Biometric PACs Leading from Front for Physical Access Control Systems, Says Fact.MR
Biometric PACs Leading from Front for Physical Access Control Systems, Says Fact.MR
The global physical access control system (PACS) market has been estimated at a value of US$ 9.8 billion in 2024 and is expected to achieve a CAGR of 9.8% to reach US$ 24.9 billion by 2034-end.
PACS is intended to limit and permit physical access to a specific area or building. In contrast to conventional barriers like fences and strategic landscaping, physical access control system prevents an individual from entering a restricted area without possessing the right credentials.
The development of global smart cites 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.
Post-pandemic, hospital numbers are growing around the world due to more robust healthcare infrastructure. Currently, there are around 7,250 hospitals in the United States, which are going digital to ensure patient safety. This has set the stage for PACS to grow at a double-digit rate in the healthcare sector.
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.
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Key Takeaways from Market Study:
“Fingerprint recognition technology to provide a route for improved scaling of physical access control systems across commercial spaces,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Physical Access Control System (PACS) Market:
Johnson Controls International Plc.; Paxton Access; Secugen Corporation; Zvetco Biometrics LLC.; United Technologies Corporation (Raytheon Technologies); Honeywell Security; Allegion; Brivo Systems LLC; 3M Cogent Incorporation (Gemalto Cogent, Inc.); Acc-Time System Inc.; Dormakaba Holdings; BOSCH; Axis Communications; Cross Match Technology Inc.; NEC Corporation; Lumidigm, Inc. (Hid Global Corporation)
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.
Physical Access Control System (PACS) Market News:
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the physical access control system market, presenting historical market data (2019-2023) and forecast statistics for the period of 2024-2034.
The study reveals essential insights based on sector (BFSI, healthcare, manufacturing, services, communication & media, retail & other corporate, transportation & utilities, institution, residential), solution (hardware, software, services), and technology (keypad-based PACs, card-based PACs, biometric PACs (fingerprint recognition, face recognition, voice recognition, palm recognition, iris recognition), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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A physical access control system (PACS) is designed to limit and permit physical access to specific areas or buildings based on credential verification.
Biometric security uses unique physical characteristics, such as fingerprints or facial recognition, to verify an individual's identity for access control.
A smart city utilizes digital technology and data to enhance performance, efficiency, and the quality of life for its residents.
CAGR stands for Compound Annual Growth Rate, which measures the mean annual growth rate of an investment over a specified time period.
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