(EMAILWIRE.COM, February 26, 2019 ) According to the new research report "Access Control Market by Component (Hardware Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Software), Service (Installation, Maintenance, & ACaaS), Vertical, and Geography - Global Forecast to 2024", the access control market is expected to grow from USD 7.5 billion in 2018 to USD 12.1 billion by 2024, at a CAGR of 8.24%. The growth of the access control market is driven by high adoption of access control solutions owing to increasing crime rates globally; technological advancements and deployment of wireless technology in security systems; and adoption of IoT-based security systems with cloud computing platforms. Adoption of access control as a service (ACaaS); implementation of mobile-based access control; and increasing urbanization in emerging countries are expected to provide huge growth opportunities to players in the access control market.

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Biometric readers to grow at highest CAGR during 2018–2024

The biometric readers segment is expected to grow at the highest CAGR from 2018 to 2024. The market for biometric reader-based access control systems has been further categorized into fingerprint recognition, hand geometry recognition, iris recognition, and face recognition. Biometric readers are rapidly gaining worldwide traction owing to the growing need for surveillance and security in government facilities, manufacturing units, power stations, defense establishments, and enterprises.

Residential vertical expected to grow at highest CAGR from 2018 to 2024

The access control market for the residential vertical is expected to grow at the highest CAGR from 2018 to 2024. In smart homes, access control systems are used to enhance security. The key factors contributing to the growth of this market include the rise in crime rates, ongoing technological advancements, increasing need for hazards detection such as fire and gas leaks, and ensuring the safety of children at home. The growing smart home market will lead the demand for access control solutions in the residential sector.

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Growing security concerns will boost demand for access control solutions in APAC during forecast period

The access control market in APAC is expected to grow at the highest CAGR during the forecast period. Factors driving the growth of the market in this region include growing industrialization, commercialization, and high demand for security systems. Also, rising terror threats and crime rates in APAC countries and low police officer to population ratio are expected to create high demand for access control systems in APAC.

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The key players in the market include ASSA ABLOY AB (Sweden), Johnson Controls International plc (Ireland), dormakaba Holding AG (Switzerland), Allegion plc (Ireland), Honeywell Security Group (US), Identiv, Inc. (US), Nedap N.V. (Netherlands), Suprema HQ Inc. (South Korea), Bosch Security Systems Inc. (US), and Gemalto N.V. (Netherlands). These players are increasingly undertaking product launches and developments, mergers and acquisitions, contracts, partnerships, and agreements to develop and introduce new technologies and products in the market.

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