The global building access control security market is expected to secure a market value worth US$ 11.89 billion in 2023. During the forecast period from 2023 to 2033, the market is likely to display a CAGR of 14% while garnering a value worth US$ 44.2 billion. The increasing demand for smart buildings and infrastructure will be driving the demand for the building access control security market in the future.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | US$ 11 billion |
| Expected Market Value (2023) | US$ 11.89 billion |
| Anticipated Forecast Value (2033) | US$ 44.2 billion |
| Projected Growth Rate (2023 to 2033) | 14% CAGR |
As more multifamily operators implement access control systems for their buildings, the market for building access control security has seen a steady increase in the demand for growth. Throughout the world, commercial security is evolving dramatically to meet the demands of a rapidly changing business environment. Health and safety concerns are continuing to drive new approaches to improve public health and manage people more effectively. Building and asset threats have become more complex. Hence the market for building access control security is growing in the market.
Further supporting factors include:
A rising demand for advanced technologies, including both hardware and services, is extending the market. Software as a Service (SaaS) solutions are becoming more prevalent, making access credentials easier to manage, and allowing users to access credentials from smartphones without having to touch the screen. Service considerations have become increasingly important, particularly in security monitoring, design, implementation, and support.
As the use of biometric technology grows, the market for access control is expected to grow rapidly in the market. Many organizations are trying to minimize the use of touch biometrics, like fingerprint recognition, which is currently the most widely used biometric control. An alternative that is making its way into the mainstream is using an iris-scanning machine. These factors are expected to increase demand for building access control security.
For example, the award-winning access control provider Alcatraz AI has enhanced its flagship facial authentication product, the Rock, by adding a web-based, consent management system on mobile devices. As a result, building security will be enhanced and employee and visitor registration will be streamlined.
Various regions in the world use access control security systems in order to protect sensitive areas and buildings from unauthorized access. Regional differences in regulations, security requirements, and cultural practices may influence the access control measures used in a specific region.
Increasing infrastructure and smart construction in North America, Europe, Asia Pacific, and other regions are expected to lead to an increase in building access control security demand. With rising disposable incomes and a high standard of living in Asia Pacific, the market for access control systems is experiencing rapid growth in the market.
The expansion of commercial space and demand for high-tech office spaces has resulted in an exponential rise in the market for biometric, camera, and card recognition systems. Increasing security concerns over government personnel and secure premises are expected to drive demand in this market in the near future.
According to the Bureau of Labor Statistics, jobs for security officers have been unfilled by over 26% in the United States since 2022, which has left numerous organizations short-staffed and overburdened. In response to these labor shortages, organizations reduced their facilities and security personnel. The implementation of seamless and remote monitoring capabilities became vital for ensuring the safety of buildings.
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The demand for the elimination of issues associated with conventional access control systems, complemented by continuous innovations in technology, has led to the introduction of physical building access control security systems.
Building access control security systems are systems accessed without the requirement of a key. Technological innovations have led to the introduction of smart cards and proximity cards as well, besides magnetic stripe cards (under the card-based entry system market). In addition to offering an enhanced end-user experience, companies are strengthening the security of premises as well.
Building access control security systems, besides its primary application of granting access, can be used as an identity management, and time and attendance management system. It is, however, being witnessed that, multi-modal, i.e., physical access control systems with two or more modes of access (entry systems) are preferred over single-modal entry systems.
Out of all the types, biometric systems are the most preferred physical access control systems, owing to their applications across a majority of industry verticals.
Increasing Demand for Enhanced Building Access Control Security against Increasing Crimes and Home Burglaries
The demand for enhanced building access control security is being witnessed globally, across both commercial and residential end-users, in correspondence to increasing crimes such as thefts and burglaries.
In order to provide an efficient layer of security, end users have started adopting and installing building access control security systems, which as a result, is expected to support the growth of the building access control security market during the forecast period.
Due to the enhanced features associated with building access control security, increased demand is being witnessed from various industries, especially corporate offices and the hospitality sector. Besides these, high demand from the education and healthcare industries is also being witnessed for the same.
Lack of Infrastructural Development Hindering Growth of the Market
Many countries suffer from the lack of infrastructural development because of the lack of penetration of technology. As a result, this has restricted the penetration of various building access control security, such as RFID/proximity card/smart card-enabled entry systems and smartphone remote access entry systems.
This lack of penetration of a significant segment of the market impacts the overall growth of the market, and acts as a major restraint for the building access control security market.
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Examples of some of the market participants in the global building access control security market identified across the value chain include
Following are some key strategies and developments in the global building access control security market:
The north American building access control security market is expected to be the highest revenue contributor owing to factors such as penetration of internet users and increasing popularity of mobile services across different sectors such as BFSI, IT & Telecom, and government.
Whereas, East Asia is projected to exhibit the highest growth in the global building access control security market during the forecast period. The economic growth of developing countries, such as Japan and China, is complemented by the declining prices of software, hardware, and other components.
The building access control security market report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
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The building access control security market can be segmented on the basis of component, end-user, and region.
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Building Access Control Security Market
