A New Market Study, titled “Electronic Access Control Systems Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
The electronic access control systems market is garnering rising revenues across the globe. The market growth attributes to the rising security concerns, crime rates, and growing need to limit individual premise access. Many organizations are already using standalone electronic access control devices, which are better than mechanical locks. Besides, increasing usage of electronic access control systems in commercial, government, and private residential spaces drives the market growth.
According to Market Research Future (MRFR), the global electronic access control systems market is poised to create a valuation of USD 13.3 BN by2023, growing at 8.53% CAGR during the review period (2018-2023). Electromechanically hardware devices are used to limit access to any private premise. Rising deployments of electronic components like card-based readers, electronic locks, and controllers in security systems to increase cost, flexibility, and accountability accelerate market growth.
Additionally, the rising demand for more reliable types of access control systems & devices that can offer improved identification and authentication process increases the size of the market. Also, increasing adoption of physical access control systems in sectors such as military & defence, government, and healthcare increases the market sales. COVID 19 pandemic is likely to increase the size of the market, increasing the prominence of access control system fundamentals.
Furthermore, growing numbers of offices integrating upgraded electronic access control solutions that can eliminate needs for key cards, fobs, or traditional keys push the market growth. On the flip card, the lack of awareness about advanced security systems & concerns is the primary factor estimated to impede the market growth. Nevertheless, the broader adoption of IoT based security systems with cloud computing platforms would support market growth throughout the review period.
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Global Electronic Access Control Systems Market – Segmentation
The report is segmented into three dynamics;
By Component: Biometrics Reader, Multi-Technology Readers, Card-Based Reader, Electronic Locks, Controllers, and others.
By Vertical: Commercial Spaces, Military & Defence, Government, Residential, Education, Healthcare, Industrial, and others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Electronic Access Control Systems Market – Regional Analysis
North America dominates the global electronic access control systems market. The largest market share attributes to ongoing industrial developments, rapid commercialization, and the rise in security systems implementations across varied commercial spaces. Besides, the increase in crime rates and growing government spending to enhance security systems in the region in their premises drive the growth of the market.
Moreover, vast technological advancements and increasing adoption by law enforcement agencies and enterprises foster market growth. The North America electronic access control market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global electronic access control systems market. The market growth is driven by the increasing uptake of advanced biometrics readers in organizations to reduce burglary and theft. Rapid urbanization and increasing office & residential premises act as a major growth driver for the market in the region.
Furthermore, efforts to control illegal immigrants in the region push the market’s growth, posing the risk of theft/ perimeter intrusion. The European electronic access control systems market is expected to create a substantial revenue pocket over the forecasted period.
The Asia Pacific electronic access control systems market is growing rapidly. Factors such as the presence of the leading manufacturers and technological advances in the region further foster the growth of the access control system fundamentals market. Besides, early adoption of the latest identification and recognition technologies in various industries, enterprises, and residential properties across the region propel market growth. The APAC physical access control system market is estimated to register the highest CAGR during the forecast period.
Electronic Access Control Market – Competitive Analysis
Highly competitive, the electronic access control systems market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mergers & acquisitions, collaboration, brand reinforcement, and innovation remain key industry players’ key trends. Players make a substantial investment in research and development of innovative technologies and to upgrade their product portfolio.
Players leading the electronic access control systems market include Johnson Controls International plc (Ireland), ASSA ABLOY AB (Sweden), Dormakaba Holding AG (Switzerland), Honeywell Security Group (US), Allegion plc (Ireland), Identiv, Inc. (US), Suprema HQ Inc. (South Korea), Nedap N.V.(Netherlands), Bosch Security Systems Inc. (US), NEC Corporation (Japan), Gemalto NV (Netherlands)., IDEMIA (France), Axis Communications (Sweden), Salto Systems (Spain), Lenel Systems International (US), AMAG Technology (US), Time and Data Systems International (UK), Gunnebo (Sweden), Napco Security Technologies (US), Gallagher Group (New Zealand), Kisi Inc. (US), Vanderbilt Industries (US), Cansec Systems (Canada), Brivo, Inc. (US), and Adman Technologies (India), among others.
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