The access control market was valued at USD 5.92 billion in 2015 and is expected to reach USD 9.80 billion by 2022, at a CAGR of 7.49% between 2016 and 2022.
According to a recent access control market report by ResearchandMarkets, the global market is expected to grow from US$5.92 billion in 2015 to $9.8 billion by 2022, at a CAGR of 7.49% between 2016 and 2022.
The global market includes different products such as magnetic strip, proximity and smart cards, biometrics, electronic locks, and controllers and servers. Globally, the significance of access control security has increased owing to rising threats across the globe, growing urbanization, and technological developments in the market.
According to IHS, the growth of access control systems was initially driven by electronic locks replacing door furniture, in order to electronically control doors. As the market becomes mature, IHS has started to see access control installers and users coming to expect simpler installations procedures and use of wireless capabilities.
Moreover, the market for electronic locks is expected to grow at a faster rate than other readers in the access control market. This is mainly owing to reduced cost, and the ease of not needing to carry any separate credentials such as cards or key fobs. Electronic locks also permits the users to monitor and operate remotely and transfer the credential across mobile phones. These additional features are driving the market for electronic locks for the access control systems. Electronic locks are largely adopted in commercial and services and residential applications.
The North American region is expected to have the largest share of the total access control market this year, due to the stable construction market and technological developments in North America. Additionally, the North American access control market is fueled by consumer shifting toward digital, interconnected environment.
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