(MENAFN- Ameliorate Digital Consultancy)
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.
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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.
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.
The production of competitive PACS equipment is likely to experience a considerable bottleneck because of the slow pace and high cost of semiconductor material. Large multinational businesses are entering the PACS category as key market participants attempt to introduce new equipment into the market. The need for automated and intelligent PACS is also growing as a result of the shift towards increasing manufacturing volumes.
To increase their sales, companies manufacturing PACS are moving towards scalable and standardized solutions from individually customized prototypes. As such, this will create higher profit margins for manufacturers of PACS.
Assa Abloy, in August 2021, acquired Omni-ID in the U.S., which is a leading manufacturer of RFID tags and industrial IoT hardware devices. In July 2021, Brivo and Altronix announced a strategic partnership that will help in the expansion of Brivo's Hardware Ecosystem.
Key pioneers
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
Increasing Sales of Semiconductor Prod ucts 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.
The report covers following Physical access control system (PACS) insights and assessment that are helpful for all participants involved in the Physical access control system (PACS):
Data on recently introduced regulations and their impact on key industries and on demand in Physical access control system (PACS) Latest industry Physical access control system (PACS) with key analysis of market drivers, trends, and influencing factors Key trends Analysis of Physical access control system (PACS) and changing consumer preferences in major industries. Changing Physical access control system (PACS) demand and consumption of diverse products Major trends underlining funding by key investors in numerous countries New investment opportunities in diverse technology and product or service types Comprehensive data and Competitive analysis of Physical access control system (PACS) major players Physical access control system (PACS) sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery Physical access control system (PACS) demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
More Valuable Insights on Physical access control system (PACS)
Fact.MR, in its new report, offers an unbiased Market Analysis of Physical access control system (PACS) , Sales and Physical access control system (PACS) and of Physical access control system (PACS) , analyzing forecast statistics through 2022 and beyond. The study reveals growth projections on the of various criteria.
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