The overall access
control reader market 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 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. Increasing urbanization in emerging economics
provides major opportunities for the growth of the access control reader
market.
“Card-based
readers to hold largest share of access control reader market during forecast
period”
Card-based readers can be magnetic stripe,
proximity, or smart card readers. Card-based readers are proven to be
more reliable than biometric readers and electronic locks. The increasing
demand for smart and proximity cards to monitor and record employee activities
is one of the major drivers for the growth of card-based readers. Smartcards
are proven to be more reliable than magnetic stripes and proximity cards. The
increasing demand for smart and proximity cards to monitor and record employee
activities is one of the drivers for the growth of smart card readers.
“Growing
need for security solutions holds largest market share for commercial vertical
in access control reader market”
The commercial vertical is the largest
adopter of access control readers. In this vertical, commercial premises such
as enterprises and data centers, banks and financial centers, hotels, retail
stores and malls, and entertainment areas have been considered. These places
require access control readers for protecting people and assets by preventing
unauthorized access. The demand for access control systems is increasing since
they reduce the need for manned security significantly, thereby reducing
security expenditure. These factors are encouraging commercial and service
organizations to adopt access control readers to protect people and propert
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“Market
in APAC expected to grow significantly during forecast period”
The access control reader 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 market. 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.
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