The global access control market is forecast to be worth nearly $10 billion by 2022, with annual growth nearing 7.5 percent over the next six years. Access control has quickly become one of the top-selling segments of the physical security industry, and four important trends are driving its rapid growth:
1. Popularity of electronic locks
Electronic locks are now one of the fastest-selling access control technologies, and their popularity is helping grow the market overall. It’s no wonder that electronic locks are experiencing a boom: They offer the customer a wide range of benefits, including reduced cost, simplified maintenance, and increased convenience for the end user. Better still, they provide advanced capabilities such as remote operation and monitoring, as well as simple credential transfer, which comes in handy when employees join or leave a company.
2. Falling costs
Many access control manufacturers are offering more affordable technology options. Meanwhile, capabilities such as software as a service and cloud computing are enabling companies to achieve even greater cost savings. These service-based offerings allow the customer to save money on hardware, software licenses, and system upgrades and maintenance, creating a lower total cost of ownership over time.
For a value-added reseller, this creates a strong opportunity to target customers of all sizes. Today, access control isn’t attractive only to large corporations and sprawling facilities. Even the smallest retailer can now afford to secure its access points, without heavy investment in hardware and software.
3. North American growth
North America will continue to be the largest access control market over the next several years, in part because of the restabilized construction market. As companies continue to emerge from the recession, more offices, restaurants, stores, and other businesses are being built. And the majority of these will require some level of access control technology.
Meanwhile, U.S.-based access control manufacturers are continually advancing the technology, with new features, improved ease of use, mobile capabilities, Bluetooth connectivity, broader Internet of Things integration, and more. And end users are growing increasingly aware of these offerings. It’s no wonder that today’s access control technology is more accessible, and more attractive, to a broader swath of customers who can envision exactly how it will benefit their businesses.
4. Increased demand in the residential market
As the commercial access control market continues to grow, many of the same technologies are also taking hold in the residential market. Today, more and more homeowners, apartment and condo managers, and landlords see the benefit of adding access control to their properties to prevent unauthorized access and safeguard people and property. Electronic locks are again leading the charge in this area, especially as demand for home automation capabilities continues to grow.
At the same time, the growth of the U.S. education, hospitality, and healthcare verticals will steadily drive the access control market for years—or even decades—to come. These verticals are expanding each year. And due to growing security concerns, each will require a high level of access control.
How are access control sales in your own local market? Would you say that they have accelerated over the last few years?