New York City, New York, Dec 07, 2015: According to a recent market research report published by Persistence Market Research, the global electronic access control systems market is expected to grow positively at a CAGR of 12.6% during the period between 2014 and 2019. The market was worth US$15,406.1 million in 2013. The report estimates the overall electronic access control systems market to be valued at US$31,187.8 million by 2019 owing to the rising demand for security solutions.
Electronic access control system or EAC system refers to the usage of electronic or electromechanical hardware to restrict access into premises. According to the Study of Terrorism and Responses to Terrorism (START), one of the global terrorism trackers, terrorist attacks rose by 69% worldwide in 2012. The report points out that the high crime rate and terrorism activities have led to the need for advanced security solutions, which will boost the global electronic access control systems market. Growing investments in infrastructure, coupled with various government regulations stressing on increased security levels, will also propel the market.
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However, the report notes that the lack of proper infrastructure and high upfront cost of installing electronic access control systems will restrain the growth of the overall market. Lack of awareness about technological advancements in developing economies will also hinder the growth of the global electronic access control systems market. The report states that the market has a huge potential to grow in the near future with the rising demand for biometric-enabled smartphones.
The report segments the global electronic access control systems market on the basis of product type into intruder alarm system, perimeter security system, and authentication system. The authentication system segment has been further sub-segmented into card-based and biometrics. Authentication systems dominated the overall market in 2013 and were worth US$11.7 billion.
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Biometric systems, including face recognition, fingerprint recognition, palm recognition, iris recognition, signature recognition, voice recognition, and automated fingerprint identification system or live scan, are high in demand. The growing demand for authentication systems resulted in growth of the segment at a CAGR of 13.1% during the period from 2009 to 2013.
The report studies the major end user segments of the global electronic access control systems market, such as commercial, residential, government, and industrial. The usage of electronic access control systems was the highest in the commercial sector in 2013.
The global electronic access control systems market has been divided into four key regions: Europe, North America, Asia Pacific, and Rest of the World. The report mentions that the Asia Pacific market is expected to witness the fastest growth, at a CAGR of 16.7%, to be valued at US$9.6 billion by 2019.
Some of the key players in the global electronic access control systems market are NEC Corporation, Godrej Consumer Product Ltd., Bosch Security Systems, Honeywell International Inc., Cisco Systems Inc., and Tyco International Ltd. The report mentions insightful information about the key players such as business overview, financial performance, products and services, and recent developments.
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