Biometric-based Physical Access Control Systems Gaining Rapid Traction across End-use Verticals: States Fact.MR
Published : 02 Nov 2021 Industry: Technology
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.
Development of global smart cites are on the rise, and this is expected to reach a worth of more than US$ 150 Bn by end of 2021. This includes revenue generated by companies operating in these cities by offering products, services, and data technologies. Inclusion of PACS in residential and public spaces is likely to accelerate revenue generation in the future course of time.
The number of hospital across the globe is increasing post pandemic effect, as healthcare infrastructure is getting more robust. Currently, the number of hospitals across the U.S. is around 7,250, which are mostly turning digital for security purposes. This is providing the stage for PACS in the healthcare sector, which is expected to increase at a double digit-growth rate, with high installation of PACS in hospitals and healthcare facilities.
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.
Owing to increasing adoption of electronic components around the world, decline in the prices of hardware components such as sensors is being witnessed. As sensors are an integral component of fingerprint biometric systems, this price decline has lowered overall cost. As such, market players are leveraging the decline in cost and expanding their portfolio offering services at a lower price range.
With the incorporation of Internet of Things (IoT) and information technology, businesses and institutes are getting smarter and efficient in terms of security. Physical access control provides added measurable values to businesses, while market players are developing long-term collaborations with different sector players to enable sustainable revenue generation.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global physical access control system market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of solution (hardware, software, services), sector (BFSI, healthcare, manufacturing, services, communication & media, retail and other corporates, transportation & utilities, institutions, and residential), and technology (keypad-based PACs, card-based PACs, biometric PACs (fingerprint recognition, face recognition, voice recognition, palm recognition, and iris recognition), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Technology Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Consultant – Technology