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Global Card-Based Access Control Systems Market to Reach $3 Billion by 2026
SAN FRANCISCO, June 1, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Card-Based Access Control Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: May 2021
Executive Engagements: 29232
Companies: 173– Players covered include ADT LLC; Allegion plc; ASSA ABLOY AB; HID Global Corporation; Axis Communications AB; Bosch Security Systems; DoorKing, Inc.; dormakaba Holding AG; Fermax Electronica S.A.U.; Thales/ Gemalto N.V.; Gunnebo AB; Honeywell International, Inc.; IDEMIA; IDenticard Systems; Identiv Inc.; Kisi, Inc.; Nortek Security and Control LLC; Sony Corporation; STANLEY Security; The Chamberlain Group, Inc.; Vanderbilt Industries and Others.
Coverage: All major geographies and key segments
Segments: End-Use (BFSI, Retail, Healthcare, Government & Commercial Offices, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Card-Based Access Control Systems Market to Reach $3 Billion by 2026
Access control cards play a crucial role in maintaining the security of a designated place through a controlled access process thereby helping management track entry and exit of people with the swipe of a card attached to the identity of that person. The global market for card based access control systems is expected to continue to grow, as an increasing number of organizations seek to safeguard assets in an unsure marketplace. Constant technology advancements and innovations is set to help access control vendors, dealers and integrators to deliver turnkey and customized solutions to maintain growth momentum in the market. In the post COVID-19 scenario, resurgence in growth fundamentals such as, improvement in commercial and enterprise activity, increase in office starts, branch and retail chai expansions, growth in commercial and private constructions, improvement in capital projects across different industries, and increase in infrastructure spends by governments, will boost demand for efficient security technologies, including card based access control systems in coming years. One of the prominent trends in the access control market is growing demand for mobile access control credentials for unlocking a building or office. Mobile access control allows touch-less entry to reduce contact among employees, which holds particular relevance amid COVID-19 outbreak.
Amid the COVID-19 crisis, the global market for Card-Based Access Control Systems estimated at US$2.1 Billion in the year 2020, is projected to reach a revised size of US$3 Billion by 2026, growing at a CAGR of 6% over the analysis period. BFSI, one of the segments analyzed in the report, is projected to record a 4.7% CAGR and reach US$466.9 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Retail segment is readjusted to a revised 5.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $557.5 Million in 2021, While China is Forecast to Reach $626.2 Million by 2026
The Card-Based Access Control Systems market in the U.S. is estimated at US$557.5 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$626.2 Million by the year 2026 trailing a CAGR of 7.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR. Continued growth in key infrastructure projects, expansion in corporate sector, luxury hotels, numerous high-rise buildings make the regional economies most prominent markets for card based access control systems. The huge travel and leisure industry in the region offers opportunities for card based access control systems in luxury hotels, spas and tourist resorts.
Healthcare Segment to Reach $408.7 Million by 2026
Healthcare facilities are increasingly adopting smart cards and multi-technology card readers to improve overall efficiency and security. Card-based electronic access control systems would help hospital authorities to effectively restrict unauthorized access of general staff and visitors to sensitive areas, laboratories, storerooms and other secure areas. In the global Healthcare segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$226.7 Million in the year 2020 will reach a projected size of US$327.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$43.7 Million by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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