Electronic Access Control (EAC) system is a method of using electromechanical hardware in order to permit restricted access into private premises. Rising terror attacks and crimes are demanding security at high-end. EAC system proffers some benefits viz. convenience, high accuracy, and efficiency of time over all other products of security that escalates its attraction in the global market of security. Globally, governments as well as private sector organizations are investing a lot in providing better facilities of infrastructure. In 2013, the global electronic access control systems market registered revenues worth US$15.4 billion, which are anticipated to raise up to US$31.2 billion by the end of 2020. Over the forecast period 2014-2019, the global market for electronic access control systems will expand at a healthy CAGR of 12.60%.
Key Market Dynamics
In the past five years, the global market for electronic access control systems has grown efficiently owing to growing concerns of thefts, break-ins, and white-collar crimes, as a result driving the market demand from both commercial and residential bodies for advanced security systems. Also, the global market for electronic access control systems is boosted by the convenience provided by these kind of systems. Additionally, the growing circumstances of vandalism, and public place violence and terrorist attacks in city centers and in various educational institutions are among the key factors augmenting the global market for electronic access control systems. Moreover, the road constructions, centers of healthcare, educational buildings and residential buildings are is projected to increase in the years to come which in turn will definitely raise the market demand for electronic access control systems in order to attain enhanced level of security.
However, lack of interoperability among these EAC systems with the existing systems is hampering the market growth. In addition, growing upfront cost along with expanding of alternate technologies viz. NFCs and biometric control access are hindering the growth of the global electronic access control systems market.
The global market for electronic access control systems is categorized into process type and end user type. Based on process type, the segmentation is done into authentication system, intruder alarm systems and perimeter security system. Among these, the segment of authentication system is segmented into biometric authentication system and card based authentication system. The segment of biometric systems comprises of fingerprint recognition, iris recognition, signature recognition, automated fingerprint identification system, face recognition, palm recognition, vein recognition, and voice recognition while the segment of card-based systems comprises of proximity card and smart card. And the segment of perimeter security system comprises of free standing intruder alarm system and perimeter security system and buried perimeter security system. Moreover, based on end-user type, the global electronic access control systems is classified into commercial, residential, government, and industrial.
Based on geographical region, the global market for electronic access control systems is segmented into Europe, North America, APAC and Rest of the World. Amongst these, the APAC region is anticipated to exhibit the highest CAGR of 16.70% from 2014 to 2019, to reach US$9.6 bn.
Key Market Players
Major companies operating in the global market for electronic access control systems include Bosch Security Systems, Honeywell International Inc., Cisco Systems, Tyco International Ltd, Siemens AG, Magal Security Systems Ltd, NEC Corporation, Godrej Consumer Product Limited, Johnson Controls, Hitachi, United Technologies Corporation, Panasonic Corporation, among others.
Necessity of better security systems to tackle fraudulence, illegal immigration, and criminal activity has propelled governments to invest in better security systems among which electronic access control systems stands apart from other security systems. Security is one of the major concerns of governments and individuals. Security concerns prompt governments, financial institutes, corporate and residential buildings to install better security systems. Persistence Market Research’s recently published report on the global electronic access control systems market provides an extensive assessment of the market, evaluating the growth prospects for a six-year forecast period 2014-2020. It comprises key trends and restraints impacting the overall market growth, recent trends and upcoming opportunities, market segmentation, regional analysis, and key players vying for the leading market position. Starting with an overview of the global electronic access control systems market, the report further analyzes the factors that positively and negatively influence the demand for electronic access control systems. It provides deep insights into why electronic access control systems is expected to gain higher traction in developing markets, and what are the deterring factors that will affect the market growth over the forecast period, 2014-2020. Latest trends and opportunities sections of the report highlight the most valuable data to recognize the most lucrative opportunities for the market growth.
Segmentation of the global market for electronic access control systems focuses on various electronic access control systems. The geographical analysis of the global market examines the market status in key regions viz. Europe, North America, Asia and Rest of the World. The market report elaborates on why developing markets may witness robust growth and outpace the long-term leader during the forecast period. The next section of the report includes all the leading companies competing in the market for a leading position. Strong presence of global players and established local brands makes the landscape extremely competitive. The report throws light on the growth pattern, revenues, and upcoming opportunities for each of the players.
To deduce the global electronic access control systems market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by process and end user type and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global electronic access control systems market. The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global electronic access control systems market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global electronic access control systems market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global electronic access control systems market. Further, to understand key segments in terms of their growth and overall global electronic access control systems market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global electronic access control systems market.