The overall industrial access control market is projected to grow from USD 815 million in 2017 to USD 1,318 million by 2023 – grow at a CAGR of 8.3%. The growth of the industrial access control market is driven by the high adoption of access control solutions due to growing security concerns, technological advancements and deployment of wireless technology in security systems, and adoption of Internet of Things (IoT)-based security systems. Adoption of access control as a service (ACaaS) is expected to provide huge growth opportunities to market players.
Smart card readers to hold largest share of industrial access control market, by card-based readers, during forecast period
Cards are used as credentials to authenticate user identity and determine access grant/denial (also the appropriate level of access). Access control readers can be magnetic stripe, proximity, or smart card readers. Card-based readers are proven to be more reliable than biometric readers and electronic locks. The increasing demand for smart and proximity cards to monitor and record employee activities is one of the drivers for the growth of card-based readers. Smartcards are proven to be more reliable than magnetic stripes and proximity cards. The increasing demand for smart and proximity cards to monitor and record employee activities is one of the drivers for the growth of smart card readers.
Need for high security for assets and personnel enables largest share for utilities application in industrial access control market
The market for utilities is expected to grow at a high rate between 2017 and 2023. The growing demand for security concerns and terrorist attacks in utilities application is contributing to the growth of the industrial access control market. The large market shares of these applications can be attributed to a high demand for access control solutions in industrial applications.
“Electronic locks to witness highest CAGR in industrial access control market during 2017–2023”
The market for electronic locks is expected to grow at the highest CAGR from 2017 to 2023. This is primarily due to reduced cost, increased convenience of not carrying any separate credential such as cards or key fobs. It also enables the users to monitor and operate remotely and transfer the credential over the mobile phones. These additional features are driving electronic locks for the industrial access control market.
“Utilities application is expected to witness highest growth rate during forecast period”
The industrial access control market for the utilities application is expected to grow at the highest CAGR from 2017 to 2023. Utilities application is the largest application driving the growth of industrial access control market for avoiding security threats. Security solutions are a vital part of every industrial area setup and thus are expected to grow at a high rate during the forecast period. Protecting the infrastructure and assets from threats such as accidents, vandalism, theft, sabotage, and terrorism is the major concern for utilities application. These security issues increase the demand for access control systems and solutions for this application.
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