The access control and authentication market is gearing up for a period of unprecedented growth, with a projected Compound Annual Growth Rate (CAGR) of 7.6% from 2023 to 2033. According to market analysts, the sector is poised to soar to a valuation of US$ 28.1 billion by 2033, up from US$ 13.5 billion in 2023.
One of the driving forces behind this remarkable growth is the ability of authentication platforms to play a pivotal role in establishing an individual's legal identity. The significance lies in not just who you are but what actions you are permitted to undertake, as dictated by an authorization policy during this assessment period.
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Ensuring Data Security in the Cloud: Addressing Security Concerns
Although cloud services have several advantages, security concerns can occasionally arise. By 2033, businesses will be moving more and more of their data and software to the cloud. Strong Access Control and Authentication solutions are likely to be in great demand as a result in order to ensure data security in these open environments.
An important part of communication and interaction in cloud services is provided by application programming interfaces (APIs). These APIs could, however, be vulnerable to attacks if they are not appropriately protected. It is necessary to apply the right permission and verification procedures to prevent unauthorized access to and abuse of APIs.
Cybercriminals might target usernames and passwords used to log into cloud services. Phishing attempts, credential stuffing, or bad password management can all lead to unauthorized access to cloud storage accounts.
Key Takeaways from Access Control and Authentication Market Study:
- China Access Control and Authentication industry is likely to witness a CAGR of 8.5% in the assessment period.
- The United States Access Control and Authentication industry is expected to create an incremental opportunity of US$ 4.0 billion in the review period.
- In terms of technology, the biometrics segment is projected to witness a CAGR of 7.5% from 2023 to 2033.
- Based on application, the residential & commercial segment is estimated to register a CAGR of 7.4% in the forecast period.
- Japan and South Korea Access Control and Authentication industry is anticipated to witness CAGRs of 7.0% and 8.0%, respectively from 2023 to 2033.
Competitive Landscape:
Leading suppliers of Access Control and Authentication solutions would provide cloud-based options to give their clients scalable and adaptable services. Cloud computing solutions would make access simple and universal. They can also decrease the requirement for infrastructure on-premises and offer real-time upgrades & monitoring.
Solution providers are further putting more emphasis on providing smooth connectivity with a variety of systems, platforms, and applications. They would be able to accommodate several client needs and improve the user experience if they were compatible with diverse devices & protocols.
Key Companies Profiled in Report:
- Bosch Security and Safety Systems
- Panasonic Corporation
- Thales
- Honeywell Commercial Security
- Axis Communications AB
- Genetec Inc.
- Identiv, Inc.
- Suprema, Inc.
- NEC Corporation
- ASSA ABLOY
- AMAG Technology, Inc.
- Johnson Controls International Plc
- Sensory, Inc.
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Market Segments Covered:
By Technology:
- Biometrics
- Fingerprint Recognition
- Face Recognition
- IRIS Recognition
- Voice Recognition
- Others
- Smart Card
- Contact Card
- Proximity Card
- Electronics Locks and Doors
- Magnetic Stripe
By Component:
- Hardware
- Readers
- Serial Access Controllers
- IP Access Controllers
- Integrated Solutions
- Software
- Services
- Support & Maintenance
- Installation & Integration
By Application:
- Residential & Commercial
- Government & Public Sector
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Military & Defense
- Manufacturing
- Hospitality
- Education
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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