Physical Access Control System Global Market Report 2023

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Major players in the physical access control system market are Honeywell Commercial Security, Bosch Security and Safety Systems, Safran Security, Assa Abloy AB, Tyco, Axis Communications, Allegion plc Ltd.

New York, March 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Physical Access Control System Global Market Report 2023" - https://www.reportlinker.com/p06426375/?utm_source=GNW
, Aiphone Co, TKH Group NV, Avigilon Corporation, Johnson Controls International PLC., Brivo Systems LLC, United Technologies Corporation, Identiv, Secugen Corporation, and Paxton Access.

The global physical access control system market grew from $8.42 billion in 2022 to $9.48 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The physical access control system market is expected to grow to $15.2 billion in 2027 at a CAGR of 12.5%.

The physical access control systems market consists of revenues earned by entities by providing physical access control systems services such as video surveillance, mobile access control serivces, dual-factor authentication, role-based access control.The market value includes the value of related goods sold by the service provider or included within the service offering.

The physical access control systems market also includes sales of door locks, turnstiles, security gate systems, and elevators which are used in providing physical access control systems services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Physical access control systems are electronic systems and services that limit the ability of individuals or vehicles to enter a protected area by authenticating and authorising them at access control points. It allows employees and contractors who work or visit a location to gain access by electronically confirming their PIV credentials.

North America was the largest region in the physical access control system market in 2022. The regions covered in the physical access control system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main components of physical access control system are hardware, software, and services.Hardware is a physical component of a computer system that includes the circuit board, integrated circuits (ICs), and other devices.

It is used to store and run the written instructions provided by the software of physical access control system. The different technology include keypads-based PACS, card-based PACS, biometric PACS, that are used by BFSI, healthcare, manufacturing, services, communication and media, retail and other corporate, transportation and utilities, other sectors.

The rising adoption of electronic security systems such as biometrics is expected to propel the growth of the physical access control system market going forward.An electronic security system refers to equipment that could perform security operations such as surveillance, access control, alarm, or intrusion control to a facility or area that uses power from the mains and a power backup.

Electronic Security Systems are the physical security systems deployed to integrate into a facility’s necessary level of protection.For instance, in 2021, according to Goode Intelligence, a UK-based identity, authentication, and biometrics research and events company, biometrics are used by 73% of businesses to provide a positive customer and user experience.

Additionally, 55% use biometric authentication technologies, and 75% use biometrics for identity verification. Therefore, the rising adoption of electronic security systems will drive the physical access control system market.

Technological Advancements are a key trend gaining popularity in the physical access control system market.Major companies operating in the physical access control system market are focused on developing new technological solutions to strengthen their position.

For instance, in February 2020, Openpath Security Inc., a US-based access control and security automation company, launched digital badging capabilities. These capabilities reimagined credential with Custom Designs that has two-way communication and enterprise-grade security capabilities to bridge the physical and digital security gaps. It also allows users to match their physical ID badge and photo to a digital credential to enhance the security process.

In February 2020, Genea, a US-based software company acquired Sequr Inc for an undisclosed amount.With this acquisition, Genea added the most effective cloud-based physical access control solution to its technology portfolio.

Sequr Inc is a US-based company that provides cloud physical access control solutions.

The countries covered in the physical access control system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The physical access control systems market research report is one of a series of new reports that provides physical access control systems market statistics, including physical access control systems industry global market size, regional shares, competitors with a physical access control systems market share, detailed physical access control systems market segments, market trends and opportunities, and any further data you may need to thrive in the physical access control systems industry. This physical access control systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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