Physical Access Control System (PACS) Solution Providers Consolidating in BFSI Segment: Fact.MR

Furthermore, the European Commission's 2015 report pegged the European commerce sector's value at 11% of the region's GDP, stimulated primarily by sectors such as ICT, real-estate, finance, manufacturing and transport. Since these industries are the primary end-users of PACS solutions, their demand is only expected to bolster in forthcoming years, providing a wide berth for solution providers to penetrate markets by introducing a slew of technologically advanced software and equipment. ...

Furthermore, the European Commission's 2015 report pegged the European commerce sector's value at 11% of the region's GDP, stimulated primarily by sectors such as ICT, real-estate, finance, manufacturing and transport. Since these industries are the primary end-users of PACS solutions, their demand is only expected to bolster in forthcoming years, providing a wide berth for solution providers to penetrate markets by introducing a slew of technologically advanced software and equipment.

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"Burgeoning instances of identity theft and compromise of confidential data are compelling corporate entities to invest in advanced security solutions, especially in the financial domain, leading to an increase in the availability of security solutions for banking and financial institutions," remarks the Fact.MR analyst.

Key Takeaways from Fact.MR's PACS Market Study

Competitive Landscape

Prominent PACS providers profiled by Fact.MR's report include: Honeywell Security, Safran Security, Bosch Security, Axis, Tyco, Assa Abloy, Allegion, Avigilon, TKH Group and Aiphone among others.

The presence of such wide array of players renders the market highly competitive, with key vendors capitalizing on product portfolio diversification. Additionally, strategic collaborations, partnerships and acquisitions are also relied upon by the aforementioned market players.

In December 2020, Honeywell Security expanded its life sciences and software capabilities through the acquisition of Sparta Systems for a sum of US$ 1.3 billion. Sparta's AI-enabled software as a service (SaaS) quality management software (QMS) offering is likely to combine with Honeywell Forge and Experion^® Process Knowledge System to enhance life sciences value for customers across the U.S, Europe and Asia.

On similar lines, Safran Security in 2017 introduced its biometric card software for providing strong authentication means at the point of sale. This technology has been incorporated by credit card giant MasterCard, eradicating the need to manually enter a PIN for validating different transactions.

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More about the PACS Market

In the latest report by Fact.MR, we offer an unbiased analysis of the global physical access control system (PACS) market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of technology (keypad-based physical access control systems, card-based physical access control systems, and biometric-based physical access control systems [fingerprint recognition, face recognition, voice recognition, and iris recognition]), end user (BFSI, healthcare, manufacturing, services, communication and media, retail & other corporates, transportation & utilities, institutions, and residential), and solution (hardware, software, and services), across seven major regions of the world.

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