Global Physical Access Control Market: Overview
A physical access control or PAC refers to a system that allows access to contractors and employees visiting or working in a site through electronic authentication with their personal identity verification (PIV). Software is utilized to gain physical access and the chip that is there on an access card and the electric lock allow access via software. This entire arrangement is known as logical access control. Growing popularity of this type of security system is likely to encourage growth of the global physical access control market over the period of analysis, from 2020 to 2030.
Augmented adoption of IoT-based security systems together with deployment of wireless security systems along with integration of cloud computing system are expected to emerge as the key growth factors for the global physical access control market in the years to come.
The global physical access control market been classified on the basis of two key parameters, which are application and region.
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Global Physical Access Control Market: Notable Developments
The global physical access control market is considered a highly competitive and substantially fragmented market. The presence of many large market players makes the global physical access control market highly competitive. Market players are making various strategic moves, such as entering into mergers and collaborationsto gain larger revenue and market share. The following development is expected to leave a long lasting impression on the market:
- In July 2019, Leading Dutch technologies provider, TKH Group NV, acquired Germany-based SVS-Vistek GmbH. The latter is a leading technology solution provider for imaging systems. With this movement, it is expected that TKH will strengthen its product portfolio and expand its presence.
Some of the well-known companies in the global physical access control market comprise the below-mentioned:
- TKH Group NV
- Allegion plc.
- Bosch Security and Safety Systems
- Assa Abloy AB,
- Honeywell Commercial Security
- Aiphone Co., Ltd.
Global Physical Access Control Market: Key Trends
The global physical access control market is characterized by the presence of the following restraints, drivers, and opportunities.
Augmented Concern for Security and Increased Use of Smartphones to Boost Demand
The development of the global physical access control market is estimated to be driven by augmented adoption of smartphones and many other mobile devices that play the role of an authentication system. In addition, there has been an increased concern for security all over the globe, particularly about office entrance security. These factors are likely to foster growth of the global physical access control market over the timeframe of analysis, from 2020 to 2030.
Timing and lifestyle also play an important role in the physical access control technologies. Earlier, these systems found implementation in various enterprises, but now the installation is more on new gadgets like smartphones as cost involved is much less. Driven by its advantages, numerous companies are now focusing on upgradation of security systems, which is likely to pave way for rapid growth of the global physical access control market in the years to come.
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Global Physical Access Control Market: Geographical Analysis
In the global physical access control market, Asia Pacific and North America are likely to collectively account for most of the share in the market. This trend is likely to continue throughout the timeframe of analysis, from 2020 to 2030. Augmented adoption of physical access control systems by small and medium-sized enterprises is anticipated to drive it demand across the region. Rise in disposable income and increased concern over safety and security is paving way for rapid development of the market in countries like India and China. This factor is likely to propel growth of the market in Asia Pacific.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.