Growth in the Access Control Market
The global access control market is growing at an annual rate of 7.49 percent according to a new report published by reportsnreports.com. In 2015, the global market was valued at $5.92 billion and is projected to grow to $9.8 billion by 2022. The sector’s growth is attributed to increased security threats across the world, growing urbanization, and technological developments.
The access control market includes readers, panels, credentials, and electronic locks. Approximately 95 percent of the installed base in 2016 was in credentials because of the need for each user to have a card or pass according to IHS. Panels, although they make up only a 1 percent share of the market, comprise 32 percent of the revenue in 2016.
Recently, Oregon State University used existing credentials issued to students to streamline operations in Austin Hall, a state-of-the-art facility for students and faculty. Although panels were a part of the install, the real investment was made in a single data management solution that allows school officials to streamline ingress and egress, as well as enable students and staff to reserve one of 21 project rooms in the facility simply by using their existing credential.
Far more enterprise organizations and school campuses are looking for ways to integrate existing hardware and software into a more streamlined approach to security, and the trend to extend that further is growing. Now, these organizations want to link the information gathered from access control systems to One Card, human resources and student information systems, to better manage and automate workflow for security personnel.
Of the various vertical markets, the commercial sector holds the largest portion of the installed based with a 21.6 percent share, with the governmental sector coming in second. Both vertical markets were early adopters since they share a growing need to secure their premises and properly audit entry and exit. The residential sector is expected to rise the fastest, growing at a compound annual growth rate of 7.4 percent because of the increasing demand for solutions to minimize unauthorized access and to prevent invasion and burglary.