Access Control: A Base for layered security

Access control systems are those types of systems, technique, or a method that ensures only specific people or things are allowed access to a facility, environment, or system. These are means which enable users to restrict access to only a specific group of people to a system or physical resources.

The access control market is anticipated to surge at a nominal rate over the forecast period due to the wide adoption of these solutions across various end-user industries across the globe due to the growing number of criminal cases related to a data breach, theft, and loss of property among others. Moreover, the wide adoption of IoT security solutions is also one of the key factors which are anticipated to supplement the market growth over the forecast period. Furthermore, the booming adoption of cloud-based solutions is also expected to widen up the opportunities for the access control market to surge throughout the forecast period and beyond. Furthermore, the booming energy and power sector.

MARKET OVERVIEW

The growth in the number of cases related to data breaches and cybercrimes is one of the prime factors which is bolstering the access control market growth over the next five years. As the adoption of technology across the various industries is increasing the risk of a malware attack is also increasing which is leading to a number of challenges faced by enterprises for operating in attack prone environments. This, in turn, is leading to the growing adoption of these solutions, thus adding up to the market growth in the next five years. However, the high cost of ownership of these solutions is considered to one of the major factors that may inhibit the demand for these solutions in the short run and hinder the market growth during the coming years. These costs primarily include maintenance, hardware, and software costs among others. In order to remain globally competitive and to tap the potential this market holds, market players are investing heavily in research and development and expansions to fuel innovation and develop efficient product offerings, thus capable of offering high value to the customers. For instance, in January 2020, Vanderbilt Industries, a leading designer and manufacturer of state-of-art security products and systems for access control announced their new range of Bluetooth low energy readers with contactless door release buttons and virtual credentials with an aim to transform the future of access control technology by offering smooth migration, easy management and customer convenience along with these offerings.

SEGMENT ANALYSIS

The access control market is segmented on the basis of product, service, deployment, end-user industry, and geography. By product, the segmentation has been done on the basis of hardware and software. The hardware is further segmented as biometrics, cards and readers, mobile phones, and others. By services, the market has been segmented into installation and integration, support and maintenance, and professional services. By deployment, the classification is done as a cloud and on-premise. By the end-user industry, the market is segmented into telecommunication, BFSI, government, healthcare, and others.

By product, the hardware segment is projected to hold a noteworthy share in the access control market owing to the fact that growing adoption of these solutions across the various industry verticals coupled with the high costs associated with the various types of hardware used. The software segment is expected to show decent growth during the forecast period.

By the end-user industry, the healthcare segment is anticipated to show substantial growth during the next five years on account of the growing adoption of these solutions across the healthcare sector. Also, the growth in the data-driven operations is leading to increased risks of data breaches and other attacks. Furthermore, the inclining focus of healthcare providers towards the safety of patients is also anticipated to be one of the prime factors bolstering the growth of this segment in the next five years.

Geographically, the market is segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The North American region is anticipated to hold a notable share in the market owing to the early adoption of technology along with the presence of a well-established infrastructure. Also, the presence of key market players in the region also supports the share of this segment throughout the forecast period.

Asia Pacific region is projected to show decent growth during the next five years owing to the fact that there is growing adoption of these solutions across the various end-user industries in the region. Also, the growing IoT adoption in developing economies such as India, China, and Vietnam among others is also supporting the market growth in the APAC region. Furthermore, with the growing concerns over data security, there is high adoption of these solutions across the healthcare, BFSI and government sector which also bolster the market growth in this region in the coming years.

COMPETITIVE STRATEGIES

There is a high volume of companies working in the access control market, however, some have solidified their position as the leading providers in this industry. These players are involved in a plethora of investments, product launches, and R&D as a part of their growth strategies to further strengthen their position and provide better services to their customers worldwide, which is further expected to propel the growth of the market in the coming years. Some of these are:

• In March 2020, IDEMIA, a global leader in security and identity solutions based out of France, announced the launch of its latest ID.X platform as a powerful solution for providing the enterprise and service providers to authenticate, manage, and verify digital identities in a secure manner. The platform comes with four modules:

1. ID.X Proof
2. ID.X Manage
3. ID.X Authenticate
4. ID.X Access

• In December 2018, IDEMIA announced the launch of its latest MorphoWave™ Compact to the range of its readers for frictionless biometric access control. This is the newt range of biometrics control which comes with contactless 3D fingerprint technology.
• In November 2018, Gemalto NV, a leading provider of digital security solutions and a subsidiary under the Thales Group announced its expansion across the European Union for delivering Access Management as a service solution by adding the number of data centers in the region for helping the company to cater to the growing demand for cloud-based authentication and access management solutions.

FUTURE PROSPECTS:

The access control market is poised to show nominal growth over the forecast period. This growth is primarily driven by the growing investments by key market players in the R&D for the expansion of the product and services portfolio along with the growing partnerships and agreements by the key market players and numerous end-users. According to the analysis by Knowledge Sourcing Intelligence the access control market is estimated to grow at a CAGR of 6.25% to reach US$9.774 billion by 2025.

Knowledge Sourcing Intelligence is a market research and consulting firm based out of India. Steered by some of the industry experts, the company provides syndicated reports, custom research, and consulting services.