Market Trends of North America Pin-based Access Control Industry
The Large Enterprises Segment is Expected to Hold a Significant Share in the Market
- Access control systems are now the go-to choice for regulating entry into commercial buildings, offices, and businesses. These systems can be tailored to limit access to IT rooms housing sensitive data. The market for access control systems is poised for growth, driven by a rising emphasis on safety, a surging demand for advanced access control, and the uptake of these systems by large enterprises.
- Given that commercial door lock systems with keypads offer heightened security by eliminating the need for physical keys, many property owners and senior managers regularly change the PIN codes. This practice ensures that only authorized personnel can enter the premises.
- Capitalizing on technological progress, numerous firms are now fusing keypad access control with mobile credentials, leveraging Wi-Fi, Bluetooth, and near-field communication. By pairing an IP-capable keypad reader with a mobile app, users can directly input a unique PIN from their smartphones, enabling touchless entry management.
- As smartphone sales surge in the region, the demand for pin-based access control integrated with mobile applications is set to rise. In 2023, the US Census Bureau reported smartphone sales reaching a value of USD 74.7 billion. These systems offer cost-effective means for building and office managers to handle identification credentials.
- While the traditional time and attendance tracking method was straightforward, it often led to costly errors and inefficiencies. Employees had to manually fill out timesheets, a process prone to mistakes, and businesses are transitioning to advanced pin-based attendance systems to address this. These not only bolster security but also help prevent theft and data breaches. Moreover, they enable companies to monitor employees closely, restricting lower-level access to safeguard organizational privacy.
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The United States is Expected to Hold a Significant Share in the Market
- The United States is an early adopter of access control systems owing to the presence of several larger market players. Commercial verticals, such as financial centers and banks, enterprises, hotels, malls, and retail stores, have adopted pin-based access control systems in the United States. Furthermore, several offices have made it mandatory for their employees to use pin-based access control to enter the IT premises and use the systems that are assigned to them.
- 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. The substantial increase in data breaches in the country is increasing, and pin-based access provides users with another layer of security to secure themselves.
- Companies in the country are making strategic moves to expand their products and strengthen their market presence. For instance, in February 2024, Hikvision unveiled its second-generation professional access control products. These new offerings mark a substantial advancement in access management, introducing innovations in web management, flexible authentication, professional access applications, and unified security solutions.
- In 2023, a recent report, cosponsored by AARP, revealed that American adults collectively fell victim to identity fraud, resulting in a loss of USD 43 billion, and of this, USD 23 billion was attributed to traditional identity fraud. The increasing number of identity thefts is increasing the opportunity for the usage of pin-based access control authentication.
- 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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