Electronic Access Control Systems Market is Set for a Rapid Growth and is Expected to Reach USD 35.51 Billion by 2023
According to the report, global Electronic Access Control Systems Market was valued at around USD 20.49 billion in 2017 and is expected to reach approximately USD 35.51 billion in 2023, growing at a CAGR of slightly above 9.6% between 2018 and 2023.
In this era of digitization, the need to maintain the security of the provided area is essential. Electronic Access Control System (EAC System) can provide security in both ways including physical and electronic surveillance. EAC system is an electromechanical system that provides complete control over the physical security of a specific zone or premise. Globally various private sector companies, as well as governments, are investing significantly in improving the security of their facilities. This has increased the demand for EAC systems in order to keep the facilities safe and secure from robberies, crimes, and other security threats.
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EAC system is preferred over other traditional measures as it offers high accuracy, user convenience, and efficiency of time over all other products available in the security market. An EAC system offers features such as deciding which user or person should have access to which doors and at what times. Most electronic access control systems offer a review trail which records the time when the door was accessed, or access was denied, and by whom. These review reports can provide detailed information regarding who has accessed or tried to access the facility and when.
The continuously increasing demand for enhanced security solutions in government premises is one of the major factors driving the electronic access control systems market globally. Additionally, crimes, thefts and other threats related to public and private properties have also been spurring the growth of this market positively. The high cost of installation of EAC systems is expected to be one of the major restraining factors for electronic access control systems market.
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The segmentation of electronic access control systems market is done based on technology and application. The technology segment includes authentication system, intruder alarm systems, and perimeter security system. The authentication system is further divided into biometric authentication system and card based authentication system. The biometric authentication system is further sub-divided into fingerprint recognition, iris recognition, signature recognition, face recognition, palm recognition, vein recognition, and voice recognition. The intruder alarm system is bifurcated into motion detector, glass break detector, and door/window sensor. The perimeter security system is divided into three type’s namely free standing intruder alarm system, fence security system, and buried perimeter security system. The application segment is furthermore divided into residential, commercial, government, and industrial. Regional segmentation includes North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with further country wise bifurcation into major countries such as U.S., UK, France, Germany, China, Japan, India, and Brazil.
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The key players operating in the global electronic access control systems market are Godrej Consumer Product Limited, Cisco Systems, Magal Security Systems Ltd., Bosch Security Systems, Johnson Controls, Honeywell International Inc., Tyco International Ltd., Siemens AG, NEC Corporation, and Panasonic Corporation among others.
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