Contact Cards Give Way to Contactless Card Based Access Control Technologies

The global market for Card-Based Access Control Systems estimated at US$2.3 Billion in the year 2022, is projected to reach a revised size of US$3.9 Billion by 2030, growing at a CAGR of 6.6% over the analysis period 2022-2030. BFSI, one of the segments analyzed in the report, is projected to record a 5.2% CAGR and reach US$545.7 Million by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Retail segment is readjusted to a revised 5.7% CAGR for the next 8-year period.

The Card-Based Access Control Systems market in the U.S. is estimated at US$586.2 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$847 Million by the year 2030 trailing a CAGR of 8.1% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 5.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.8% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$456.8 Million by the year 2030.