According to the new research
report, "Access Control Reader Market by Reader Type (Card-based Readers,
Biometric Readers, and Multi-technology Readers), Smart Card Technology Type
(iCLASS, MIFARE, DESFire, Advant), Vertical, and Geography - Global Forecast to
2024" is expected to grow from USD 3.0 billion in 2019 to USD 5.4
billion by 2024, at a CAGR of 12.5%. The growth of this market is mainly
propeled 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 is likely to provide growth opportunities for the access
control reader market.
Card-based readers to witness highest CAGR during 2019–2024
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 categorized 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 organizations across the world is one of the factors surging the demand
for card-based readers.
Residential vertical expected to exhibit highest CAGR from 2019 to 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.
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.
Growing security concerns will boost demand for access control readers
in APAC during forecast period
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 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). 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 in the market.
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