The competitive landscape of the global access control and authentication market is highly fragmented owing to the presence of a large number of players with small market shares, says Transparency Market Research (TMR) in a recent report. As innovation is the key to enter or sustain in the market, many new players are focusing on the development of innovative products. However, to keep up with the pace of innovation and to stay ahead of current technology curve, big companies are merging with organizations that will give them more resources.
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Events such as Honeywell acquiring Xtralis and RSI Video Technologies in early 2016 and partnership between Bosch Security Systems with Sony in early 2017 are intensifying the competitive landscape of this industry. Some of the leading companies in the market are Morpho Safran, Inc., Honeywell International, Inc., Bosch Security Systems, and 3M Company were identified as prominent players in this market.
In the report, Transparency Market Research (TMR) has revealed that in 2013, the global access control and authentication market was valued at US$ 18,723.6 mn. The market is expected to exhibit a CAGR of 15.3% from 2014 and 2020 and is estimated to reach a valuation of US$ 49,890.3 mn by 2020.
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Growing awareness, rising security concerns, and acceptance of technology for security purposes are among the key driving factors of the global access control and authentication market.
Prevention of activities like vandalism in logistics and transportation, trafficking, smuggling, crime, and terrorism are motivating governments from across the world to set strict laws and regulations and enhance security systems. Governments have instigated strict laws for the transportation sector. Moreover, the growing demands from sectors such as education, healthcare, hospitality, and retail are anticipated to boost the growth prospects of the global market.
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In business organizations, access control and authentication systems find uses across applications areas such as remote diagnostics and configuration, equipment/location identification, user authentication for remote connections, access to network services, and keeping passwords and privileges. The rising set of applications from the enterprise sector is further anticipated to poise the market.
The rising cost of advanced access control and authentication systems may act as a restraint for market growth. However, emerging technologies and innovations are expected to overcome this challenge. Trend for mobility-based solutions are motivating the engineers to build mobile security solutions. However, connecting these devices through the wireless mode is considered insecure by various end-user industries. Nevertheless, manufacturers are continually developing technologically advanced equipment, which is estimated to help the market gain sustainable growth opportunities.