NEW YORK, Jan. 27, 2021 /PRNewswire/ -- Award winning market research company Fact.MR has recently published a report on the physical access control system (PACS) market. According to the study, the market is expected register noteworthy growth in 2021 over 2020, attributed to heightened usage across key industries ranging from BFSI to retail and communications. Long-term growth appears highly optimistic, with projections estimating a CAGR exceeding 9% from 2021-2031.
In spite of a deceleration experienced in the wake of the pandemic crisis, the popularity of PACS is regaining momentum. In addition, burgeoning online business transactions in the wake of deepening e-commerce penetration and the advent of Industry 4.0 have also served to heighten prospects for PACS in recent years. The National Retail Federation of the United States estimates a nearly 4% increase in virtual retail sales since 2017. E-commerce sales registered double-digit growth in the same time period.
Furthermore, the European Commission's 2015 report pegged the European commerce sector's value at 11% of the region's GDP, stimulated primarily by sectors such as ICT, real-estate, finance, manufacturing and transport. Since these industries are the primary end-users of PACS solutions, their demand is only expected to bolster in forthcoming years, providing a wide berth for solution providers to penetrate markets by introducing a slew of technologically advanced software and equipment.
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"Burgeoning instances of identity theft and compromise of confidential data are compelling corporate entities to invest in advanced security solutions, especially in the financial domain, leading to an increase in the availability of security solutions for banking and financial institutions," remarks the Fact.MR analyst.
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
Prominent PACS providers profiled by Fact.MR's report include: Honeywell Security, Safran Security, Bosch Security, Axis, Tyco, Assa Abloy, Allegion, Avigilon, TKH Group and Aiphone among others.
The presence of such wide array of players renders the market highly competitive, with key vendors capitalizing on product portfolio diversification. Additionally, strategic collaborations, partnerships and acquisitions are also relied upon by the aforementioned market players.
In December 2020, Honeywell Security expanded its life sciences and software capabilities through the acquisition of Sparta Systems for a sum of US$ 1.3 billion. Sparta's AI-enabled software as a service (SaaS) quality management software (QMS) offering is likely to combine with Honeywell Forge and Experion® Process Knowledge System to enhance life sciences value for customers across the U.S, Europe and Asia.
On similar lines, Safran Security in 2017 introduced its biometric card software for providing strong authentication means at the point of sale. This technology has been incorporated by credit card giant MasterCard, eradicating the need to manually enter a PIN for validating different transactions.
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More about the PACS Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global physical access control system (PACS) market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of technology (keypad-based physical access control systems, card-based physical access control systems, and biometric-based physical access control systems [fingerprint recognition, face recognition, voice recognition, and iris recognition]), end user (BFSI, healthcare, manufacturing, services, communication and media, retail & other corporates, transportation & utilities, institutions, and residential), and solution (hardware, software, and services), across seven major regions of the world.
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