Smart Card Technology Plays Key Role in Advancing Physical Access Control Systems Market
The global physical access control system (PACS) market has reached a valuation of US$ 8.1 billion in 2022 and is forecasted to surge ahead at a CAGR of 10.3% to end up at US$ 21.66 billion by the end of 2032. The Physical Access Control System (PACS) Market refers to the market for security systems that regulate and restrict access to physical spaces, such as buildings, rooms, and other facilities. PACS is used to ensure that only authorized personnel are allowed entry to specific areas of a building or facility.
The global PACS market is expected to grow significantly over the next few years due to increasing security concerns and technological advancements. The market is driven by various factors such as the rising demand for advanced security systems, increasing government regulations and compliance requirements, and the need to protect physical assets and intellectual property.
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The PACS market includes a range of hardware and software solutions, including access control readers, biometric devices, smart cards, and other related technologies. Additionally, there is a growing trend towards cloud-based PACS solutions, which provide more flexibility and scalability for businesses
Key Takeaways from Fact.MR’s PACS Market Study
- Biometric-based PACS to hold major sway, anticipated to account for two out of five sales in the coming years
- Maximum revenue ecosystems are expected to be generated across the services, communication and media segment
- By solution, services are expected to be the most extensively deployed, followed by software across key end-use industries
- U.S to generate over 80% revenue in the North American market
- A proliferating start-up culture is fostering AI-based service providers emergence in the U.K, registering a stable annual growth in 2021
- Germany to register stable growth amid a flourishing media industry, France to register substantial growth amid heightened individual security concerns
- Japan and China to remain bright growth hotspots
Region-Wise Analysis
The PACS market can be analyzed region-wise, with North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa being the key regions. North America is expected to dominate the market due to the presence of established players, increasing investments in security systems, and stringent government regulations. Europe is also expected to witness significant growth due to the adoption of advanced technologies and increasing security concerns. The Asia-Pacific region is expected to grow at a high rate due to the growing adoption of security systems and increasing investments in infrastructure development. Latin America and Middle East & Africa are expected to witness moderate growth due to the increasing demand for security systems and the adoption of advanced technologies in various applications. However, factors such as low awareness and limited infrastructure could hinder the growth of the PACS market in these regions
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Competitive Landscape
The sluggish speed and high price of semiconductor material are projected to constitute a significant bottleneck in the development of competitive PACS equipment. As major market players try to put new equipment into the market, large international companies are moving into the PACS area. The trend towards increased industrial volumes is also leading to an increase in the demand for automated and intelligent PACS.
Companies that produce PACS are shifting away from individually customised prototypes and towards scalable and standardised systems in an effort to improve their sales. As a result, PACS makers will have larger profit margins.
- 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 Companies Profiled
- United Technologies Corporation (Raytheon Technologies)
- Honeywell Security
- Allegion
- Dormakaba Holdings
- BOSCH
- Johnson Controls International Plc
- Paxton Access
- Avigilon Corporation (Motorola Solutions)
- Other
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
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Key Questions Covered
- What is the Physical Access Control System (PACS) market and what are some of the key factors driving its growth?
- What are some of the different components and applications of PACS, and how do they vary based on end-user and deployment model?
- Which regions are expected to see the highest growth in the PACS market, and why?
- Who are some of the major players in the PACS market, and how are they working to expand their market share and improve their position in the industry?
- What are some of the challenges facing the PACS market, such as security concerns, regulatory compliance, and technological advancements, and how are these challenges being addressed?
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