Industrial access control market is expected to reach Rs. 8830 crore by 2023, at a CAGR of 8.33 percent between 2017 and 2023, predicts MarketsandMarkets. The major driver for the growth of the industrial access control market is the high adoption of access control solutions due to growing security concerns in industrial applications globally. The overall industrial access control market is driven by factors such as technological advancements and deployment of wireless technology in security systems, and adoption of access control as a service (ACaaS). The market for electronic locks is expected to grow at the highest CAGR between 2017 and 2023. This is primarily due to reduced cost, increased convenience of not carrying any separate credential such as cards or key fobs. It also enables the users to monitor and operate remotely and transfer the credential over the mobile phones. These additional features are driving electronic locks for the industrial access control market.
Utilities application is the largest application driving the growth of industrial access control market for avoiding security threats. Security solutions are a vital part of every industrial area setup and thus are expected to grow at a high rate over the next 6 years. Protecting the infrastructure and assets from threats, such as accidents, vandalism, theft, sabotage, and terrorism, is the major concern for utilities application. These security issues increase the demand for access control systems and solutions for this application. The industrial access control market in Asia-Pacific (APAC) is expected to grow at the highest CAGR between 2017 and 2023. The reason for this growth is the huge population base, rapid industrialization, and increasing focus on security threats in this region. In APAC, the industrial access control market is mainly driven by China, Japan, and India because of the rapid pace of industrialization in these countries. Therefore, the industrial access control market in APAC is expected to witness rapid growth between 2017 and 2023.