Research Nester’s recent market research analysis on “Access Control Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global access control market in terms of market segmentation by offering, software, end user, and by region.
Rising Prevalence of Internet of Things (IoT) Connected Devices to Promote Global Market Share of Access Control
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The global access control market is estimated to grow majorly on account of the widespread utilization of IoT-connected devices that act as intelligent computing devices, connected through the internet to communicate with each other without any human interference. It was found that in 2020 there were nearly 10 billion IoT devices. Moreover, this count is anticipated to touch more than 29 billion in 2030, almost tripling the number of IoT devices worldwide. As IoT is not limited to computers, every piece of equipment that can support the smart sensor technology viable for the IoT environment. Hence, an increasing number of organizations are employing smart access control systems, propelling the market growth of access control devices.
Some of the major growth factors and challenges that are associated with the growth of the global access control market are:
Growth Drivers:
- Exponentially Increasing Popularity of Smart Home
- Augmenting Use of Cloud Services
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Challenges:
The lack of awareness of the availability of many advanced security solutions as well as the increasing concern for risks associated with data security with access control are some of the major factors anticipated to hamper the global market size of access control. The threat of password leaks, which can leak most of the sensitive data of the devices also can likely hinder the market growth. All these factors are predicted as restraining factors for the market growth in the upcoming years.
By offering, the global access control market is segmented into electronic locks, card readers & access control devices, and biometric readers. The electronic locks segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growing number of smart homes worldwide as well as the rising trend of smart locks in such types of houses are anticipated segment growth. As per research, around 12 million homes in the United States have smart locks installed. The electronic lock, also known as a digital lock, is becoming not just popular in commercial and industrial settings but is also gaining momentum in individual residences. Furthermore, the expanding automotive industry with a rising volume of electric vehicles as well as growing manufacturing of smart vehicles imbibed with smart sensors and digital technologies are expected to hike the segment growth.
By region, the North American access control market is to generate the highest revenue by the end of 2035. This growth is anticipated by the widening scope of digitalization in every aspect of life inclusive of the rising popularity of smart home devices with the rising share of the populace who use smartphones, tablets, and computers. According to data, it is estimated that at least 60 million US households by 2023 will be actively utilizing smart home technology, which is defined as using them at least once per month. Moreover, about 48% that makes or nearly 50% of American own a tablet, and around 7 out of 10 own a laptop or desktop in the United States. These are the most common devices required to access control together with internet connectivity as with a connected camera or any other IoT device, access control is a set of privileges. These devices and access control together outline which users are given access to and the tasks they are allowed to carry out. Furthermore, the increasing demand for premium vehicles such as luxury cars as well as the growing use of digital lockers, biometrics, and other smart technologies in the North American region is further anticipated to boost the regional market growth.
