Global Electronic Access Control System (EACS) Market is projected to be valued $40 Billion by 2024; with a CAGR of 13% from 2017 to 2025. Electronic access control system is a security solution which consists of an electronic door lock, a reader (such as a card reader) and some form of electronic controller that gives you detailed control over the physical security of your business. This can reduce risk while improving overall security in many ways and provides some useful features such as, convenience, high accuracy, and efficiency of time over all other products of security that intensifies its attraction in the global security market. Electronic access control systems have a broad range of integratable hardware which allow for easy deletion or reassignment of credentials.
The major factors supporting growth of the global electronic access control system market include need for improved security systems due to increasing criminal activities, and illegitimate immigration and attack fraudulence which has motivated governments across the sphere to participate in electronic access control system. Educational institutions, residential and healthcare centers buildings are additionally expected to uplift the electronic access control system. This can be credited to high accuracy, convenience and time efficiency over other safety products. However, absence of awareness and high cost coupled with lack of appropriate infrastructure may act as a limitation for the EAC system market. Growing international trade and privatization have also influenced the economies to finance in enhanced infrastructure which would generate new opportunities for the market in the coming years.
The global electronic access control system market has been segmented by technology, application, and geography. By technology segment, the market is categorized into authentication systems, intruder alarm systems, and perimeter security systems. Authentication system is further bifurcated into biometric system and card based system. By Application, the market is segmented as government, commercial, industrial, residential, and others.
By geography, the global electronic access control system market is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. Rest of the World covers South America, Middle East, and Africa.
Major companies operating in the global Electronic Access Control System (EACS) market are Tyco International, Future Fibre Technology, Cognitec System GMBH, Schneider Electric, Assa Abloy AB, Siemens Building Technologies, Magal Security Systems Ltd., Honeywell International Inc., Cisco Systems, Inc, and Bosch Security Systems among others.
The key takeaways from the report
Scope of the Global Electronic Access Control System Market