Security breaches, acts of terrorism, and the need to curtail illegal immigration have all contributed heavily toward a greater interest in electronic access control (EAC) systems market. Both government agencies and private enterprises are deploying failsafe methods to ensure that only authorized persons get access to certain systems or premises, thus causing spends on electronic access control to surge.
These trends are corroborated by the findings of a recent report by Persistence Market Research, which states that the global market for electronic access control systems had a valuation of US$10.1 bn globally in 2009 and stood at US$15.4 bn in 2013. By 2019, electronic access control systems are expected to constitute a US$31.2 bn market. Electronic access control systems are typically deployed using any or a combination of the following technologies: authentication systems based on biometrics and smart cards, intruder alarm systems, and perimeter security systems. Such systems are most commonly used by industrial, commercial, residential, and the government/defense sectors.
Authentication Systems Garner Higher Interest than Alarm Systems and Perimeter Security
There is a wide variety of authentication systems available on the market today, with each becoming more sophisticated with time. This has, over a period of time, led consumers to trust the efficacy of authentication systems more. The other factor that augurs well for the growth of the authentication systems market is that these can be integrated with different portable devices. For instance, biometrics or vein recognition can be applied for accessing an application via a smartphone.
The other types of authentication systems that rake in a fair share of revenue in the global electronic access control systems market are fingerprint recognition, signature recognition, voice recognition, iris recognition, face recognition, and more. On account of this, the global authentication system market stood at US$11.7 bn in 2013.
Use of Electronic Access Control Systems Remains High in the Government Sector, Commercial Sectors Trail
Given the confidential and mission critical nature of several government operations, the need for electronic access control is the highest in the government and defense sectors. The level of security in government offices and systems has increased in recent years in view of an increased threat of terrorism. According to the National Consortium for the Study of Terrorism and Responses to Terrorism, there was a 69% spike in the number of terrorist attacks worldwide in 2012 as compared to 2011. Comparisons for the same years also that fatalities from terrorism increased by 89%. These numbers underscore the need for electronic access control systems to help keep security breaches in check. This is also the key factor that will make the government sector the largest user of electronic access control systems.
The BFSI industry is yet another leading user of electronic access control systems given the several high-value transactions conducted throughout the world every day. Companies looking to tap emerging trends in the electronic access control systems market will find new revenue opportunities in the residential buildings sector. Several households are now more open to investing in electronic access control systems, creating a sizeable market for electronic access control systems market.
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