Need for better security systems to tackle fraudulence, illegal immigration, and criminal activity has propelled governments to invest in better security systems.
New York, NY -- (SBWIRE) -- 01/05/2016 -- Persistence Market Research has released a report on the global EAC systems market, titled "Global Market Study on Electronic Access Control (EAC) Systems: Biometric Systems to Witness Highest Growth by 2019". The report suggests that this market is projected to expand at a CAGR of 12.60% between 2014 and 2019.
According to the report, the global electronic access control systems market was valued at US$15.4 bn in 2013 and is expected to reach US$31.2 bn in 2019.
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The primary driver for growth of the global EAC systems market is stated to be the increasing concerns over security and access clearance into select areas, following major crime and terrorism activities. Most governments have expressed concern over national threats and the implementation of high-end security measures to counter them.
The global EAC systems market benefits from a growing demand to combat infiltration issues such as fraudulent entries, criminal and spy activities, and illegal immigration. Governments are increasingly providing major funds for the protection of the state against attacks.
Individuals, organizations, and government agencies are showing a growing demand from the global EAC systems market in the light of mounting terror attacks, public violence, and rising cases of vandalism in public and city centers and educational institutions.
Of the multiple security systems employed, EAC systems are cited as the most potent and useful. The advantages of EAC systems include high accuracy, reduction in time taken for use, and convenience of use.
The report also cites various national security reports such as releases from the Study of Terrorism and Responses to Terrorism (START). According to START, between 2011 and 2012, there was an increase in terror attacks by 69.0%. The number of related fatalities has also increased by 89%. These statistics have led to a growing implementation of EAC systems and other security measures.
From a regional perspective, the global EAC systems market is majorly boosted by Asia Pacific, the region with the fastest CAGR of 16.70% in the report's given forecast period.
Authentication systems are the fastest growing type of EAC systems in the global market, with a CAGR of 13.10% between 2009 and 2013. The same time frame had seen the commercial sector become the largest end user in the global EAC systems market, with a 13.90% CAGR for the same study period.
The report states that the global EAC systems market is highly fragmented in nature and key players provide major services and products in perimeter security systems, intruder alarm systems, and authentication systems. Major players are able to operate internationally, offering a large range of EAC systems for use in multiple locations. The key players in the global EAC systems market that work in all the above three segments are Cisco Systems, Inc., Godrej Industries Ltd., Tyco International Ltd., and United Technologies Corporation.
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Other prominent companies that offer one or more types of services and products are Magal Security Systems Ltd., Hitachi Ltd., Siemens AG, Honeywell International Inc., Panasonic Corporation, 3M Cogent, Inc., and Safran SA.
Key points covered in the report
1) Report segments the market on the basis of types, application, products, technology, etc (as applicable)
2) The report covers geographic segmentation
3) The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
4) The report provides company profiles of some of the leading companies operating in the market
5) The report also provides porters five forces analysis of the market.-
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