Need for 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 system stands apart from other security systems.
New York, NY -- (SBWIRE) -- 06/09/2016 -- As per the latest market report published by Persistence Market Research, titled "Global Market Study on Electronic Access Control (EAC) Systems: Biometric Systems to Witness Highest Growth by 2019", the global electronic access control systems market stood at US$15.4 bn in 2013 and is expected to reach to reach an approximate value of US$31.2 bn in 2019. It is anticipated to expand at a 12.60% CAGR between 2014 and 2019.
According to the report, the market has grown expeditiously in the past five years due to rising concerns of break-ins, thefts, and white-collar crimes, thus driving demand for advanced security systems from both residential and commercial bodies. In addition, the market for EAC systems is fuelled by the benefits provided by these systems, such as the time-efficiency, high accuracy, and convenience of these systems. In addition, the increasing cases of vandalism, terrorist attacks, and public place violence in educational institutions and city centers are amongst the major factors augmenting the market for EAC systems. Furthermore, the construction of roads, healthcare centers, residential buildings, and educational institutes is predicted to rise in the coming years and this will also raise the demand for EAC systems for attaining enhanced security levels.
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On the basis of process, the market is segmented into authentication systems, intruder alarm systems, and perimeter security systems. Authentication systems are segmented into biometric systems and card-based authentication systems. Biometric systems include face recognition, fingerprint recognition, palm recognition, iris recognition, vein recognition, signature recognition, voice recognition, and automated fingerprint identification system/live scan. The card-based authentication systems include smart card and proximity card. Perimeter security systems include buried perimeter security and free-standing perimeter security. Amongst the processes, authentication systems held the biggest share in the market in 2013, expanding at a CAGR of 13.10% from 2009 to 2013, and reached US$11.7 bn in 2013. Sophisticated sensor-based mobile devices are increasing the preference for biometric systems and these systems will record the highest growth rate by 2019.
On the basis of end user, the market is segmented into the industrial, government, residential, and commercial segments. Amongst these, the utilization of EAC systems was the highest within the commercial sector in 2013 – US$4.6 bn – expanding at a 13.90% CAGR from 2009 to 2013.
On the basis of geography, the market is segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, the regional market of Asia Pacific is anticipated to exhibit the highest CAGR of 16.70% from 2014 to 2019, to reach US$9.6 bn.
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As per the report, the prime companies manufacturing all three process categories include Tyco International Ltd., United Technologies Corporation, Cisco Systems, Inc., and Godrej Industries Limited. Major companies providing products under two process categories include Safran SA (intruder alarm and authentication systems), Panasonic Corporation (perimeter security and intruder alarm ), 3M Cogent, Inc. (authentication and perimeter security systems), and Honeywell International Inc. (authentication system and intruder alarm). The companies providing only one type of EAC system product include Hitachi Ltd. (intruder alarm), Magal Security Systems Ltd. (perimeter security system), and Siemens AG (authentication system).
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