Access Control Market Trends

Growth Drivers

• Growing Prevalence of IoT-Connected Devices – With a connected camera or any other IoT device, access control is a set of privileges that outline which users are given access and the tasks they are allowed to carry out. A camera, a user, and an associated access level are all specified for each item in an access control list. From around 10 billion IoT devices in 2020 to more than 29 billion IoT devices in 2030, the number of IoT devices globally is expected to nearly triple. China is expected to have nearly 5 billion consumer IoT devices by 2030, making it the country with the most of them.
• Rising Popularity of Smart Home – In smart homes, access control is a useful method for managing difficulties with privacy, security, and access violation. Its fundamental objective is to guarantee that only approved users, data, and services are able to access the house's resources. By 2023, 15% of households globally are expected to have smart home technology installed.
• Increasing Cases of Theft – Credentials and elements of access control, such as passwords, pins, security tokens, and even biometric scans, are frequently used to identify and authenticate users. One in five internet users was impacted by the exposure of nearly 1 billion emails in a single year, worldwide.
• Growing Use of Mobile Phones, Tablets, & Laptops – Smartphones serve as the digital keycards of the digital age thanks to mobile access control. Globally active mobile device numbers increased to about 15 billion in 2021 from just over 14 billion the year before. By 2025, nearly 18 billion mobile devices are anticipated to be in use, an increase of about 4 billion devices from 2020 levels.
• Rising Use of Cloud Services– Cloud computing uses access control to limit who can access the data that is stored there. This enables businesses to ensure the cyber security and confidentiality of their information and reduces risk. Cloud computing is used by around 94% of all businesses worldwide. Furthermore, globally around 21% of all cloud services are provided by the banking, financial services, and insurance industries.

Challenges

• Concerns associated with security and privacy- any type of fault in the access control system, it can lead to a number of cyber-attacks and even terrorist attacks. Moreover, in case of a password leak, all the sensitive data of the devices is likely to be leaked. It can even get worse if the passcode of the electronic door is compromised. These risks to security are likely to hamper the access control market growth.
• Low awareness of advanced security solutions
• It can be time-consuming and complicated