Biometric readers to grow at highest CAGR during 2018–2024
The biometric readers segment is expected to grow at the highest CAGR from 2018 to 2024. The market for biometric reader-based access control systems has been further categorized into fingerprint recognition, hand geometry recognition, iris recognition, and face recognition. Biometric readers are rapidly gaining worldwide traction owing to the growing need for surveillance and security in government facilities, manufacturing units, power stations, defense establishments, and enterprises.
The commercial vertical is the largest adopter of access control systems. In this vertical, commercial premise such as enterprises and data centers, banks and financial centers, hotels, retail stores and malls, and entertainment areas have been considered. These places require access control systems for protecting people and assets by preventing unauthorized access. The demand for access control systems is increasing since they reduce the need for manned security significantly, thereby reducing security expenditure. These factors are encouraging commercial and service organizations to adopt access control systems to protect people and property
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Residential vertical expected to grow at highest CAGR from 2018 to 2024
The access control market for the residential vertical is expected to grow at the highest CAGR from 2018 to 2024. In smart homes, access control systems are used to enhance security. The key factors contributing to the growth of this market include the rise in crime rates, ongoing technological advancements, increasing need for hazards detection such as fire and gas leaks, and ensuring the safety of children at home. The growing smart home market will lead the demand for access control solutions in the residential sector.
Growing security concerns will boost demand for access control solutions in APAC during forecast period
The access control market in APAC is expected to grow at the highest CAGR during the forecast period. Factors driving the growth of the market in this region include growing industrialization, commercialization, and high demand for security systems. Also, rising terror threats and crime rates in APAC countries and low police officer to population ratio are expected to create high demand for access control systems in APAC.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
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