Access Control Market Size

Access Control Market size was valued at USD 10.69 Billion in 2023 and is likely to reach USD 29.72 Billion by the end of 2036, registering around 8.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of access control is assessed at USD 11.48 Billion. The growth of the access control market can be attributed to the increasing instances of theft at homes, commercial buildings, and others. Access control systems monitor who enters and exits, ensuring that nobody enters without authorization. Therefore, it curbs cases of theft and accidents. In the United States, robberies started to rise in the second half of 2021. There were nearly 4,000 additional robberies in the cities by December 2022. In addition to this, in India, there is a break-in, robbery, or burglary every three minutes.

In addition to these, factors that are believed to fuel the access control market growth of access control include the rising investment for the deployment of various access control services. A visitor management tech company named iLobby announced in January 2021 that it had raised USD 100 million from Insight Partners. These funds are expected to be used by iLobby to scale its go-to-market operations and increase the functionality of its products. On the other hand, the access control market growth is also attributed to a higher number of devices connected to IoT, and the rising cases of cyber-crimes. In 2022, the United Kingdom had nearly 4800 victims of cybercrime for every million internet users, an increase of around 40% from 2020.