Boston, MA -- (SBWire) -- 08/17/2016 --Access Control Market by Type (Hardware, Software & Services), Hardware (Magnetic Stripe, Proximity & Smart Cards, Biometrics, Electronic Locks (Electromagnetic, Electric Strike, Wireless), Controller/Server, Geography - Global Forecast to 2022
The access control market was valued at USD 5.92 billion in 2015 and is expected to reach USD 9.80 billion by 2022, at a CAGR of 7.49% between 2016 and 2022. This growth can be attributed to the increased security threats across the world, growing urbanization, and technological developments in the access control market.
"Electronic locks expected to be the fastest-growing readers for the access control market during the forecast period"
The market for electronic locks is expected to grow at a faster rate over other readers in the access control market. The is primarily due to reduced cost, increased convenience of not carrying any separate credential such as cards or key fobs. It also enables the users to monitor and operate remotely and transfer the credential over the mobile phones. These additional features are driving the market for electronic locks for the access control systems. Electronic locks are majorly adopted in the commercial & services and residential applications.
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"North America expected to account for the largest share of the access control market during the forecast period"
North America is expected to hold the largest share of the total access control market in 2016. The stable construction market in North America and technological developments are driving the North American market. In addition, the consumer shifting toward digital, interconnected environment also drives the North American access control market.
The breakup of primaries conducted during the study is depicted in below.
By Company Type: Tier 1 Companies - 25%, Tier 2 Companies - 20%, and Tier 3 Companies - 55%
By Designation: C-level Executives - 25%, Directors - 25%, and Managers - 50%
By Region: North America - 10%, Europe - 10%, Asia-Pacific - 20%, and RoW - 60%
Some of the major players in this market are Assa Abloy AB (Sweden), Tyco International Plc (Ireland), Dorma + Kaba International Holding AG (Switzerland), Allegion Plc (Ireland), Honeywell Security Group (U.S.), Siemens Building Technologies (Germany), Amag Technology, Inc. (U.S.), Identiv, Inc. (U.S.), Crossmatch Technologies, Inc. (U.S.). Gemalto N.V. (Netherlands), Gunnebo Group (Sweden), Morpho SA (France), and NEC Corporation (Japan).
Reasons to Buy the Report:
-This report includes the market statistics pertaining to product, service, application, and geography, along with their respective market size.
-The Porter's five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the access control market.
-Major drivers, restraints, and opportunities for access control market have been detailed in this report.
-Illustrative segmentation, analysis, and forecast for the markets on the basis product, service, application, and geography have been conducted to give an overall view of the access control market.
A detailed competitive landscape includes key players, in-depth analysis, and market share of the key players
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