According to data from a research report on the access control market by Marketsandmarkets, the access control industry is expected to grow from USD 7.5 billion in 2018 to USD 12.1 billion in 2024, with a compound annual growth rate of 8.24%. The main driving factors for the growth of the access control market are the increase in the global crime rate and the increase in user adoption of access control solutions; the second is the deployment of wireless technologies in security systems and the deployment of security systems based on IoT security systems and cloud computing platforms Universal application.
The report pointed out that access control system as a service (ACaaS) applications, based on the widespread use of mobile access control, coupled with the gradual increase in urbanization in emerging countries, combined these factors to provide access control vendors with a broad market. Among them, biometric card 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. Due to the increasing demand for security from government facilities, factories, power stations, defense agencies, and enterprises, biometric card reader have the best development period.
Researchers predict that in the vertical market, the RFID access control market for family residences will have the highest compound annual growth rate in the next five years. In the smart home system, the access control system is mainly used to improve security. The key factors that promote the growth of this market are the rising global crime rate and the continuous advancement of technology. The current user demand for fire and gas leak detection is increasing. To ensure the safety of children and the elderly at home. At the same time, the growing guide home market is also promoting the upgrade of access control solutions from another dimension.
Increasing security issues will drive users’ demand for door access control systems in the Asia-Pacific region, so this region is also regarded as the region with the highest compound annual growth rate in the future. Factors such as industrialization, commercialization, and increasing demand for security systems have become key factors in the development of the market. In addition, compared with other regional markets, the rising crime rate and the inconsistency of police deployment have also caused users to have more access control systems. demand.
