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) -- 02/24/2016 -- The global electronic access control (EAC) systems market is witnessing a surge in demand, thanks to the growing crime rate across the world. The rise in terror attacks and repeated incidents of security breaches have raised concerns over safety and security among consumers, triggering the demand for efficient security solutions such as EAC systems in the global arena.
The worldwide market for EAC systems has shown a remarkable growth over the past decade. In 2009, it stood at US$10.1 bn and rose to US$15.4 bn by 2013. Analysts expect this market to expand at a CAGR of 12.60% during the period from 2014 to 2019 and reach a value of US$31.2 bn by the end of 2019.
Rules and regulations enforced by several governments worldwide in a bid to ensure security of their citizens, are providing lucrative opportunities to the global EAC systems market. However, the high cost associated with the installation of these systems, coupled with the absence of appropriate infrastructure, is likely to restrict the growth of this market to an extent in forthcoming years. The weakened economic condition of many emerging nations is also expected to hamper the market's develop over the next few years.
Authentication Systems Market Reached US$11.7 bn in 2013
The global EAC systems market is broadly classified on the basis of the types of systems and their application in various end-use industries. Based on systems, the global market is classified into the intruder alarm systems market, the perimeter security systems market, and the authentication or access control systems market. Of these, the authentication system segment leads the global market at present. Historically, it expanded at a CAGR of 13.10% during the period from 2009 to 2013 and had reached a value of US$11.7 bn in 2013.
Biometric systems and card-based authentication systems are the major authentication systems used across the world. Free standing security systems and buried perimeter security systems are the key components of the perimeter security systems market.
The government, commercial, industrial and residential sectors are the key application areas for electronic access control systems. The commercial sector has emerged as the biggest user of EAC systems in the global arena. During the period from 2009 to 2013, the demand for EAC rose at a CAGR of 13.90%, generating around US$4.6 bn till the end of 2013. Airports, Hospitals, research institutes, and financial organizations are the major segments of the commercial sector.
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Asia Pacific to Report Highest Growth Rate between 2013 and 2019
The global market for EAC systems is spread across Asia Pacific, North America, Europe, and the Rest of the World. Asia Pacific, among these, is likely to report the highest CAGR of 16.70% during the period from 2014 to 2019 and reach a value of US$9.6 bn by the end of 2019.
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The worldwide EAC systems market is highly fragmented with a number of companies operating in it. Some of the major participants are NEC Corp., Godrej Consumer Product Ltd., Honeywell International Inc., Bosch Security Systems, Cisco Systems Inc., Johnson Controls Inc., Hitachi Ltd., United Technologies Corp., Tyco International Ltd., Siemens AG, Magal Security Systems Ltd., and Panasonic Corp.
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