Posted On: 2020-08-25
Card reader access control systems acquired the largest revenue share in the overall access control system market in Singapore- 6Wresearch.
Singapore access control system market is expected to grow significantly over the coming years on account of the rapid infrastructural development, along with the rise in tourism affiliated sectors. Transportation projects such as mass rapid transport projects, Tuas mega port and Changi International airport terminal 5 would increase the use of smart passes which is likely to increase the demand for Singapore access control system market in the future. However, the market revenues would witness a downfall in 2020 as a result of mass shutdown leading to a temporary halt in manufacturing, transportation and commercial sectors to curtail the spread of coronavirus. The economy along with the access control system market is expected to regain momentum post-2020 coupled by governments' efforts which in turn would boost the demand for access control system market over the forthcoming period.
According to 6Wresearch, Singapore access Control System Market size is projected to grow at a CAGR of 5.1% during 2020-26. Singapore accounts for about 4% of its GDP through the tourism sector, thereby a substantial surge in hotel chains would drive the card reader access control systems market owing to the use of card reader systems for enabling access into the hotel rooms. The market for card reader access control systems is also anticipated to grow on account of expanding transportation networks such as the expansion of metro and railway lines.
According to Prithu Chawla, Senior Research Analyst, 6Wresearch, “Biometric access control systems are expected to register substantial growth over the forthcoming years on account of rising technological advancements coupled with rising security concerns. Opening of new office buildings equipped with IoT solutions in the Central Business District of Singapore to improve security would propel the requirement of biometric access control systems. Furthermore, Singapore government aims to expand the length of the country’s mass transit network such as Cross Island MRT line and Thomson East Coast Line coupled with the development of water infrastructure would create multiple prospects for the adoption of security solutions, thereby paving the way for access control system market in the country.
“The Central region in Singapore holds the major market revenue share in the overall access control system market of Singapore and is likely to retain the same over the forthcoming period on account of the rapid development in the commercial sector, along with a thorough transportation network.” Prithu Chawla further added.
According to Swati Acharya, Research Associate, 6Wresearch, “Commercial premises such as data centers, financial institutions, and entertainment areas accounts for major market revenue share in the access control system market. Rising demand for security systems in the hospitality, banking, commercial and transportation applications that prevents unauthorized access is likely to drive the overall market during the forecast period.”
“Singapore Access Control System Market (2020-2026)" report provides an in-depth analysis with 28 figures, covered in 82 pages. The report estimates and forecast the overall Singapore access control system market by types, applications, and regions including Central, Western, Eastern, and rest of Singapore. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.