Access Control Hardware Market to Reach $231.3 Million, Globally, by 2032 at 8.0% CAGR: Allied Market Research
The access control hardware market is driven by factors, including the adoption of smart homes and smart building systems, increasing urbanization and infrastructure development, and the proliferation of mobile access control solutions.
PORTLAND, Ore., Sept. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Access Control Hardware Market, by Type (Electronic Locks, Readers, Controllers, and Others), Industry Vertical (IT & Telecom, BFSI, Defense & Aerospace, Manufacturing, Healthcare, Transportation & Logistics, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global access control hardware market generated $108.3 million in 2022, and is projected to reach $231.3 million by 2032, registering a CAGR of 8.0% from 2023 to 2032.
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Access control hardware involves the devices and components utilized for the regulation and management of entry into buildings, rooms, or specific zones within a facility. These systems are developed to improve security by permitting or prohibiting access to authorized personnel while preventing unauthorized individuals from gaining entry. Access control hardware finds application across diverse settings, such as commercial buildings, offices, governmental establishments, educational institutions, and residential properties. The primary objective of access control hardware is to govern and sanction entry or usage in accordance with pre-established permissions, which may involve either granting or withholding access for individuals or user groups.
Prime determinants of growth
The Access control hardware market is anticipated to expand significantly during the forecast period owing to the integration of smart homes and intelligent building systems, the rise in urbanization and infrastructure development. However, high initial costs pose a restraint to the growth of the access control hardware market during the forecast period. Nevertheless, the market for access control hardware is expected to benefit from the widespread adoption of mobile access control solutions.
Report Coverage & Details:
The electronic locks segment is anticipated to dominate in terms of revenue during the forecast period-
Based on type, the electronic locks segment accounted for more than one-third of the total revenue in the global access control hardware market in 2022, and it is expected to continue its dominant position throughout the forecast period. The same segment would also cite the fastest CAGR of 9.02% from 2023 to 2032. The growth of electronic locks is being driven by the increasing integration of biometric authentication, which provides higher security and convenience.
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The BFSI segment is projected to retain the lion's share by 2032.
Based on industry vertical, the BFSI segment emerged as the market leader in the global access control hardware market in 2022, holding the highest market share of nearly one-fourth of the revenue. This segment is projected to maintain its leadership status throughout the forecast period and is expected to experience the fastest CAGR of 9.77% from 2023 to 2032. The remarkable growth of the BFSI segment can be attributed to several factors. Access control systems are essential for the security of banks and financial institutions. They help to prevent unauthorized access to restricted areas, which can protect against theft, fraud, and other security threats.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific dominated the access control hardware market revenue in 2022, representing more than one-third of the global market share. The same segment would also portray the fastest CAGR of 9.01% from 2023 to 2032. The marker growth across Asia-Pacific is driven by factors that the region has been witnessing rapid economic growth, urbanization, and industrialization, leading to an increased demand for access control hardware to secure buildings, infrastructure, and data centers.
Leading Market Players: -
The report provides a detailed analysis of these key players in the global access control hardware market. These players have adopted different strategies such as product launches, collaborations, partnerships, acquisitions, integrations, and new product developments to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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