Global Electronic Access Control Systems Market Is Expected to Represent USD 31.2 Billion in 2019
The global Electronic Access Control systems market was valued at USD 15,406.1 million in 2013 and is expected to grow at a CAGR of 12.6% from 2014 to 2019, to reach an estimated value of USD 31,187.8 million in 2019.
New York, NY -- (SBWire) -- 10/31/2017 --Persistence Market Research Released New Market Report on "Global Market Study on Electronic Access Control (EAC) Systems: Biometric Systems to Witness Highest Growth by 2019," the global Electronic Access Control systems market was valued at USD 15,406.1 million in 2013 and is expected to grow at a CAGR of 12.6% from 2014 to 2019, to reach an estimated value of USD 31,187.8 million in 2019.
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Increasing crime and terror attacks demand high-end security. 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 system. Rising terrorist attacks, vandalism, and violence in public places such as city centers, educational institutions have made security as one of the major concerns for every individual, organizations and government agencies. Advantages such as high accuracy, convenience, and time efficiency of Electronic Access Control (EAC) systems increase its attractiveness in the global security market. Rising terrorist attacks, vandalism, and violence in public places such as city centers and educational institutions are some of the factors leading to increasing demand for Electronic Access Control systems market. According to Study of Terrorism and Responses to Terrorism (START), one of the world's top terrorism trackers, 2012 witnessed 69% rise in terror attacks and 89% increase in fatalities caused by them over 2011. Increasing crime and terror attacks demand high end security.
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Increasing international trade and privatization have influenced the government and private sector to invest in better infrastructure facilities. Construction of roads, residential buildings, healthcare centers and educational institutes are expected to increase in the coming future increasing the demand for EAC system market in order to attain better security levels. Local and national government have instructed the private sector to invest in security systems for the prevention of population and property from illegal acts. Mobile device with advanced sensor technologies is currently generating a shift toward biometrics system. EAC system is bifurcated into three major technologies, authentication system (biometric and card based authentication system), intruder alarm system and perimeter security system (free standing, buried cable and fence mounted security system) and end-user segment (government, commercial, industrial and residential).
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The global market for EAC system in value term grew from USD 10.1 billion in 2009 to USD 15.4 billion in 2013, and is expected to grow to USD 31.2 billion in 2019 growing at a CAGR of 12.6%. The authentication system (largest market in 2013) increased by 13.1% CAGR during 2009-2013 to reach USD 11.7 billion in 2013. The Asia-Pacific EAC systems market is expected to record the highest CAGR growth of 16.7% to reach USD 9.6 billion in 2019. Usage of EAC system in commercial sector (largest end-user in 2013) increased by 13.9% CAGR during 2009-2013 to reach USD 4.6 billion in 2013.
The EAC system market is fragmented with several players operating at a global or regional level, supplying EAC system products (authentication system, intruder alarm system and perimeter security system). Some of the companies operating globally and providing products under all three categories are United Technologies Corporation, Tyco International Ltd., Godrej Industries Limited, and Cisco Systems, Inc. There are companies which operate globally and provide products under two categories such as Safran SA (authentication and intruder alarm system), 3M Cogent, Inc. (authentication and perimeter security system), Panasonic Corporation (intruder alarm and perimeter security), and Honeywell International Inc. (authentication and intruder alarm). Some companies operate on the global level and provide only one EAC system product such as Siemens AG (authentication system), Hitachi Ltd. (intruder alarm), and Magal Security Systems Ltd. (perimeter security system).
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