Posted On: 2020-10-05
Malaysia access control system market was dominated by Card reader access control systems during 2019 in Malaysia- 6Wresearch.
Malaysia access control system market is anticipated to grow significantly over the coming years on account of the growing urbanization along with the boom in the commercial and banking sectors. Commercial projects such as VMS North-South tower projects, Menara Bank Rakyat, and UM city premium corporate office tower would increase the use of smart passes which is likely to increase the demand for the Malaysia 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 the temporary cease in manufacturing, transportation, construction in residential and commercial sectors to reduce the spread of coronavirus.
According to 6Wresearch, Malaysia Access Control System Market size is projected to grow at a CAGR of 9.5% during 2020-26. Rising spending by companies in research and development of advanced security solutions would push the market growth over the coming years. Further, the growing adoption of cloud-based solutions would propel the demand for access control solutions over the coming years, as cloud-based access control enables remote management processes, such as adding or revoking user access, without requiring any hardware. The market for card reader access control systems is expected to acquire a maximum share in upcoming years due to expanding transportation networks such as the expansion of metro and railway lines.
According to Anshul Tyagi, Research Associate, 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. Due to the heavy deployment of wireless technology in security systems, and wider adoption of IoT based security systems with cloud computing platforms, there is a higher adoption of access control solutions witnessed by major enterprises and residents across the country.
The commercial sector including financial institutions and entertainment areas accounts for major market revenue share in the Malaysian access control system market. Rising demand for security systems in the banking, hospitality, and transportation applications that prevent unauthorized access is likely to drive the overall market during the forecast period.
The Peninsular region in Malaysia holds the major market revenue share in the overall access control system market of Malaysia and is likely to retain the same over the forthcoming period on account of the rapid development in the commercial and transportation sector.” Anshul further added.
“Malaysia Access Control System Market (2020-2026)" report provides an in-depth analysis with 28 figures, covered in 82 pages. The report estimates and forecasts the overall Malaysia access control system market by types, applications, and regions. 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.