Pin-based Access Control Market Size (2024 - 2029)

Pin-based Access Control Market Analysis

The Pin-based Access Control Market size is estimated at USD 2.14 billion in 2024, and is expected to reach USD 2.79 billion by 2029, growing at a CAGR of 5.5% during the forecast period (2024-2029).

• Pin-based access control systems have become crucial to managing access to commercial offices, businesses, and residential buildings. These systems offer enhanced property security for tenants and staff, who can quickly enter with credentials while denying access to unauthorized individuals. The increasing privacy and security concerns and the increasing theft of crucial data and information contribute to the market's growth.
• The number of burglaries and crimes has increased across the world in the past few years. This has heightened concerns about the safety of people, assets, and processes, resulting in severe damage to infrastructure and the loss of multiple lives.
• According to the Council on Criminal Justice (CCJ), motor vehicle theft, a crime that began surging in the summer of 2020, maintained its upward trend through 2023, with a 29% increase in reported thefts compared to 2022 in the United States. Whereas residential burglary rates across cities in the United States were 26% lower in 2023 than in 2019, they saw a 3% decline from 2022, marking a reduction of 1,052 incidents. Residential burglary dropped by 4% in the first half of 2023 and 1% in the latter half compared to the same periods in 2022. There are many technologies that can help in decreasing the crime rate. One of them is pin-based access control.
• Furthermore, pin-based access controls are easily scalable, making them suitable for SMEs who want to secure their data without having to spend extra money. Several pin-based access control systems can track who accessed a particular area along with time. These systems are often compatible with the existing infrastructure, making them a convenient choice to integrate into older security systems.
• Biometric authentication is rapidly increasing across various industries because of the provision of secure identity verification processes. This technology uses physical characteristics like facial recognition, fingerprint scan, voice recognition, and retina recognition to authenticate the user. The necessity for strict identity verification due to the accelerating adoption of transactional technologies is increasing the demand for biometrics access controls, which are preferred by consumers over the traditional pin-based access control, hindering the growth of the market.
• Rising inflation rates are driving up the prices of goods and services, notably increasing the cost of access control systems. These heightened costs are eroding purchasing power for both consumers and businesses, consequently hampering the market's growth. Moreover, the ongoing conflict between Russia and Ukraine is severely disrupting the global supply chain, especially in the realm of electronic components and raw materials essential for access control systems. As a result, manufacturers are facing production delays and escalating costs.

Pin-based Access Control Industry Segmentation

PIN-based access control is a technology-driven security solution that employs a two-level authentication model. It is suggested to use access control PINs, typically consisting of four to six digits, although longer PINs are advisable. The study tracks the revenue acquired through the sale of PIN-based access control hardware and software by various players across the world. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates during the forecast period. The study further analyses the overall impact of the aftereffects of the COVID-19 pandemic and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.

The pin-based access control market is segmented by component (hardware and software), organization size (SMEs and large enterprises), end-user industry (banking and financial services, government services, retail, IT and telecommunications, healthcare, power and utilities, residential, and other end-user industries), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.