Market Trends of Europe Pin-based Access Control Industry
The Large Enterprises Segment is Expected to Hold a Significant Share in the Market
- Organizations are enhancing safety measures by implementing controlled access to their premises. This approach secures sites, offices, and facilities and builds trust among employees, customers, and suppliers. The market for pin-based access control systems is set to expand, driven by increased safety awareness, rising demand for advanced access control, and the growing adoption of these devices in commercial settings.
- According to the Office for National Statistics (United Kingdom), employee fraud has seen a significant rise. In 2022-2023, England and Wales reported 6,558 thefts by employees, up from 5,633 the previous year. The 2024 Annual Fraud Report from UK Finance highlights the issue of unauthorized fraud, where account holders are not involved in the transactions. In 2023, the UK experienced losses of EUR 708.7 million (USD 765.23 million) due to such unauthorized activities, underscoring the need for enhanced security measures like pin-based access controls.
- As smart office technologies become more prevalent, pin-based access systems are essential. With advancements in wireless technology, components are being upgraded to meet the increasing demand for physical security. For example, mobile applications enable employees to enter security pins directly on their smartphones.
- Keyless commercial door lock systems with keypads are becoming standard, offering improved security and eliminating the need for physical keys. Many property owners and senior managers are now regularly changing PIN codes to ensure restricted access. For instance, in March 2024, Allegion, a leading provider of security solutions, introduced the Schlage XE360 Series Wireless Locks. This electronic lock range, designed for the multifamily market, combines style with advanced technology at a competitive price point.
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The United Kingdom is Expected to Hold a Significant Market Share
- Urbanization in the country is driving the need for access controls in residential and commercial areas owing to security concerns. Technological advancements and digitalization are driving the demand for solutions across organizations. Furthermore, the cumulative adoption of smartphones and mobile computing devices is expected to drive the adoption of pin-based access control across the country.
- Furthermore, Europe has many major manufacturing companies, such as Assa Abloy, Bosch Security Systems, and Allegion PLC. Currently, smart locks are becoming popular and are often integrated with the software that enables the operation of smart locks through mobile phones.
- The demand for electromechanical locks and electric locks is increasing in the United Kingdom with the growing construction of housing. Residents are actively looking for total security solutions and flexible door environments using convenient digital and mobile technology. This is possible due to various advancements and usage in authentication methods like pins, biometrics, and RFIDs.
- Financial institutions are using sophisticated technology and monitoring techniques to ensure user safety while offering the convenience of online banking. With increasing thefts, banks have integrated multi-factor authentication, such as PINs, passwords, and biometric authentication. With the substantial increase in data breaches in the country, pin-based access provides users with another layer of security to secure themselves. With the increasing number of banking customers in major banks such as HSBC and Barclays, there is a growing need to secure transactions with multi-factor authentications. This is expected to boost the UK pin-based access control market.
- As the popularity of physical and cyber security systems continues to increase, several industries are implementing multi-factor authentication policies to reduce severe security breaches. According to Avilgilon's research, multi-factor authentication can prevent up to 90% of attacks that cause property access passwords to be compromised.
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