Biometrics to Lead Growth in Access Control Market: Report

MarketsandMarkets is anticipating moderate growth in the access control market. The firm specifically predicts that the market will climb from $8.6 billion in 2021 to $13.1 billion in 2026, which corresponds to a CAGR of 8.7 percent.

Those figures are consistent with the firm’s previous report on the access control market, which indicated that a CAGR of 8.2 percent would push the market to $12.8 billion in 2025. In the newer report, MarketsandMarkets attributes the expected growth to the development of new security technologies, including cloud, IoT, and wireless access control solutions. Organizations are using such technologies to combat rising rates of digital and physical crime.

MarketsandMarkets believes that demand will be especially high in emerging markets that do not yet have a robust security infrastructure. Clients in those markets are implementing mobile access control solutions and Access Control-as-a-Service products to safeguard their assets.

Many of the new access control solutions that do get deployed will feature biometric readers. The biometric segment is expected to display the highest growth rate in the next few years, with MarketsandMarkets crediting the rise of voice recognition in the financial sector as a major factor in that regard. However, access control cuts across different industries, and demand will be high throughout the commercial sector. Retail and commercial facilities will offer significant growth opportunities, and more businesses will deploy biometric and RFID readers to protect the digital assets stored in their data centers.

North America will represent the largest market for access control tech. MarketsandMarkets listed ASSA ABLOY, Suprema, Thales, NEC, and IDEMIA as some of the biggest players in the space.

Fact.MR believes that the physical access control market will exhibit a CAGR of nine percent for the next ten years. MarketsandMarkets has suggested that the voice biometrics market will hit $3.9 billion, while the broader identity verification market will reach $18.6 billion.

–

June 14, 2022 – by Eric Weiss