India Access Control Market
Rapid installation of access control hardware systems throughout defense & commercial sectors and investment from private & public bodies have fueled market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 2, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 313.11 Million India Access Control Market Expected to Reach by 2030 | Top Players such as – Gemalto, Godrej & Virdi.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The India access control market size was valued at USD 160.20 million in 2021, and is projected to reach USD 313.11 million by 2030, growing at a CAGR of 7.3% from 2021 to 2030.
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Rapid installation of access control systems across defense and commercial sectors and investment of various private and government entities have boosted the growth of the India access control systems market. However, lack of knowledge regarding benefits of advanced security solutions and high prices for installment of access control systems at workplaces hinder the market growth. On the contrary, escalating crime incidents and introduction of technologically advanced & contactless smart cards for diversified applications would open new opportunities for the market players in the future.
The India access control market is segmented on the basis of component, type, industry vertical. By component, it is segmented into hardware, software and service. By type, it is bifurcated into card based and biometric based. Based on industry vertical, it is segregated into IT & telecom, BFSI, defense & aerospace, manufacturing, transportation & logistics, government and others.
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By component, the services segment would register the highest CAGR of 10.1% during the forecast period, as access control services disrupt the regulatory landscape by providing technologically advanced solutions within various industry verticals. However, the hardware segment held the largest share in 2020, accounting for nearly two-thirds of the India access control systems market, due to surge in demand for security of workplaces in organizations and rise in demand for access control hardware such as electromagnetic doors, fingerprint scanners, and others.
By industry vertical, the BFSI segment dominated the market in terms of revenue in 2020, contributing to nearly one-fourth of the India access control systems industry. In addition, the segment is projected to register the highest CAGR of 10.3% from 2021 to 2030, due to rise in digitalization in commercial banks and non-banking financial institutions in India. The report includes analysis of other segments such as IT & telecom, defense & aerospace, manufacturing, healthcare, transportation & logistics, government, and others.
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By type, the card-based segment held the largest share in 2020, contributing to around three-fifths of the India access control systems market, due to their ability to limit access to certain areas. However, the biometric-based segment is anticipated to portray the highest CAGR of 8.9% during the forecast period, as it assures that the right person enters the restricted premise.
The key players profiled in the India access control market analysis are Honeywell International Inc., Robert Bosch GmbH, Johnson Controls, Tyco Security Products, Paxton Access Ltd., HID Global Corporation, IDCUBE, Siemens, Gallagher Security, RBH Access Technologies, ASSA ABLOY, Mercury Security, SOLUS, Suprema, Hikvision, IDEMIA, Mantra Softech India Private Limited, Dahua Technology Co., Ltd, ZkTeco Co., Ltd, Realtime Biometric, eSSL, Gemalto (3M Cogent), Godrej, and Virdi.
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● The Covid-19 outbreak increased the demand for access control management among different organizations for improved management of staff in the office premises.
● Owing to the adoption of social distancing norms and possibility of spread of virus, the demand for access control systems to check individuals entering a premise for their temperature using biometrics and veins recognition technology aided in disease control.
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