According to a new research report from Marketsandmarkets, the access control reader market to 2024 is expected to grow from USD 3.0 billion in 2019 to USD 5.4 billion, at a CAGR of 12.5%. The high demand is attributed to the growth for enhanced security; contactless interfaces to boost adoption of smart cards; and increased convenience, enhanced security identity management, and improved human resource management. The researchers also suggest that rapid urbanisation in emerging economies is likely to provide growth opportunities for the access control reader market.
Card-based readers are expected to exhibit the highest CAGR in the access control reader market from 2019 to 2024. The market for card-based readers has been further categorised into magnetic stripe, proximity, and smart card readers. Rising adoption of card-based reader technology-equipped time and attendance as well as access control solutions in various organisations across the world is one of the factors surging the demand for card-based readers.
The access control reader market for the residential vertical is expected to grow at the highest CAGR from 2019 to 2024. In smart homes, access control readers are used to enhance security. Key factors contributing to the growth of this market include the rise in crime rates, ongoing technological advancements, high need for detecting hazards, such as fire and gas leaks, and ensuring the safety of children at home. The growing trend of smart homes is likely to increase the demand for access control readers in the residential sector.
The access control market in APAC is expected to grow at the highest CAGR during the forecast period. Factors driving the growth of the market in this region include large population, heavy investments in digitalization, rapid industrialization, and high demand for security systems. Furthermore, emerging economies are working toward improving their infrastructure, which is expected to impel the growth of the access control reader market. The rising adoption of access control readers in small- and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places is expected to drive the access control reader market in APAC.
Key players in the market included in the report Assa Abloy, Dormakaba, Allegion, Identiv, Idemia, Nedap, Suprema, Gemalto, Napco, and Avigilon. These players are increasingly adopting growth strategies such as product launches and developments, mergers and acquisitions, contracts, partnerships, and agreements to develop and introduce new technologies and products to the market.
