Electronic Access Control (EAC) Systems Market: Biometric Systems to Witness Highest Growth During 2014-2020
Electronic Access Control (EAC) Systems Market Size, Share, Industry Analysis, Market Segmentation, Growth, Overview, Trends, Forecast, Research Report, Outlook, Price and Strategy 2010 – 2020
New York, NY -- (SBWire) -- 11/16/2017 --Electronic Access Control (EAC) system is a method of using electromechanical hardware in order to permit restricted access into private premises. Rising terror attacks and crimes are demanding security at high-end. EAC system proffers some benefits viz. convenience, high accuracy, and efficiency of time over all other products of security that escalates its attraction in the global market of security. Globally, governments as well as private sector organizations are investing a lot in providing better facilities of infrastructure. In 2013, the global electronic access control systems market registered revenues worth US$15.4 billion, which are anticipated to raise up to US$31.2 billion by the end of 2020. Over the forecast period 2014-2019, the global market for electronic access control systems will expand at a healthy CAGR of 12.60%.
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Key Market Dynamics
In the past five years, the global market for electronic access control systems has grown efficiently owing to growing concerns of thefts, break-ins, and white-collar crimes, as a result driving the market demand from both commercial and residential bodies for advanced security systems. Also, the global market for electronic access control systems is boosted by the convenience provided by these kind of systems. Additionally, the growing circumstances of vandalism, and public place violence and terrorist attacks in city centers and in various educational institutions are among the key factors augmenting the global market for electronic access control systems. Moreover, the road constructions, centers of healthcare, educational buildings and residential buildings are is projected to increase in the years to come which in turn will definitely raise the market demand for electronic access control systems in order to attain enhanced level of security.
However, lack of interoperability among these EAC systems with the existing systems is hampering the market growth. In addition, growing upfront cost along with expanding of alternate technologies viz. NFCs and biometric control access are hindering the growth of the global electronic access control systems market.
The global market for electronic access control systems is categorized into process type and end user type. Based on process type, the segmentation is done into authentication system, intruder alarm systems and perimeter security system. Among these, the segment of authentication system is segmented into biometric authentication system and card based authentication system. The segment of biometric systems comprises of fingerprint recognition, iris recognition, signature recognition, automated fingerprint identification system, face recognition, palm recognition, vein recognition, and voice recognition while the segment of card-based systems comprises of proximity card and smart card. And the segment of perimeter security system comprises of free standing intruder alarm system and perimeter security system and buried perimeter security system. Moreover, based on end-user type, the global electronic access control systems is classified into commercial, residential, government, and industrial.
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Based on geographical region, the global market for electronic access control systems is segmented into Europe, North America, APAC and Rest of the World. Amongst these, the APAC region is anticipated to exhibit the highest CAGR of 16.70% from 2014 to 2019, to reach US$9.6 bn.
Key Market Players
Major companies operating in the global market for electronic access control systems include Bosch Security Systems, Honeywell International Inc., Cisco Systems, Tyco International Ltd, Siemens AG, Magal Security Systems Ltd, NEC Corporation, Godrej Consumer Product Limited, Johnson Controls, Hitachi, United Technologies Corporation, Panasonic Corporation, among others.
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View this press release online at: http://rwire.com/890921