ACCESS control globally is projected to worth $US9.8 billion by 2022 and is growing at an annual rate of 7.49 per cent, according to reportsnreports.com. The fastest growing segment is electronic locks. The global access control market was valued $5.92 billion.
The access control sector’s growth can be attributed to increased security threats across the world, growing urbanization and technological developments, according to the report.
Electronic locks are projected to be the fastest-growing segment of the access control market. The market for electronic locks is expected to grow at a faster rate over other readers in the access control market. The report says this is due to reduced cost, increased convenience of not carrying credentials, and the ability for users to monitor and operate remotely locks and over the mobile phone apps.
Residential properties are increasingly adopting electronic lock-based access control systems to integrate with home automation solutions, according to the report. ♦