The Physical Access Control System Global Market Report 2023 by The Business Research Company, provides physical access control system market overview across 60+ geographies in the seven regions — Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period — 2010–2021, and a ten-year forecast period — 2023–2032.
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According to The Business Research Company’s Physical Access Control System Global Market Report 2023, the market size is expected to grow from $8.42 billion in 2022 to $9.48 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global physical access control system is expected to grow to $15.2 billion in 2027 at a CAGR of 12.5%.
The rising adoption of electronic security systems such as biometrics is expected to propel the growth of the physical access control system market going forward. An electronic security system refers to equipment that could perform security operations such as surveillance, access control, alarm, or intrusion control to a facility or area that uses power from the mains and a power backup. Electronic Security Systems are the physical security systems deployed to integrate into a facility’s necessary level of protection.
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The physical access control system market is segmented:
1) By Component: Hardware, Software, Services
2) By Technology: Keypads-based PACs, Card-based PACs, Biometric PACs
3) By End User: Banking, Financial Services and Insurance (BFSI), Healthcare, Manufacturing, Services, Communication and Media, Retail and Other Corporate, Transportation and Utilities, Other End Users
Technological Advancements are a key trend gaining popularity in the physical access control system market. Major companies operating in the physical access control system market are focused on developing new technological solutions to strengthen their position. For instance, in February 2020, Openpath Security Inc., a US-based access control and security automation company, launched digital badging capabilities. These capabilities reimagined credential with Custom Designs that has two-way communication and enterprise-grade security capabilities to bridge the physical and digital security gaps. It also allows users to match their physical ID badge and photo to a digital credential to enhance the security process.
The physical access control system market report table of contents includes:
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