The global demand for access control products is expected to reach $10.2 billion by 2025, up compared to $7.9 billion last year, according to a recent study by smart building consultancy Memoori.
According to the study, the global access control market is expected to expand at a CAGR of approximately 5% over the next five years.
The consultancy noted that the COVID-19 pandemic has created a pent-up demand and new applications for access control products are now providing a valuable service to control COVID-19 in buildings. Memoori also highlighted that Identity Management will play a more important role during the next five years.
?During 2020, access control played a significant role in assisting social distancing by providing information on the location of staff and visitors for occupancy management thresholds. Vendors are now looking to go further by also assisting with wellness verification and contact tracing,? Memoori said.
?Over the next five years, we anticipate demand will be driven by growth in IP Networking products, Access Control as a Service (ACaaS), Biometric Readers and integration with Identity Management. Integration with other Physical security systems and the Building Internet of Things is now becoming an established part of the business and this is generating further growth.?
Memoori also said that access control is still a much smaller business than Video Surveillance and today is less competitive, but consolidation through acquisition has been a significant feature over the last five years, which has created a much stronger and more competitive environment.
?We are bullish about this business as it moves further into IP Networking and strengthens its relationship with biometrics and identity management and building occupancy management systems. These trends are significant drivers that should maintain the growth momentum, albeit at a lower rate during the next couple of years due to the pandemic,? Memoori added.
