DUBLIN--(BUSINESS WIRE)--Sep 9, 2019--

The access control reader market is expected to grow from USD 3 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 12.5%.

This report offers detailed insights into the access control reader market segmented based on reader type, vertical, and region. The access control reader market based on reader type has been segmented into card-based readers, biometrics readers, and multi-technology readers. By vertical, the access control reader market has been segmented into commercial, government, and residential. The study also forecasts the size of the market based on 4 regions: The Americas, Europe, APAC, and RoW.

The growth of this market is mainly driven by the high demand for enhanced security; contactless interfaces to boost adoption of smart cards; and increased convenience, enhanced security identity management, and improved human resource management. Rapid urbanization in emerging economies provides a major opportunity for the growth of the access control reader market. However, limited awareness about advanced security solutions among users restrains the market's growth.

Residential vertical to hold a significant share of access control reader market by 2024

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. Major factors contributing to the growth of this market include growing crime rates, ongoing technological advancements, increasing need for hazards detection, such as fire and gas leaks, to ensure the safety of children at home. The growing trend of smart homes will increase the demand for access control readers in the residential sector.

APAC to be largest access control reader market by 2024

APAC is expected to hold the largest share of the access control reader market during the forecast period. 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 accelerate the access control reader market growth in the region.

Major companies operating in the market include ASSA ABLOY AB (Sweden), dormakaba Holding AG (Switzerland), Allegion plc (Ireland), Identiv, Inc. (US), IDEMIA Group (France), Nedap N.V. (Netherlands), Suprema HQ Inc. (South Korea), Gemalto N.V. (Netherlands), NAPCO Security Technologies, Inc. (US), and Avigilon Corporation (Canada).

Market Dynamics

Drivers

  • High Demand for Enhanced Security
  • Contactless Interfaces to Boost Adoption of Smart Cards
  • Increased Convenience, Enhanced Secure Identity Management, and Improved Human Resource Management

Restraints

  • Limited Awareness About Advanced Security Solutions Among Users

Opportunities

  • Increasing Urbanization in Emerging Economies

Challenges

  • Security Concerns Related to Unauthorized Access and Data Breach

Companies Profiled

  • Advanced Card Systems Limited
  • Allegion PLC
  • AMAG Technology, Inc.
  • Arabit Systems Inc.
  • ASSA ABLOY AB
  • Avigilon Corporation (MotoRoLA Solutions, Inc.)
  • AXIS Communications AB
  • Brivo, Inc.
  • Castles Technology
  • Dormakaba Holding AG
  • DUALi Inc.
  • Gallagher Group Limited
  • Gemalto N.V. (Thales Group)
  • IDEMIA
  • Identiv, Inc.
  • Idteck Co. Ltd.
  • NAPCO Security Technologies, Inc.
  • Nedap N.V.
  • Nortech Control Systems Limited
  • PAX Technology Limited
  • Paxton Access Ltd.
  • Peter Hengstler GmbH+Co. (PHG)
  • Salto Systems S.L.
  • Stanley Convergent Security Solutions, Inc.
  • Suprema HQ Inc.
  • Union Community Co. Ltd.
  • Vanderbilt Industries
  • Watchdata

For more information about this report visit https://www.researchandmarkets.com/r/sbo7o5

Laura Wood, Senior Press Manager

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INDUSTRY KEYWORD: TECHNOLOGY HARDWARE

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 09/09/2019 04:10 AM/DISC: 09/09/2019 04:10 AM

Copyright Business Wire 2019.