Techwin Co., Ltd., Gemalto NV, 3M Cogent, Inc., and NEC Corporation.