Seattle, WA -- (SBWIRE) -- 08/14/2017 -- According to the new market research report, the "Access Control Market by Component (Hardware (Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Others) and Software), Service (Installation, Maintenance, and ACaaS), Vertical, and Geography - Global Forecast to 2023", was valued at USD 6.39 Billion in 2016 and is expected to reach USD 10.03 Billion by 2023, at a CAGR of 6.48% between 2017 and 2023. The major driver for the growth of the market is the high adoption of access control solutions owing to growing security concerns globally. The overall access control market is driven by factors such as technological advancements and deployment of wireless technology in security systems, and the adoption of access control as a service (ACaaS) and mobile access control.

Browse 64 Market Data Tables and 46 Figures spread through 173 Pages and in-depth TOC on "Access Control Market - Global Forecast to 2023"

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Card-based readers expected to drive growth of access control market

The market for card-based readers is expected to grow at the highest CAGR between 2017 and 2023. The card is used as a credential in an access control system to authenticate a person's identity, determine the appropriate level of access, and provide access to the physical resource. It also enables the users to monitor and operate remotely and transfer the credential over the mobile phones. These additional features are driving the demand for smart cards and proximity cards in the access control market.

Commercial vertical expected to grow at highest CAGR between 2017 and 2023

In the commercial vertical, various commercial areas, such as enterprises and data centers, banks and financial centers, hotels, retail stores and malls, and entertainment areas, are considered. Protecting the infrastructure and assets from threats such as accidents, vandalism, theft, sabotage, and terrorism is a major concern for the commercial vertical. These security issues increase the demand for access control systems and solutions for this vertical.

Access control market in APAC to grow at highest CAGR between 2017 and 2023

The access control market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The rising penetration of security systems in small and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others, is expected to drive the market. Commercial, military and defense, government, and industrial are the major verticals driving the growth of the access control market in APAC.

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The key players in the ecosystem of the access control market profiled in this report are ASSA ABLOY AB (Sweden), Johnson Controls International plc (Ireland), dorma+kaba Holding AG (Switzerland), Allegion plc (Ireland), Honeywell Security Group (US), Identiv, Inc. (US), Nedap N.V. (Netherlands), Suprema HQ Inc. (South Korea), Bosch Security Systems Inc. (US), Gemalto N.V. (Netherlands), and OT-Morpho (France).

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