Access Control and Authentication Market Expected to Reach US$ 49,890.3 Mn by 2020 Globally

(Ping! Zine Web Hosting Magazine) – According to a new market report published by Transparency Market Research Access Control and Authentication – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, the global Access Control and Authentication market is expected to reach a value of US$ 49,890.3 Mn by 2020. The market would grow at an estimated CAGR of 15.3% during the forecast period from 2014 to 2020. Increasing safety and security concerns and government regulations are some key reasons driving the growth of access control and authentication market, globally. Countries across the globe and international regulatory bodies have planned and designed compliances and policies for security, which have led to the increased investments on security by companies and organizations. In the coming years, increase in security budgets for safeguarding critical infrastructure across countries is expected to continue driving the demand for physical security systems. Moreover, revival of commercial projects across various fields including residential, defense, and commercial sectors is expected to further boost the demand for such solutions. An increasing trend in the access control and authentication market is towards the convergence of physical and logical access control solutions.

In 2013, North America was the largest market in terms of revenue accounting for around 32% share of the total access control and authentication market. Asia Pacific is expected to be the fastest growing regional market during the forecast period, growing at a CAGR of 17.1%. Growth of access control and authentication market in Asia Pacific is majorly driven by demand from countries such as India, China, Thailand and Vietnam. Growth in investments in infrastructure in the region has necessitated investments in security systems.

The growth in demand for EAC systems is led by rising instances of attempts to gain unauthorized access to secure infrastructure and information, the expansion of government ID programs, and increased adoption of access control systems by business, banking, and industrial sectors. Smart cards and readers are witnessing dynamic growth with demand coming from various sectors. The introduction of Europay, MasterCard, and Visa (EMV) compliant smart cards is an important driver of the increased demand for access control systems.

Transportation and logistics was the largest end-use segment of the access control and authentication market, accounting for around 23% of the total market in 2013. Repeated terror attacks on transportation facilities have led governments to form regulatory bodies that formulate strict legislations and guidelines to enhance security in the transportation sector. The healthcare facilities segment in the physical security market is expected to grow at the fastest CAGR of 20.4% during the forecast period. Access control and authentication has gained increased demand for patient monitoring in healthcare industry. Biometrics technology is anticipated to witness considerable growth in the coming years due to growing need to curb an increase in healthcare frauds and provide improved patient care.

Browse the full Access Control and Authentication (By Product Type – Electronic Access Control, Automatic Number Plate Recognition (ANPR), Document Readers; By End-use Industry – Transportation and Logistics, Government and Public Sector, Utilities/Energy Markets, Industrial, Retail, Business Organizations, Hospitality and Casinos, Healthcare Facilities, Educational Institutions, and Others) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020 report at http://www.transparencymarketresearch.com/access-control-authentication-market.html

In 2013, 3M Company, Bosch Security Systems, Honeywell International, Inc., and Morpho Safran, Inc. were identified to be the key players in the access control and authentication market. The market for access control and authentication is highly fragmented with a large number of companies operating across different product segments. The access control and authentication industry has been experiencing rising instances of business acquisition and partnership activities from the key companies.

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