Home Press Releases Access Control Market Predicted to Reach $14.9 Billion by 2028

Access Control Market Predicted to Reach $14.9 Billion by 2028

by Press Room

(EMAILWIRE.COM, March 22, 2023 ) The Access control market is valued at USD 9.9 billion in 2023 and is anticipated to USD 14.9 billion by 2028; growing at a CAGR of 8.4% from 2023 to 2028. The growth can be attributed to growing awareness concerning home security and the rising number of smart infrastructure projects.

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Access control market based on offering has been segmented into Hardware (card-based readers, biometric readers, multi-technology readers, electronic locks, controllers, others (RFID tags, door sets, keypads, servers)); software (visitor management systems, database, and software tools); and services (installation and integration, support and maintenance). The software offering held the highest growth opportunity of the access control market during the forecast period due to growing demand for management and analytics software and databases which would drive the demand for software in the access control market.

The access control market has been segmented on the basis of access control as a service has been fragmented into physic hosted, managed, and hybrid services. The market for managed ACaaS is anticipated to grow at highest CAGR during the forecast period as the key feature of managed services is that all operational processes can be controlled off-site by a team of highly skilled personnel.

The access control market based on vertical has been segmented into commercial (enterprises & data centers; banks & financial buildings; hotels, stadiums, and amusement parks; retail stores & malls); military and defense; government; residential; education, healthcare, manufacturing and industrial; and transportation. The commercial vertical segment accounted for the largest market share of the access control market. To protect commercial assets, property owners are buying security systems embedded with access control for remote monitoring.

North America dominated the access control market and is expected to maintain the position through the forecast period. The growth of the access control market in region can be attributed to the growing demand for cloud-based services, mobile access control technology, and management software by access control system users in the region.

News Also Covered: https://www.prnewswire.com/news-releases/access-control-market-worth-14-9-billion-by-2028—exclusive-report-by-marketsandmarkets-301775905.html

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