Electronic Access Control Systems Market Global Forecast, Market Share, Size, Growth and Industry Analysis, 2014 - 2019
Albany, NY -- (SBWIRE) -- 01/27/2016 -- The global electronic access control (EAC) systems market is an important part of the global security systems industry. The market serves government bodies, financial institutions, educational institutions, residential buildings, commercial premises, and a number of other end users, helping tackle security breaches such as illegal immigration, criminal activities, and fraudulence. EAC systems refer to the technologically advanced locking mechanisms that utilize electronic or electromechanical hardware, a reader, and a form of controller to replace the need for physical locks and keys.
Multiple Issues with Physical Locks and Many Benefits with their Electronic Variants
There are many problems that physical lock and keys face. The fact that small items such as physical keys are easy to copy and changing a lock is the only option in case of a lost key, and a premise guarded by a physical lock cannot be remotely accessed, works in favor of electronic access control systems. Not only are electronic keys quite difficult to duplicate, one also need not change an electronic lock when an electronic key is lost, since the key's record from the database can be immediately removed and replaced with a new one.
Places where frequent personal traffic is observed, such as schools, colleges, or office entrances, locking and unlocking could become a time consuming task. Many more such benefits are afforded by electronic access control systems and the added security features, such as entry and exit logs, alarms for intrusion attempts, etc., make the concept highly effective.
A Market that Survived the Blow of Global Recession
The global market for such systems is flourishing. Though the market was not entirely impervious to the economic slowdown of 2008-2009, it remained fairly resilient to the harsh market conditions of this period. A research report published by Transparency Market Research states that the market had a net worth of US$10.1 billion in 2009 and had risen to US$15.4 billion by 2013.
The market is expected to grow at a CAGR of 12.6% between 2013 and 2019, allowing it to rise to US$31.2 billion by 2019. Post-recession, the authentication system market segment observed growth at a 13.1% CAGR during 2009-2013. During this period, the commercial sector emerged as the fastest growing end-use segment for EAC systems market, as it observed growth at a 13.9% CAGR. The report states that the EAC system market in Asia Pacific will record growth at the highest pace, a 16.7% CAGR between 2013 and 2019.
Market Dynamics and Key Players
The global market for electronic access control systems is highly fragmented. It features a number of businesses operating at regional or global levels. Some companies include all the three most popular variants of electronic access control systems, i.e. authentication systems, perimeter security system, and intruder alarm systems in their portfolios, while some businesses have their offerings dedicated to one or two specialties.
Companies such as Tyco International Ltd., Cisco Systems, Inc., United Technologies Corporation, and Godrej Industries Limited provide EAC systems spanning all the three categories. Global companies such as Safran SA, 3M Cogent, Inc., Panasonic Corporation, Honeywell International Inc., Hitachi Ltd., Siemens AG, and Magal Security Systems Ltd. are well known for their specialized operations in one or two EAC verticals. Regional businesses such as DigitalPersona, Inc., and Everspring Industry Co., Ltd. are also well known for their considerable business share in their respective regional markets.
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