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CHICAGO, March 20, 2023 /PRNewswire/ --The global Access Control Market size is projected to grow from USD 9.9 billion in 2023 to USD 14.9 billion by 2028; it is expected to grow at a CAGR of 8.4% from 2023 to 2028 according to a new report by MarketsandMarkets. Factors such as increasing adoption of IoT-based security systems with cloud computing platforms and rising number of smart infrastructure and smart city projects are contributing to the growth of access control market. Furthermore, rapid urbanization in emerging countries and adoption of ACaaS as cost-effective and flexible solution is expected to provide the market with greater growth opportunities.

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Card based readers by hardware is expected to account for the largest share in 2022.

Smart cards are more reliable than magnetic stripes and proximity cards. The increasing use of smart cards for monitoring and recording employee activities in organizations is one of the major factors driving the growth of the market for card-based readers.

Hosted ACaaS held the largest share in Access Control as a Service Market

Owing to the high rate of adoption of access control as a service, hosted ACaaS is expected to hold the largest market share during the forecast period. The benefits offered by hosted and managed services such as reduced labor costs, minimized capital expenditure, and the freedom provided to companies to stay focused on core business areas contribute to the growth of the ACaaS market.

Commercial Vertical to hold largest market share of access control market

This growth of commercial vertical can be attributed to the increasing incidence of robbery and theft in commercial buildings. To protect commercial assets, property owners are buying security systems embedded with access control for remote monitoring. Breaches pertaining to information security are a major concern nowadays.

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Access control market in Asia Pacific to exhibit highest growth rate during forecast period

The increasing adoption of access control solutions by small and medium-sized enterprises is also expected to drive market growth. The growing risks of terrorist threats and crime rates and a low police-to-population ratio in Asia Pacific countries are also expected to create a high demand for access control systems.

The key players operating in the access control market are ASSA ABLOY (Sweden), Johnson Controls (Ireland), dormakaba Holding (Switzerland), Allegion plc (Ireland), Honeywell International (US), Identiv, Inc. (US), Nedap N.V. (Netherlands), Suprema HQ Inc. (South Korea), Bosch Security Systems Inc. (Germany), and Thales (France).

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Access Control Market worth 14.9 billion by 2028 - Exclusive Report by MarketsandMarkets - Yahoo Finance