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.
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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.
