Electronic Access Control Systems Market
Electronic access control systems comprise all electromechanical hardware devices that prevent entry/ access to any premise. They are used across various fields such as commercial space, government spaces, and private residential spaces which require a high level of security. The global electronic access control system market is touted to reach USD 13.3 Bn at a CAGR of 8.53% over the forecast period of 2018-2023, predicts Market Research Future (MRFR) in its latest study.
The growing incidence rate of crimes such as thefts, break-ins, and other illegal activities have compelled various institutions to adopt electronic access control system market. Various commercial, as well as residential areas, are installing electronic access control systems to prevent and minimize fraudulence and illegal activities. These systems provide various other advantages as well, which include burglar alarm system, fire, and carbon monoxide detection, and track the entry of employees and visitors. The need for electronic access control systems has increased in recent years in banks, data centers, hotels, retail stores, and others. Electronic access control systems, especially biometrics, are extensively integrated with existing payroll software which allows keeping a record of information related to attendance.
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The integration of IoT in electronic access control systems has created lucrative growth opportunities for the market. IoT based electronic access control systems can enhance the security of systems. In access control, intelligent locks, card readers, keypads, and other related devices are based on IoT and provide benefits such as easy access, improved integration, configuration, and tracking capabilities.
On the contrary, the growth of the electronic access control systems market can be hindered by high costs aligned with the installation of access control systems and maintenance costs.
Segmentation
The global electronic access control systems market has been segmented based on component and vertical.
By component, the electronic access control systems market has been segmented into biometrics reader, multi-technology readers, electronic locks, card-based reader, and controllers. The biometrics reader segment is estimated to account for the largest share of the market and register the highest CAGR as well. The high-reliability quotient of biometrics is responsible for their increased adoption.
By vertical, the electronic access control system market has been segmented into commercial spaces, military & defense, residential, education, government, healthcare, industrial, and others. Application-wise, the commercial spaces segment is likely to dominate the global market. Extensive use of electronic access control systems in commercial areas such as data centers, banks, hotels, retail stores, and malls can be credited for the growth of the segment.
Regional Analysis
By region, the electronic access control system market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America is a significant market for electronic access control system and is estimated to domineer the global market over the forecast period. The region is among the early adopters of technology, and robust economic conditions have paced up the growth of the market in the region. The leading market players are based in the region which gives it unprecedented leverage.
The APAC electronic access control systems market is touted to register the highest CAGR over the forecast period. Growing incidences of crime have resulted in the accelerated implementation of security systems across the region. Moreover, growing government focus on enhancing security mechanism has also induced high demand within the market.
Competitive Landscape
The electronic access control system market is marked by the presence of various players including Johnson Controls International plc (Ireland), Nedap N.V.(Netherlands), Cansec Systems (Canada), Kisi Inc. (US), Identiv, Inc. (US), ASSA ABLOY AB (Sweden), AMAG Technology (US), Gunnebo (Sweden), NEC Corporation (Japan), Suprema HQ Inc. (South Korea), Vanderbilt Industries (US), Bosch Security Systems Inc. (US), Napco security Technologies (US), Honeywell Security Group (US), Time and Data Systems International (UK), Allegion plc (Ireland), Axis Communications (Sweden), Adman Technologies (India), IDEMIA (France), Brivo, Inc. (US), Salto Systems (Spain), Gallagher Group (New Zealand), dormakaba Holding AG (Switzerland), Gemalto N.V. (Netherlands)., and Lenel Systems International (US).
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