28 Aug 2019
The Top Five Factors Driving Access Control Market Growth
It’s safe to say that both the perception and reality of growth in the access control market have certainly changed over the last few years. What was once known for its slow and conservative trajectory has now transformed into an industry that is seeing fast-paced development, with the latest forecasts predicting the global market will grow at a CAGR of 13.2% from 2018 to 2025, reaching a value of $16.66 billion by the end of that timeframe.
As is common in any segment of the security industry, this growth can be attributed to a number of factors, with each one playing an important role in the overall evolution of the market. Here we take a look at the top five:
Soft targets around the world, such as educational facilities, venues, shopping centers, transportation hubs and more, are continuing to face the challenge of staying prepared for the increasing significance and frequency of threats. And one of the first methods of protection that often comes to mind for these facilities is securing the perimeter of the building or campus, leading to an increase in the use of access control solutions that enhance safety and allow for swift lockdowns with the push of a button.
The emergence of the cloud and Internet of Things (IoT) have positively impacted the entire security industry as a whole, and this undoubtedly includes the access control market. These intelligent technologies have opened up new possibilities for the traditional access control systems of the past, such as remote monitoring, less cumbersome installments and central reporting/management. Additionally, technology such as mobile credentials and biometrics offer exciting and innovative options for access control solutions, propelling market growth through interest in the convenience of these features.
One of the key benefits the cloud creates for the access control market is the access control-as-a-service (ACaaS) model, which we’re seeing a high adoption of — particularly in small- to medium-sized businesses (SMBs) — and is therefore facilitating market expansion. SMBs are taking advantage of the ability to turn over system management to an integrator, benefiting from cost savings, continued support and scalability.
Open-platform technology has given rise to the seamless integration of access control systems with other solutions, encouraging market growth by allowing organizations to obtain added functionality from their technology investments. Enterprises can seamlessly converge their access control with surveillance cameras, video management systems (VMS), intrusion platforms and more, enabling them to invest in a solution that can address multiple needs.
Though access control is primarily used for security purposes, as these systems become more intelligent and capable of engaging with other operations outside of safety, their value increases and therefore leads to market growth. For example, an access control system can integrate with a building management system to lock/unlock doors for an event, turn on/off lights or control temperature.
Over the next few years, as technology advances further and becomes smarter, we can expect to see these trends continue to push the access control market forward. It’s encouraging to see how far its come and we look forward to embracing new possibilities in an effort to help organizations keep people, assets and property safe.