The electronic access control (EAC) system includes electromechanical hardware devices that are used to limit access to any private premise. These systems are adopted in numerous sectors including government enterprises, commercial space, and residential buildings. Since the biometric system has been incorporated with EAC, it offers accurate identification and authentication services. The global electronic access control systems market focuses on four regions namely North America, Asia Pacific, Europe, and Rest of the World (RoW).
The global electronic access control systems market is expected to surpass US$ 108,266.8 Mn in terms of value by the end of 2028.
Global Electronic Access Control Systems Market: Drivers
Increasing investments in infrastructure are expected to drive growth of the global electronic access control systems market during the forecast period
Increasing population in urban areas has led to increased demand for high-end security. Government and private sectors worldwide are investing significantly in better infrastructure facilities. Moreover, the construction of roads, educational institutes, healthcare centers, etc. has led to increased demand for adequate security, in order to prevent the entry of individuals into premises. For infrastructure development, the U.K government’s public sector investment is expected to rise by USD 4.9 billion to about USD 77.7 billion in 2013-14 over 2012-13. It is further expected to increase to about USD 83.0 billion in 2014-15. Hence, these factors are expected to boost the global electronic access control systems market growth over the forecast period.
Global Electronic Access Control Systems Market: Opportunities
Rising implementation of mobile-based access control can present significant growth opportunities
Access control systems are being integrated with mobile and smartphones. With rising penetration high-speed internet, the adoption of smartphones has increased significantly in the recent past. A smartphone-enabled access control system provides convenience and enhanced security for users, which can be accessed from remote locations. Moreover, rising technological advancements in smartphones are resulting in increased adoption of access control systems across the globe.
Global Electronic Access Control Systems Market: Recent Developments
Global Electronic Access Control Systems Market: Restraints
Concerns regarding data breaches are expected to hamper the global electronic access control systems market growth over the forecast period
There are several concerns regarding the use of an electronic access control system. The major concern includes unauthorized access and data breach. Unauthorized access can lead to misuse of the security system with a potential threat to private documents and premises. Thus, these factors are expected to hamper the global electronic access control systems market growth over the forecast period.
Global Electronic Access Control Systems Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, as of 7:03pm CEST, 20 September 2021, there have been 228,394,572 confirmed cases of COVID-19, including 4,690,186 deaths, reported to WHO. As of 20 September 2021, a total of 5,776,127,976 vaccine doses have been administered. The emergence of Covid-19 has led to increased storage needs of hospitals, pharmacies, and EMS ambulances. Thus, the market is also witnessing acquisition of EAC businesses. For instance, in September 2021, BioConnect finalized the purchase of MedixSafe from parent company E.S.S.C. (Electronic Security Specialist & Cabling).
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The global electronic access control systems market was valued at US$ 35,429.3 Mn in 2020 and is forecast to reach a value of US$ 108,266.8 Mn by 2028 at a CAGR of 10.4% between 2021 and 2028.
The Authentication segment was valued US$ 29,855.5 Mn in 2020 and is expected to witness a CAGR of 10.3% over the forecast period.
North America Trends
Among regions, North America is expected to witness significant growth in the global electronic access control systems market during the forecast period. This is owing to the high adoption of high-security solutions across the U.S. and Canada. Furthermore, increasing the use of EAC systems in home automation and security systems is expected to boost the regional market growth over the forecast period.
Europe is expected to register a robust growth rate in the global electronic access control systems market during the forecast period. This is owing to increasing demand for biometric solutions in developed countries such as the U.K. and Germany. Moreover, growing terrorist activities across the region are expected to boost Europe electronic access control systems market growth over the forecast period.
Key players operating in the global electronic access control systems market are NEC Corporation, United Technologies Corporation, Bosch Security Systems, Tyco International Ltd., Godrej Consumer Product Limited, Hitachi, Ltd., Honeywell International Inc., Cisco Systems, Inc., and Johnson Controls, Inc.
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