Physical Access Control System Market to Reach $24.9 Billion by 2034, driven by smart city rollouts, hospital digitization, & biometric security

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:

• The physical access control system (PACS) market is experiencing significant growth, with its valuation increasing from US$ 9.8 billion in 2024 to an estimated US$ 24.9 billion by 2034, representing a steady CAGR of 9.8% over the forecast period.
• The increasing need for advanced security solutions in commercial, industrial, and residential sectors is a major driving force behind the expansion of the PACS market, as organizations prioritize the protection of physical assets and personnel.
• Technological advancements such as biometric authentication, cloud-based access control, and AI-powered security systems are transforming the PACS industry, enabling enhanced efficiency, real-time monitoring, and improved threat detection.
• Government regulations and compliance requirements for data protection and physical security are pushing businesses and institutions to adopt more robust access control solutions, further fueling market demand.

“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:

1. Assa Abloy acquired Omni-ID in the U.S. in August 2021, which is a prominent RFID tags and industrial IoT hardware device manufacturer.
2. In July 2021, Altronix and Brivo have entered into a strategic alliance that will facilitate the growth of Brivo's Hardware Ecosystem.

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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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