The global market for access control and authentication has been witnessing intensified competition among the market vendors, thanks to the emphasis on the development of new technologies, notes Transparency Market Research (TMR). With an escalating rivalry, profit margins continue to diminish and market players are acknowledging the need to shift from traditional business models to updated ones, if they are to maintain a foothold in the global access control and authentication market.
Collaborations, mergers, partnerships, and acquisitions are some commonly adopted business strategies by the leading companies. For instance, in May 2017, EyeLock LLC, a leading provider of iris-based identity authentication solutions, announced that it entered a partnership with another recognized security provider, STANLEY Security. The common goal of the joint venture is to offer a range of software as well as hardware access control solutions to its expanding consumer base in North American nations.
The global access control and authentication market is expected to achieve a revenue worth US$49,890.3 by the end of 2020, according to the report by TMR. The market is slated to keep expanding at a high CAGR of 15.3% between 2014 and 2020.
Healthcare to Lead by End Use, Driven by Improved Infrastructure
By region, North America has been claiming the largest share in the global market for access control and authentication. It is Asia Pacific, however, that promises significant scope for further development of the market, owing to increasing investments in technologically advanced security solutions. The region will consequently register the highest CAGR of 20.4% between the forecast years.
By end use, the healthcare sector is expected to occupy the leading position in the global access control and authentication market by 2020. Enhanced patient monitoring is being developed across several nations over the globe, propelling the demand for access control and authentication in healthcare.
Growing Investments for Enhanced Security to Assist Expansion
The global access control and authentication market is being fuelled by the tightened security and strict regulatory policies implemented by a number of governments over the world. The increasing need for protecting confidentiality and privacy of public as well as private data is responsible for the escalating demand for access control and authentication systems. Apart from governments, some international organizations are also investing in security policies.
The rising volume of investments is another key growth driver of the global access control and authentication market. Recurrent terrorist attacks targeting transport facilities has resulted in the strengthening of security by governments. Infrastructural expansion of developing countries including Brazil, Indonesia, Malaysia, India, Nigeria, and China is lending a hand to the progress of the global access control and authentication market.
However, the high costs of access control and authentication systems can restrict the further expansion of the market. The deployment of access control and authentication systems in multiple areas such as insurance, banking, financial services, and insurance, hospitality, logistics, retail, educational sector, and transportation is likely to assist the market in recovery from the negative effects of this restraint, offering ample growth opportunities.
The information presented in this review is based on a Transparency Market Research report, titled, “Access Control and Authentication (By Product Type - Electronic Access Control, Automatic Number Plate Recognition (ANPR), Document Readers; By End-use Industry - Transportation and Logistics, Government and Public Sector, Utilities/Energy Markets, Industrial, Retail, Business Organizations, Hospitality and Casinos, Healthcare Facilities, Educational Institutions, and Others) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
Key Segments of the Global Access Control and Authentication Market
Global Access Control and Authentication Market, by Product Type
- Electronic Access Control (EAC)
- Card-based Access Control
- Radio frequency Identification (RFID)
- Automatic Number Plate Recognition (ANPR)
- Document Reader
Global Access Control and Authentication Market, by End-use Industry
- Transportation and Logistics
- Government and Public Sector
- Utilities/Energy Markets
- Business Organizations
- Hospitality and Casinos
- Healthcare Facilities
- Educational Institutions
Global Access Control and Authentication Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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