Amid the COVID-19 crisis, the global market for Card-Based Access Control Systems estimated at US$2.1 Billion in the year 2020, is projected to reach a revised size of US$3.2 Billion by 2027, growing at a CAGR of 6% over the analysis period 2020-2027.
BFSI, one of the segments analyzed in the report, is projected to record a 4.7% CAGR and reach US$466.9 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Retail segment is readjusted to a revised 5.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $539.6 Million, While China is Forecast to Grow at 7.5% CAGR
The Card-Based Access Control Systems market in the U.S. is estimated at US$539.6 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$669.8 Million by the year 2027 trailing a CAGR of 7.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.
Healthcare Segment to Record 5.6% CAGR
In the global Healthcare segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$226.7 Million in the year 2020 will reach a projected size of US$327.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$363.1 Million by the year 2027, while Latin America will expand at a 6.2% CAGR through the analysis period.
Select Competitors (Total 91 Featured) -
ADT LLC
Allegion plc
ASSA ABLOY AB
HID Global Corporation
Axis Communications AB
Bosch Security Systems
DoorKing, Inc.
dormakaba Holding AG
Fermax Electronica S.A.U.
Thales/ Gemalto N.V.
Gunnebo AB
Honeywell International, Inc.
IDEMIA
IDenticard Systems
Identiv Inc.
Kisi, Inc.
Nortek Security and Control LLC
Sony Corporation
STANLEY Security
The Chamberlain Group, Inc.
Vanderbilt Industries
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
COVID-19 Outbreak to Introduce New Changes in Access Control Domain
COVID-19 Pandemic Catalyzes Demand for Mobile Access Control Credentials
Electronic Access Control Systems: A Prelude
Card-Based Access Control Systems
Types of Card-Based Electronic Access Control Systems
Traditional Cards
Smart Cards
Contactless Smart Card Technology
Insight into Smart Card based Access Control Systems
Access Control Cards Stay Relevant Despite Rise of Biometrics
Market Fortunes Intrinsically Tied to Performance of the Overall Electronic Access Control Industry
Integrated Systems Grow in Prominence
Market Outlook
Underpenetrated Developing Countries Offer Huge Untapped Market Growth Potential
Widespread Consumer Awareness: The Crucible for Success
Stiff Competition from Biometrics and Mobile Credentials Pose a Major Challenge
High Implementation Costs Deter Smart Card Adoption
Competition
Players from Developed Markets Face Growing Competition from Low-Cost Asian Manufacturers
M&A Activity Picks Up
Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Contact Cards Give Way to Contactless Card Based Access Control Technologies
Smart Cards Outshines Traditional Legacy & Proximity Cards
Exhibit 1: Global Card-Based Access Control Systems by Segment (In %)
Multi-Application Smart Cards Grow in Demand
Advancements in Smart Card Readers Drive Adoption
Businesses Opt for Hybrid Approach
Smart Card EACS as Smart ID Badges
Smart Card EACS Witness Increasing Application as Attendance Management Tool
Biometric Smart Cards in Spotlight
The Enterprise Sector: A Major End Use Market for Card Based EACS
Global Connected Enterprise Market (In US$ Billion) for the Years 2017, 2022 and 2024
Smart Cities to Drive Adoption
Exhibit 2: Global Smart Cities Market in US$ Billion: 2018-2026
Need to Restrict Unauthorized Access to Sensitive Areas Drive Demand in Healthcare Establishments
Focus Grows on Reducing the Touchpoints in Hospitals
Card-based EACS: A Widely Acknowledged Access Method in Hospitality Facilities
Different Types of Access Cards for Hospitality Sector: A Snapshot
Slowdown in Hospitality Sector Impacts Growth
Exhibit 3: Impact of Covid-19 on Hotel Occupancy Rates in Select Countries: March 2020
Shift from Traditional Frisking and Manual Verification Procedures in Physical Access Control Boost Market Prospects
Government Sector: An Important Market for Card Based EACS
Higher Education Sector: A Key Contributor to Growth
Millennial Population to Significantly Influence Access Control Solutions Market
Integration of Access Control and Visitor Management Improves Security & Operational Efficiency
Logical Access Control: Market Laden with Immense Potential for Card Based EACS
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