Access Control Market 2021 | Scope of Current and Future Industry 2031
The global access control market value is expected to surpass US$ 15 billion by 2021. According to a study by FMI, the market for access control is likely to reach a valuation of US$ 50.4 billion through 2031, growing at a CAGR of 12.6% during the forecast period 2021-2031 in comparison to CAGR 8.1% registered between 2016 and 2020. The emergence of digitalization and cloud-based computing across the globe is driving the market. With increasing adoption of these cloud-based technologies, the risk of cybercrime, digital fraud, and potential information leaks also has increased, making the use of access control systems indispensable in various industry verticals. This is expected to create lucrative sales opportunities in the market. Surging need for integrated access control solutions to create a safe working environment is spurring the demand. It also enabled the market to register year-on-year growth of 10.8% in 2021. In response to the i...