Global Physical Access Control System Market to Grow at a 9% CAGR Through 2031 Growing demand for physical access control systems (PACS) from fast-evolving industries such as banking, financial services, and insurance (BFSI); healthcare; retail; and others is offering lucrative growth opportunities for PACS equipment manufacturers across regions. The Government of the United States has defined the PACS as a system to grant access to employees and contractors who work at or visit a site by electronically authenticating their PIV credentials.
For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=1854 According to a report published by the European Banking Federation in 2020, banking and related financial services activities make a significant contribution to the EU’s economy. As per its report, around 1 in every 100 jobs in the EU continued to be a banking job in 2019, while the average number of bank staff has been rising each year since 2008, with 28% increase in total. PACS, being an integral part in the BFSI sector, is expected to experience further rise in demand through 2031. A new report by Fact.MR on the global physical access control system market opines that this industry will grow at an impressive 9% CAGR through 2031.
Key Takeaways from Physical Access Control System (PACS) Market Study
Rise in demand for biometric-based PACS, such as fingerprint recognition, face recognition, voice recognition, and others, is expected to fuel the sales of PACS equipment, allowing this segment to hold a 40% market share over the coming years.
Growing demand from the services, communication, and media sector is set to catalyze market growth; this sector will contribute a share of over 32% through 2031.
The PACS market grew at around 7.5% over the past 5 years, and the outlook continues to remain strong for the next 10 years (expected CAGR of over 9% from 2021 to 2031).
The United States, Mexico, and Canada are set to remain lucrative regions for stakeholders throughout the forecast period.