Global Physical Access Control Market: Overview
A physical access control or PAC refers to a system that allows access to contractors and employees visiting or working in a site through electronic authentication with their personal identity verification (PIV). Software is utilized to gain physical access and the chip that is there on an access card and the electric lock allow access via software. This entire arrangement is known as logical access control. Growing popularity of this type of security system is likely to encourage growth of the global physical access control market over the period of analysis, from 2024 to 2030.
Augmented adoption of IoT-based security systems together with deployment of wireless security systems along with integration of cloud computing system are expected to emerge as the key growth factors for the global physical access control market in the years to come.
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The global physical access control market been classified on the basis of two key parameters, which are application and region.
Global Physical Access Control Market: Notable Developments
The global physical access control market is considered a highly competitive and substantially fragmented market. The presence of many large market players makes the global physical access control market highly competitive. Market players are making various strategic moves, such as entering into mergers and collaborationsto gain larger revenue and market share. The following development is expected to leave a long lasting impression on the market:
- In July 2019, Leading Dutch technologies provider, TKH Group NV, acquired Germany-based SVS-Vistek GmbH. The latter is a leading technology solution provider for imaging systems. With this movement, it is expected that TKH will strengthen its product portfolio and expand its presence.
Some of the well-known companies in the global physical access control market comprise the below-mentioned:
- TKH Group NV
- Allegion plc.
- Bosch Security and Safety Systems
- Assa Abloy AB,
- Honeywell Commercial Security
- Aiphone Co., Ltd.
Global Physical Access Control Market: Key Trends
The global physical access control market is characterized by the presence of the following restraints, drivers, and opportunities.
Augmented Concern for Security and Increased Use of Smartphones to Boost Demand
The development of the global physical access control market is estimated to be driven by augmented adoption of smartphones and many other mobile devices that play the role of an authentication system. In addition, there has been an increased concern for security all over the globe, particularly about office entrance security. These factors are likely to foster growth of the global physical access control market over the timeframe of analysis, from 2024 to 2030.
Timing and lifestyle also play an important role in the physical access control technologies. Earlier, these systems found implementation in various enterprises, but now the installation is more on new gadgets like smartphones as cost involved is much less. Driven by its advantages, numerous companies are now focusing on upgradation of security systems, which is likely to pave way for rapid growth of the global physical access control market in the years to come.
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Global Physical Access Control Market: Geographical Analysis
In the global physical access control market, Asia Pacific and North America are likely to collectively account for most of the share in the market. This trend is likely to continue throughout the timeframe of analysis, from 2024 to 2030. Augmented adoption of physical access control systems by small and medium-sized enterprises is anticipated to drive it demand across the region. Rise in disposable income and increased concern over safety and security is paving way for rapid development of the market in countries like India and China. This factor is likely to propel growth of the market in Asia Pacific.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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