Global Electronic Access Control System Market is Estimated to Reach $40 Billion by 2024, Says Accurize Market Research
Global Electronic Access Control System Market report published by Accurize Market Research forecast that the global market is expected to reach $40 billion by 2024; growing at a CAGR of 13% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Rising security concerns to drive the global market
Some of the factors driving the growth of global electronic access control system market include requirement of better security systems to tackle increasing criminal activities, and illegal immigration and tackle fraudulence, among others. Though, higher expense and lack of awareness in emerging countries are some key factors limiting the growth of the EACS market. As technology develops, cost of EACS is anticipated to decrease, resulting in higher acceptance of EASC in emerging countries.
Global electronic access control system market is split into technology, application and geography. Technology segment is divided into authentication systems, intruder alarm systems, perimeter security systems, and others. Authentication system is segregated into biometric system and card based system. Based on application segment, the market has been segmented among government, commercial, industrial, residential, and others.
North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.
"Authentication system accounted for the largest market share in the type segment", says Accurize
Authentication system accounted for the largest market share in 2017 and will continue its dominance during the forecast period 2017-2025. This is majorly attributed to inflating security budgets and improved security concerns over the forecast period.
"Asia Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia Pacific is anticipated to grow at the fastest CAGR of 15.8% during the forecast period 2017- 2025, driven by the inflating security budgets and growing security concerns over the forecast period. North America held the largest market share of 30.1% in 2017, majorly due to well-developed economy and increasing demand at highest pace in the country.
Top players in the market
Major companies operating in the market include Magal Security Systems Ltd., Tyco International, Assa Abloy AB, Future Fibre Technology, Schneider Electric, Siemens Building Technologies, Bosch Security Systems, Honeywell International Inc., Cisco Systems, Inc, Cognitec System GMBH among others.
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