India Access Control Market to Garner $313.11 Mn by 2030 at 7.3% CAGR: Allied Market Research

Rapid installation of access control systems across defense and commercial sectors and investment of various private and government entities have boosted the growth of the India access control systems market.

PORTLAND, Ore., March 21, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "India Access Control Market by Component (Hardware, Software, and Service), Type (Card Based and Biometric Based), and Industry Vertical (IT & Telecom, BFSI, Defense & Aerospace, Manufacturing, Healthcare, Transportation & Logistics, Government and Others): India Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the India access control system industry was pegged at $160.20 million in 2020, and is estimated to generate $313.11 million by 2030, growing at a CAGR of 7.3% from 2021 to 2030.

Major determinants of the market growth

Rapid installation of access control systems across defense and commercial sectors and investment of various private and government entities have boosted the growth of the India access control systems market. However, lack of knowledge regarding benefits of advanced security solutions and high prices for installment of access control systems at workplaces hinder the market growth. On the contrary, escalating crime incidents and introduction of technologically advanced & contactless smart cards for diversified applications would open new opportunities for the market players in the future.

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Covid-19 scenario:

• The Covid-19 outbreak increased the demand for access control management among different organizations for improved management of staff in the office premises.
• Owing to the adoption of social distancing norms and possibility of spread of virus, the demand for access control systems to check individuals entering a premise for their temperature using biometrics and veins recognition technology aided in disease control.

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The services segment to portray the highest CAGR through 2028

By component, the services segment would register the highest CAGR of 10.1% during the forecast period, as access control services disrupt the regulatory landscape by providing technologically advanced solutions within various industry verticals. However, the hardware segment held the largest share in 2020, accounting for nearly two-thirds of the India access control systems market, due to surge in demand for security of workplaces in organizations and rise in demand for access control hardware such as electromagnetic doors, fingerprint scanners, and others.

The BFSI segment held the lion's share

By industry vertical, the BFSI segment dominated the market in terms of revenue in 2020, contributing to nearly one-fourth of the India access control systems industry. In addition, the segment is projected to register the highest CAGR of 10.3% from 2021 to 2030, due to rise in digitalization in commercial banks and non-banking financial institutions in India. The report includes analysis of other segments such as IT & telecom, defense & aerospace, manufacturing, healthcare, transportation & logistics, government, and others.

The card-based segment dominated the market in terms of revenue

By type, the card-based segment held the largest share in 2020, contributing to around three-fifths of the India access control systems market, due to their ability to limit access to certain areas. However, the biometric-based segment is anticipated to portray the highest CAGR of 8.9% during the forecast period, as it assures that the right person enters the restricted premise.

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Key market players

• Honeywell International Inc.
• Robert Bosch GmbH
• Johnson Controls
• Tyco Security Products
• Paxton Access Ltd.
• HID Global Corporation
• IDCUBE
• Siemens
• Gallagher Security
• RBH Access Technologies
• ASSA ABLOY
• Mercury Security
• SOLUS
• Suprema
• Hikvision
• IDEMIA
• Mantra Softech India Private Limited
• Dahua Technology Co., Ltd
• ZkTeco Co., Ltd
• Realtime Biometric
• eSSL
• Gemalto (3M Cogent)
• Godrej
• Virdi

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