According to a new report, published by KBV research, The Global Access Control Market size is expected to reach $16.2 billion by 2029, rising at a market growth of 8.1% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 8.4% during (2023 - 2029). The program allows for setting up a security system that can accommodate an infinite number of cardholders, workstations, and users. Additionally, it offers several features and capabilities to limit access to resources or data based on the user's identification and authorization. When sensitive information needs to be secured from unwanted access, sectors like finance, healthcare, and government frequently use access control software.
The Commercial segment is leading the Global Access Control Market by Vertical in 2022 thereby, achieving a market value of $5 billion by 2029. The increased demand for off-the-shelf devices has been credited for this expansion. Various governmental organizations and private organizations have established standards, such as those from Underwriters Laboratories (UL) for ballistic protection, the National Institute of Justice (NIJ), and the General Services Administration (GSA) for explosive protection. Due to these requirements, the need for access control systems in the commercial sector is projected to increase.
The North America market dominated the Global Access Control Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $5.4 billion by 2029. The Europe market is experiencing a CAGR of 7.6% during (2023 - 2029). Additionally, The Asia Pacific market would display a CAGR of 9% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/access-control-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Johnson Controls International plc, Assa Abloy AB, Dormakaba Holding AG, Allegion Plc, Honeywell International, Inc. (Honeywell Commercial Security), Identiv, Inc., Nedap N.V., Suprema, Inc., Bosch Sicherheitssysteme GmbH (Robert Bosch GmbH) and Thales Group S.A.
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