DUBLIN--(BUSINESS WIRE)--The "Card-Based Access Control Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
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
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/zhzk2o
