Northbrook, IL -- (SBWIRE) -- 02/24/2021 -- The global access control systems market size is projected to grow from USD 8.6 billion in 2020 to USD 12.8 billion by 2025, growing at a CAGR of 8.2%. Growing awareness regarding home security systems, ongoing technological advancements, and increasing deployment of wireless security systems are the major factor propelling the growth of the access control market.
Biometric readers expected to witness the highest growth rate during the forecast period
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Biometric technologies are used to measure different physiological parameters for identification and authentication purposes in access control systems. The market for biometric reader-based access control systems has been further categorized into fingerprint recognition, palm recognition, iris recognition, face recognition, and voice recognition. Biometrics is one of the fastest-growing technologies used to secure perimeters. This technology enables identifying a person's physical characteristics to provide controlled physical access to infrastructure. This technology is being increasingly used in government facilities, manufacturing units, power stations, defense establishments, and enterprises.
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Residential vertical is expected to be the fastest-growing market for access control market during the forecast period
Residential premises are witnessing increased adoption of access control systems. Residential properties are installing access control systems to prevent invasion and burglary. These properties are increasingly adopting electronic lock-based access control systems. The demand for electronic products is surging with the growing home automation trend. Key factors contributing to the growth of this market include growing crime rates, ongoing technological advancements, increasing need to detect hazards such as fire and gas leaks, and ensuring the safety of children and older people at home.
North America to lead access control market during the forecast period
North America is more advanced than in other regions in terms of the implementation of access control systems. Companies in the US, Canada, and Mexico are making efforts to enhance their expertise and develop innovative access control systems and services. This provides them with greater competitive advantage to increase their share in the region's access control market. The growing number of cyber and malware attacks in the region has compelled several governments and security agencies to enhance security features in their transactions through the deployment of RFID and biometric technologies, which is further contributing to the overall growth of the access control market.
Key market players
In 2019, dormakaba Holding (Switzerland, www.dormakaba.com), ASSA ABLOY (Sweden, www.assaabloy.com), Johnson Controls (Ireland, www.johnsoncontrols.com), Allegion (Ireland, www.allegion.com), and Honeywell International (US, www.honeywell.com) dominated the global access control market.
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