As
stated by a leading U.S. firm’s new report on the global Electronic
Access Control Systems market, the overall market was valued at
$15,406.1 million in 2013 and is expected to grow at a CAGR of
12.6% from 2014 to 2019. The market will reach an estimated value
of $31,187.8 million in 2019.
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In
terms of value, the global Electronic Access Control Systems market
grew from $10.1 billion in 2009 to $15.4 billion in 2013. The market
is expected to reach $31.2 billion in 2019 growing at a CAGR of
12.6%.
Electronic
Access Control Systems Market Overview
Despite
sloping activities witnessed in the end-user segment and recent
prolonged severity of the economic slowdown that have provoked
decline in value sales for EAC systems, the global market is still
expected to recover and rise over the forecast period 2014 – 2019
to reach a value of $31,187.8 million by 2019.
Security
is one of the primary concerns in humans. Security concerns prompt
corporate sectors, governments, residential sectors, and financial
institutes to invest in better security systems and deploy them at
appropriate locations to avoid any sort of illegal or criminal
activities.
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Electronic
Access Control system uses electronic hardware devices to allow
limited access into secured premises. With rising vandalism,
terrorist attacks in different parts of the world, violence,
fraudulence, and other illegal activities occurring in public or
private places, the overall demand for EAC systems soars.
Currently,
the Electronic Access Control systems market is among the leading
segments in the global security market.
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Key
Factors Driving the Market
Among
the varied factors, the rising concerns over security and safety for
organizations and individuals is the key factor leading to increasing
demand for Electronic Access Control systems.
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The
technology developments and post-recession resurgence in key end-user
markets also contributes to the growth of this market. Events like
vandalism, violence in public places, rising terrorist attacks,
threats to the public and private properties, city centers, or
educational institutions have placed security as the chief concern
among governments and individuals. Most key end-user sectors
including, construction, hospitality, financial services, retail
(malls, multiplexes), banking, IT sector, hotels and restaurants have
been affected by such conditions and demonstrated weak and distorted
growth patterns. Such attractiveness in the global market has
increased the demand for EAC systems.
Moreover,
various private and government sectors are investing in better
construction and infrastructural developments, educational
institutes, and healthcare centers in the scope to achieve infallible
security levels. Development across such different industry verticals
are expected to incite growth in the global market in the forthcoming
years.
Electronic
Access Control Systems Market – By Product Analysis
EAC
systems are highly used security systems around the world. The market
is bifurcated into three main technologies:
End-user
segment (government, commercial, industrial and residential)
Authentication
system (biometric and card based authentication system)
Intruder
alarm system and perimeter security system (free standing, buried
cable and fence mounted security system)
Among
all the sects, the commercial sector is the major end-user of EAC
systems. The usage of EAC system in the commercial segment has
increased by a CAGR of 13.9% during 2009 – 2013 and hit a value of
$4.6 billion in 2013. The commercial segment was followed by
government and industrial sectors on a wide scale. However, the
authentication system segment also held the largest market share in
2013. The market grew at CAGR 13.1% during 2009-2013 and reached
$11.7 billion in 2013.
Regionally,
Asia-Pacific is in the current commanding position to witness a
robust growth in demand for EAC systems from various developing
markets. This region is estimated to record the highest CAGR growth
of 16.7% over the forecast period in order to reach a value of $9.6
billion in 2019.
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