Market Size of India Access Control Hardware Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Access Control Hardware Market Analysis
The Indian access control hardware market is projected to register a CAGR of 7.3% during the forecast period (2022 to 2027). The access control hardware systems can either use biometric or proximity/smart cards. Because of escalating security concerns and rising crime rates in India, these devices are widely used in data centers, workplaces, hotels, retail stores, entertainment stores, government organizations, banks, etc.
- Rapid installation of access control hardware systems throughout the defense and commercial sectors and investment from different private and public bodies have fueled the expansion of the Indian access control systems market. However, a lack of awareness about the benefits of modern security solutions and high installation costs for access control systems in workplaces are impeding the market growth.
- In India, rising crime rates and the introduction of technologically sophisticated & contactless smart cards for various applications will create new opportunities for market participants over the coming years.
- The advancement in biometrics, blockchain authentication, and others attracts customers to adopt access control systems. Furthermore, biometrics for security is identified as a significant investment in developing technology parks and manufacturing enterprises. Because new security systems are more expensive, many end-users are unwilling to replace existing biometric authentication systems, which benefits the growth of the access control market.
- The COVID-19 pandemic increased the need for access control management among many organizations to manage employees in the workplace. With social distancing norms and the fear of virus spread, the necessity to check persons entering a property for their temperature using biometrics and vein recognition technology aids in the identification of people who may contaminate with illnesses and viruses. Furthermore, because workplaces are prime locations for viruses like COVID-19 to spread, there has been a significant shift in coronavirus office policies. As a result, the demand for access control skyrocketed during the COVID-19 pandemic.
