A $3 Billion Global Opportunity for Card-Based Access Control Systems by 2026
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Editing: 20; Published: February 2022
Executive Pool: 29232
Companies: 91 – Players covered include ADT LLC; Allegion plc; ASSA ABLOY AB; HID Global Corporation; Axis Communications AB; Bosch security systems; DoorKing, Inc.; dormakaba Holding SA; Fermax Electronica SAU; Thales/Gemalto NV; Gunnebo AB; Honeywell International, Inc.; IDEMIA; Identity card systems; Identiv Inc.; Kisi, Inc.; Nortek Security and Control LLC; Sony Corporation; STANLEY safety; The Chamberlain Group, Inc.; Vanderbilt Industries and others.
Blanket: All major geographies and key segments
segments: End use (BFSI, retail, healthcare, government and commercial offices, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global card access control systems market to reach $3 billion by 2026
Access control cards represent one of the most widely used access control devices for commercial and residential buildings or any other infrastructure. The global market for card-based access control systems is expected to continue to grow as an increasing number of organizations seek to protect their assets in an uncertain market. Constant technological advancements and innovations are meant to help access control suppliers, resellers and integrators deliver turnkey and customized solutions to maintain the growing momentum of the market. Public and private entities are investing and switching to smart cards. In the post COVID-19 scenario, resurgence of growth fundamentals such as improved commercial and business activity, increased office housing starts, branch and retail chain expansion , the growth of commercial and private constructions, the improvement of investment projects in different sectors and the increase in infrastructure spending by governments, will stimulate the demand for effective security technologies, including security control systems. card-based access in the years to come. Rising public spending on national security also presents excellent opportunities for smart card-based electronic access control systems in public sector office buildings and government institutions.
Amid COVID-19 Crisis, Global Card Access Control Systems Market Estimated at US$2.3 billion in 2022, is expected to reach a revised size of 3 billion US dollars by 2026, growing at a CAGR of 6% over the analysis period. BFSI, one of the segments analyzed in the report, is expected to register a CAGR of 4.7% and reach US$466.9 million at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Retail segment is readjusted to a revised CAGR of 5.1% for the next 7-year period.
The US market is estimated at $586.2 million in 2022, when China is expected to reach $626.2 million by 2026
Card Access Control Systems Market in United States is estimated at US$586.2 million in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$626.2 million by 2026 with a CAGR of 7.5% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 4.7% and 5% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 5.1%. Although developed markets such as the United States and Europe have been the traditional contributors to access control technology revenue, more specifically card-based EACS, the market growth is currently mainly driven by developing regions, such as Asia Pacific, Latin America and Middle East. Asia Pacific is in particular the fastest growing regional market for card-based access control systems. Continued growth of key infrastructure projects, expanding corporate sector, luxury hotels, many high-rise buildings make regional economies the most important markets for card-based access control systems .
Healthcare segment to reach $408.7 million by 2026
Healthcare facilities are increasingly adopting multi-technology smart cards and card readers to improve overall efficiency and security. Amid the growing spread of COVID-19, an increasing number of healthcare institutions are overwhelmed with thousands of patients. As hospitals focus on preventing the spread of disease within the facility, there is a growing need for access control systems that reduce the number of touch points in a facility to allow staff members to go past. In the global healthcare segment, United States, Canada, Japan, China and Europe will drive the CAGR of 5.1% estimated for this segment. These regional markets representing a combined market size of US$226.7 million will reach a projected size of US$327.7 million at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$43.7 million by 2026, while Latin America will grow at a CAGR of 6.2% over the analysis period.
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