Access Control Market set to Grow to $15B by 2029
According to a recent study conducted by Adroit Market Research, the access control market is currently valued at approximately $10 billion this year and is projected to reach $15 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%.
Adroit defines access control as a strategy employed to enhance the security of computing systems by restricting access to resources. This definition encompasses both logical and physical access control measures.
While logical access control focuses on system data, files, and computer networks, physical access control manages entry to IT assets, buildings, and campuses. Cloud-based access control solutions offer scalability, flexibility, and remote administration capabilities, while web-based interfaces eliminate the need for on-site infrastructure and maintenance.
As computer networks and digital systems advanced, access control expanded in scope, incorporating electronic authentication and permission techniques. Digital access control services employ usernames, passwords, and cryptographic keys to verify user identities and authorize access to computer networks, software, and data.
The study reveals that emerging technologies can be integrated into access controls to enhance security and improve user experience. Combining access control with AI and ML algorithms enables improved threat identification, anomaly detection, and behavior-based access control.
Integration of access control with Internet of Things (IoT) devices enhances monitoring and control capabilities. Exploring and investing in these developing technologies can unlock new prospects in the access control business.
Cloud-based access control solutions are gaining rapid popularity due to their adaptability, scalability, and cost-effectiveness. Service providers have the opportunity to offer access control as a service (ACaaS), enabling businesses to leverage cloud-based solutions instead of investing in on-premises hardware.
Mobile-based access control services provide simplicity and flexibility, taking advantage of the widespread use of mobile phones. By utilizing technologies such as Bluetooth, near-field communication (NFC), or QR codes, businesses can provide customers with mobile credentials for secure, contactless access. Developing user-friendly mobile access control applications and integrating them with existing systems holds significant potential.
Access control has become a top priority for organizations across various sectors, including government, business, industrial, and residential, in response to the escalating number of security risks and incidents. The need for effective access control methods to prevent unauthorized access, data breaches, and security breaches is driving the adoption of access control solutions.
Furthermore, strict legal requirements and standards concerning security and data protection have contributed to the growing popularity of access control. Regulations like the Health Insurance Portability and Accountability Act (HIPAA), General Data Protection Regulation (GDPR), and Payment Card Industry Data Security Standard (PCI DSS) necessitate compliance in sectors such as healthcare, banking, and government. Organizations are implementing access control measures to meet these compliance obligations.
Considering rising security concerns, regulatory constraints, technological advancements, the use of cloud-based solutions, system integration, the increasing adoption of mobile access control, and the exploration of new applications, the access control market is expected to expand significantly. Businesses prioritize security and seek comprehensive access control solutions, which will drive the global access control industry’s growth in the coming years.