industries | 4 min
By Geokey Marketing Team | February 20, 2023
With all the turmoil and uncertainty in the world today, people are looking for security more than ever. Whether you live in an apartment, run a small business, live in the city or halfway across the world, people are looking for more and better ways to keep their property safe and under control. This becomes very apparent if you look at the global market, and how market trends are revealing a growing interest in access control solutions.
According to Bloomberg, the forecast for electronic access control solutions predicted an increase, going from being worth 32,817.5 million in 2021 to 67,243.2 million by 2028, making a CAGR (Compound Annual Growth Rate) of about 12.7%. It is important to note that while this is on a global scale, North America remains set as one of the top regions to be affecting the market value.
There are a lot of factors driving this data and what is spurring the demand for control access solutions. When it comes to the residential and business owner segment of the market, the biggest driving factors for investing in control access is an uptick in organized crime, vandalism, and burglaries, and looking at the data it is not hard to see why. According to the Council on Criminal Justice, taking the statistics from 29 cities in the United States, burglaries have risen 6% from 2021 to 2022, with larcenies rising by nearly 20% in that same time frame. It is no wonder that people want to make sure their property is secure and are searching for better ways to control who is utilizing their space.
In that same forecast article, a challenge in the rising market is also presented: people are not aware that cloud-based access control exists. People will stick with what they know, and for many that is the classic key and lock solution or, as of more recently, a card/fob reader. It was noted that a lot of the market focused on an increasing demand of these card/fob readers, with consumers asking specifically for “smart cards” that allow the company to track who enters a space and when.
The trends show that people are searching for better access control and security, even going as far as to narrow down how property owners want to be able to track who is on their property and when. And while people are still sticking with and looking to old access control solutions, people are slowly coming around to third-generation cloud-based systems. It is in this slowly awakening market that Geokey steps in. Our software can do what the market is demanding and more, providing a consumer-friendly and simple way of managing property without sacrificing the air-tight security people want. Geokey’s software, with its hardware integrations and flexibility, can do the job of traditional keys and fobs and so much more… all from your smart phone!
As more people become aware of cloud-based and geolocation solutions to access control, the demand for such solutions will grow, which is where Geokey and its hardware partners can step up and provide. Check out our Integrations Page if you would like to learn more about how Geokey’s access solution is helping change the market alongside our partners.
Click here to read the Bloomberg Article. It provides a more in-depth look at the different factors affecting the market, from challenges to opportunities.
Geokey is a leader in cloud-based and mobile enabled access control solutions, which allows anyone to use their mobile phone to lock/unlock any authorized door, zone, or building. Property owners and managers send out Geokey’s remotely, receive full data analytics of their business, and set customized user roles all from one cloud-based platform.
Geokey’s smart building technologies offer touchless mobile entry that is convenient, economical, and secure. With real-time data and analytics, Geokey provides the data and reporting needed to strengthen security and enhance facility management for all access control needs. Geokey is the product you can trust to manage your user base, members, or tenants. No more changing locks or worrying about who can enter your building, Geokey has you covered.
To learn more, visit www.geokeyaccess.com.
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