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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