Demand for electronic access control systems reached an all-time low in the middle of 2020 due to COVID-19, but will fuel solid growth for the market over the next decade, according to a new analysis from Fact.MR.
The market research firm says that between 2016 and 2020, the global electronic access control system market saw a CAGR of 7.5 percent, and ultimately reached an overall value greater than $11 billion. From 2021 to 2031, the market’s annual growth rate will rise to 8.3 percent, and it will reach a value of $21.2 billion by the end of the forecast period.
That’s good news for the biometrics vendors active in the space, as such technologies “will remain highly sought-after”, according to Fact.MR, due to their strong security, performance, and reliability.
The availability of contactless biometric solutions is also surely a contributing factor to the overall market growth, in the wake of a pandemic that has driven people away from touching shared interfaces. In a different, recent report, Fact.MR predicted that the contactless biometrics market will see a CAGR of 16 percent over the same forecast period.
The firm’s latest report notes that the electronic access control market will see consistent gains in the United States, Israel, and India due to their high defense spending, though APAC will emerge as the fastest-growing regional market, thanks in large part to spending in China. Beyond defense, healthcare will be a major sector for growth as well, with an anticipated CAGR of five percent over the forecast period.
Major players highlighted in Fact.MR’s report include ASSA ABLOY AB, Fujitsu, Honeywell, Panasonic, Siemens, Cisco Systems, Robert Bosch, Schneider Electric SE, Johnson Controls, and Ingersoll-Rand.
Another market research firm, MarketsandMarkets, was similarly bullish on the prospects of the access control market in a report issued last year, in which the firm projected a CAGR of 8.2 percent for the overall market over a 2020-2025 forecast period.
July 2, 2021 – by Alex Perala