By Melissa Stenger
Access control and the overall physical security market continue to grow at a rapid pace with no signs of slowing down. Market research expects the access control industry to grow to over $10B by 2022 which is about 9% CAGR. So, what’s driving this growth?
There are several trends and disruptive technologies that are driving acceleration in a category that has traditionally been slower to migrate.
Current Market Drivers:
- Access Control as a Service
- Wireless Locks
- IP Networking Hardware
Why are these trends driving acceleration and why are customers demanding them?
Ultimately these technologies are about convenience and cost. When you design and build solutions for customers that make security more convenient and easier to use; the likelihood that people use them as intended and don’t resort to the ‘rock inside the door jam trick’ becomes more probable.
The above products, technologies, and the experiences they provide have been around for decades in other industries with consumers expecting them in all aspects of their day-to-day operations. Think about how long you’ve been banking online, probably over 10 years?
When is the last time you went to a bank to deposit a check? When is the last time you didn’t use your bank’s mobile app to deposit a check? When is the last time someone wrote you a check and didn’t just Venmo you?
We are all witnessing how quickly this technology —and the user experience— is migrating. Physical security has hit the tip of the iceberg with cloud and mobile technologies along with interoperability across platforms and the opportunities will only grow from here.
This same principle of convenience and cost is also expected in the hardware connected to these cloud and mobile technologies, further validating why wireless locks and IP hardware are driving acceleration in the security market.
The significant reduction in labor and physical cabling that IP based hardware and wireless locks drive is resonating with customers as they look to protect more doors and openings within their budgets. The combination of wired and wireless solutions gives users the opportunity to select the device that is most appropriate for their application – using wired, IP based, real-time devices for higher security or higher traffic doors and wireless solutions for other openings.
Simplifying the device installation process and allowing these devices to be managed from a central software solution in the cloud gives customers the convenience to manage their facilities any time, from anywhere, on any device.
In today’s world, we are in what is deemed in the real estate industry as a “buyers’ market.” Consumers have the power and their voice and desires are being heard loudly causing disruption as well as growth in many industries.
The physical security market is ripe for disruption and this disruption will and is happening on the backs of cloud and mobile solutions connected to IP based devices. With this opportunity present in the market we will see many changes in who the market winners and losers will be and how the market will react.
About The Author
VP Product Management and Marketing