As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global physical access control system (PACS) market is anticipated to exceed a valuation of US$ 7.3 Bn in 2021, and expand at a promising CAGR of more than 10% over the forecast period of 2021 to 2031.
As per the European Banking Federation, around 1 in every 100 jobs in the EU is from was in the banking sector in 2019, while the average number of bank staff has been rising each year since the past decade, at 28%. PACS, being an integral part of the BFSI sector, is expected to experience further growth in demand through 2031.
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Key Takeaways from Market Study
- Residential end use of physical access control systems is expected to remain the most dominant and likely to witness an absolute dollar opportunity of US$ 3.2 Bn during 2021 – 2031.
- Sales of physical access control system hardware is expected to expand at a substantial CAGR of 10% over the forecast period.
- On the basis of sector, demand from institutions is expected to grow 3.2X, while that from services and communication & media is expected increase 2.4X by 2031.
- Keypad-based and card-based PACS will collectively account for close to 60% revenue share in 2021, and remaining the 2/5 of the market will be capture by biometric PACS.
- North America and Europe together are set to account for close to 45% market share by value by 2031.
- The South Asia & Oceania market is expected to gain 166 BPS and become a market frontrunner to be valued at US$ 3.5 Bn by 2031.
“High adoption of PACS from services, communication, and media sectors is expected to create consistency in demand over the coming years,” says a Fact.MR analyst.
Main Segments Covered in Physical Access Control System Industry Survey
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By Solution
- Hardware
- Software
- Services
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By Technology
- Keypad-based Physical Access Control Systems
- Card-based Physical Access Control Systems
- Biometric-based Physical Access Control Systems
- Fingerprint Recognition
- Face Recognition
- Voice Recognition
- Palm Recognition
- Iris Recognition
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By Sector
- BFSI
- Healthcare
- Manufacturing
- Services, Communication, and Media
- Retail & Other Corporate
- Transportation & Utilities
- Institutions
- Residential
Competitive Landscape
According to this market research analysis, Honeywell Security, Allegion, Dormakaba Holdings, BOSCH, Johnson Controls International Plc, Paxton Access, Avigilon Corporation (Motorola Solutions), Axis Communications, Assa Abloy, Brivo Systems LLC, Aiphone Co. Ltd., 3M Cogent Incorporation (Gemalto Cogent, Inc), Acc-Time System Inc., Iris Id, Inc, Cross Match Technology Inc., Lumidigm, Inc (Hid Global Corporation), NEC Corporation, Secugen Corporation, and Zvetco Biometrics LLC are identified as key players providing physical access control systems.
