According to a report by Marketsandmarkets on the access control market, the access control industry is expected to grow from $7.5 billion in 2018 to $12.1 billion in 2024, with a compound annual growth rate of 8.24%. The main drivers of the growth of the access control market are the increase in the global crime rate, the adoption rate of access control solutions by users, and the deployment of security systems such as wireless technologies and the security systems based on the Internet of Things and cloud computing platforms. Universal application.
The report pointed out that the application of access control as a service (ACaaS), based on the popularity of mobile access control, and the increasing level of urbanization in emerging countries, combined these factors provide a broad market for access control manufacturers. Among them, biometric readers are expected to grow at the highest compound annual growth rate in the next five years (2019-2014), including fingerprint recognition, iris recognition, and face recognition. Biometric readers have achieved the best development period due to the increasing demand for security from government facilities, factories, power stations, defense agencies, and corporate units.
Researchers predict that in the vertical market, the family housing access market will have the highest compound annual growth rate over the next five years. In smart home systems, access control systems are mainly used to improve security. The key factors driving this market growth are the global crime rate and the continuous improvement of technology. The current users' demand for dangerous detection such as fire and gas leakage is increasing. To ensure the safety of children and the elderly at home. At the same time, the growing guide to the home market is also promoting the upgrade of access control solutions from another dimension.
Increasing security issues will drive demand for access control solutions for users in the Asia Pacific region, so the region is also seen as the region with the highest compound annual growth rate in the future. Factors such as industrialization, commercialization, and increased demand for security systems have become key factors in the development of the market. In addition, compared with other regional markets, the increasing mismatch between crime rate and police configuration also allows users to generate more for the access control system. demand.
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