Access Control Reader Market Worth $5.4 Billion by 2024

The Access Control Reader Market is expected to grow from USD 3.0 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 12.5%. The growth of this market is mainly propeled by the high demand for enhanced security; contactless interfaces to boost adoption of smart cards; and increased convenience, enhanced security identity management, and improved human resource management. Rapid urbanization in emerging economies is likely to provide growth opportunities for the access control reader market.

Card-based readers are expected to exhibit the highest CAGR in the access control reader market from 2019 to 2024. The market for card-based readers has been further categorized into magnetic stripe, proximity, and smart card readers.  Rising adoption of card-based reader technology-equipped time and attendance as well as access control solutions in various organizations across the world is one of the factors surging the demand for card-based readers.

The access control reader market for the residential vertical is expected to grow at the highest CAGR from 2019 to 2024. In smart homes, access control readers are used to enhance security. Key factors contributing to the growth of this market include the rise in crime rates, ongoing technological advancements, high need for detecting hazards, such as fire and gas leaks, and ensuring the safety of children at home. The growing trend of smart homes is likely to increase the demand for access control readers in the residential sector.