The access control market is estimated at US$6.637 billion for 2020, growing at a CAGR of 7.52% to reach a market size of US$11.029 billion by 2027.
As digital technology has advanced, it has become increasingly challenging for organizations to function in an environment exposed to malware assaults. All contemporary businesses must secure their physical and intellectual property assets, as well as the security of their employees, by restricting the movement of individuals according to predefined regulations. One of the key elements driving the increased need for access control systems is the growing necessity for protecting today’s corporate landscape. With so much data being created through different digital platforms, it has become a precious resource, and hackers are eager to monetize it to gain money and conduct fraud. The usage of access control systems offers protection for both employers and workers by safeguarding personnel from any potential events that may occur at the workplace or elsewhere. The system also has a log-keeping feature, which increases responsibility. The installation of access control systems helps to increase the safety and security of workplace environments. Therefore, this is one of the primary reasons that is contributing to the market’s growth for the upcoming years.
Vanderbilt Industries, Gemalto NV, Honeywell International Inc, IDEMIA, Matrix Comsec Pvt. Ltd., Brady Corporation, Tyco International, Protection One, NEC Corporation, Siemens, Hangzhou Hikvision Digital Technology Co., Ltd., HID Global Corporation, and others are a few key major players in the access control market.
Honeywell International Inc is a publicly listed American multinational firm based in Charlotte, North Carolina. Its primary business lines include aircraft, building technologies, specialty materials and technology, and security and productivity solutions. Honeywell showcased its finest fire and security products at the ISC West 2019 exhibit in April 2019. OmniAssure Touch, a new line of access control readers, is interoperable with Honeywell’s existing security suites, which include WIN-PAK, WINMAG, and Pro-Watch. The firm is committed to developing life safety technologies that employ connectivity to help build a smarter and safer society. Furthermore, Honeywell announced the release of MPA2 and MPA1, access control panels with cloud, web-based, or on-premises hosting options, in February 2021, to expand the functionality of its MAXPRO Cloud portfolio.
Gemalto NV, is a global digital security firm that offers application software, protects private devices including smart cards and credentials, and professional services. It is headquartered in Amsterdam, Netherlands. Furthermore, Thales acquired the worldwide security business Gemalto in early 2019 and integrated it with its current digital assets to form a new pioneer in digital security. Thales introduced CipherTrust Manager, a rebranded version of Next Generation KeySecure, in July 2020. CipherTrust Manager enables enterprises to manage data encryption lifecycles and policies centrally, regardless of where the data sits, and assists them in meeting data privacy and compliance standards. All-access control and encryption operations are subject to role-based access restriction.
NEC Corporation based in Minato, Tokyo, is a Japanese multinational electronics and information technology corporation. NEC Corporation of America, a global tech integrator of sophisticated IT, communications, connectivity, and biometric modalities solutions, announced the formation of NEC National Security Systems, Inc. It is a completely owned subsidiary of NEC that solves challenges and creates opportunities for public officials and people by utilizing world-class technology. Moreover, identity and biometric technology, artificial intelligence, and machine learning are among the solutions that are transforming the way government does operations. Based on an established Special Security Agreement with the American Government, NEC NSS is established as a Foreign Ownership, Control, or Influence (FOCI)-restricted subsidiary. It will offer biometric software and hardware as part of integrated solutions for global defense, intelligence, defense, immigration, and law enforcement. The Department of Homeland Security, the Department of Justice, the Department of State, the Department of Defense, and the United States intelligence community are the primary clients of NEC NSS.