Rockville, Nov. 08, 2022 (GLOBE NEWSWIRE) -- According to the latest report released by Fact.MR, a market research and competitive intelligence provider, the physical access control system (PACS) market is estimated at US$ 8.1 billion at present and is forecasted to expand briskly at a CAGR of 10.3% between 2022 and 2032.
The development of global smart cities is on the rise and is expected to cross US$ 500 billion by the end of 2022. As PACS are installed in residential and public spaces, companies are more likely to generate more revenue over time, including revenue from the sales of products, services, and data technology.
Post-pandemic, hospital numbers are growing around the world due to more robust healthcare infrastructure. Currently, there are around 7,250 hospitals in the United States, which are going digital to ensure patient safety. This has set the stage for PACS to grow at a double-digit rate in the healthcare sector.
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Another aspect includes the rising need to maintain confidential information in different sectors, which is also driving the demand for PACS. Owing to technological developments in physical access control systems, demand for sustainable and robust technology is expected to witness significant growth over the coming years.
Key Takeaways from Market Study
- The physical access control system market is projected to grow 2.4X by 2032.
- The market expanded at 5.9% CAGR between 2017 and 2021.
- Under technology, card-based PACS lead the market with US$ 3.94 billion valuation in 2022.
- North America heads the worldwide market with 21.2% share in 2021.
- European countries are likely to represent 25.2% revenue share in 2022.
- Revenue from PACS is expected to increase at CAGRs of 10% and 9.2%, respectively, in Europe and the Americas.
“Fingerprint recognition technology to provide a route for improved scaling of physical access control systems across commercial spaces,” says a Fact.MR analyst.
Increasing Sales of Semiconductor Products Creating Traction for PACS
According to the World Semiconductor Trade Statistics (WSTS) Organization, global sales of semiconductor products reached US$ 152.2 billion in the second quarter of 2022, representing a 13.3% growth. Because of the speed at which technology is developing, the United States is the top selling nation for semiconductors.
The employment of advanced technology in end-use industries has impacted semiconductor technology as well. The cost of maintaining a seamless supply chain across geographies has dramatically increased for businesses. Future expansion of PACS will also be attributed to the semiconductor industry, which is anticipated to respond favourably to the market. To this end, the market for physical access control systems will expand at a faster rate thanks to the semiconductor industry.
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Market Developments
Globally, electronic components such as sensors are becoming more popular, leading to decline in their prices. In light of the fact that fingerprint biometric systems require sensors, this reduction in price has resulted in a decrease in overall costs. Therefore, market players are leveraging this decline in cost and offering services at lower rates.
Businesses and institutes are becoming smarter and more efficient when it comes to security due to Internet of Things (IoT) and information technology. Businesses gain measurable benefits from PACS devices while market players develop long-term partnerships with sectors to generate sustainable revenue streams. The potential prospects for this technology are in healthcare and institution end use. Thus, key companies are looking to diversify their offerings to gain an early mover advantage in this market.
Key Companies Profiled
- United Technologies Corporation (Raytheon Technologies)
- Honeywell Security
- Allegion
- Dormakaba Holdings
- BOSCH
- Johnson Controls International Plc
- Paxton Access
- Avigilon Corporation (Motorola Solutions)
- Axis Communications
- Assa Abloy
- Brivo Systems LLC
- Aiphone Co. Ltd.
- 3M Cogent Incorporation (Gemalto Cogent, Inc)
- Acc-Time System Inc.
- Iris Id, Inc
- Cross Match Technology Inc.
- Lumidigm, Inc (Hid Global Corporation
- NEC Corporation
- Secugen Corporation
- Zvetco Biometrics LLC.
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PACS Industry Research Segmentation
- By Technology :
- Keypads-based PACs
- Card-based PACs
- Biometric PACs
- Fingerprint Recognition
- Face Recognition
- Voice Recognition
- Palm Recognition
- Iris Recognition
- By Solution :
- Hardware
- Software
- Services
- By Sector :
- BFSI
- Healthcare
- Manufacturing
- Services, Communication & Media
- Retail and Other Corporate
- Transportation & Utilities
- Institution
- Residential
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Check out more related studies published by Fact.MR Research:
Electronic Access Control System Market: The global electronic access control system market surpassed a valuation of US$ 11 Bn in 2020, with 1.7X growth anticipated over the decade. Major revenue hotspots include the U.S, Israel, and India, as they have high defense spending. Sales of electronic access control systems to the healthcare domain are expected to increase at over 5% CAGR.
Biometric Authentication Solution Market: As organizations are focusing on secure authentication methods for user access, e-commerce, and other safety applications, the demand for biometric authentication solutions is growing rapidly. The increasing dependency on digital technologies and automation is further expected to drive the growth of the biometric authentication solutions market.
Biometric Payment Market: Biometric payment systems are a point-of-sale (POS) technology which makes use of biometric authentication for enabling a transaction or payment process. Advancements in biometric technology has led to the introduction of advanced biometric authentication technologies such as palm recognition, eye recognition etc., as well, in addition to fingerprint biometric authentication technology.
Biometric Services Platform (BioSP) Market: A biometric services platform enables the integration of advanced biometric data management and processing systems in a standard web service architecture. This service-oriented data biometric services platform offers data management, formatting, workflow, and other utilities for large-scale iris recognition, face recognition, and standard fingerprint recognition.
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