Global Access Control Market Growing 7.49% Annually, Report Says
Electronic locks are projected to be the fastest-growing segment of the access control market.
A stable construction sector and technological developments are said to be driving the North American access control market.
CHICAGO – The global access control market is forecast to be valued at $9.8 billion by 2022 and is currently growing at an annual rate of 7.49%, according to a new report published by reportsnreports.com.
In 2015, the global access control market was valued $5.92 billion. The sector’s growth can be attributed to increased security threats across the world, growing urbanization and technological developments, according to the report.
North America is expected to account for the largest regional market share during the forecast period, 2015-2022.
Electronic locks are projected to be the fastest-growing segment of the access control market. The market for electronic locks is expected to grow at a faster rate over other readers in the access control market. This is primarily due to reduced cost, increased convenience of not carrying any separate credentials, such as cards or key fobs. Electronic locks also enable users to monitor and operate remotely and transfer the credential over the mobile phones.
READ NEXT: How Security Dealers Can Cash In on Wireless Electronic Locks
A stable construction sector and technological developments are driving the North American market. In addition, consumer shifting toward digital, interconnected environment also drives the North American access control market.
The residential application is expected to grow at a faster rate over other applications in the access control market. This is due to the increasing demand for solutions to minimize unauthorized access, to prevent invasion and burglary in residential properties.
In addition, residential properties are increasingly adopting electronic lock-based access control systems due to convenience and cost savings over other types of access control readers. Further, increased trend for home automation is supporting the access control market to grow, according to the report.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Related Content
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.
