Electronic Access Control (EAC) Systems Market to Top US$ 94 Bn in 2031

The Electronic Access Control Systems Market is expected to grow vehemently in the forecast period, reaching US$ 94 Bn, witnessing a CAGR of 13% . The consumer packaged goods vertical is slated to see an increasing adoption of connected packaging. As such, on-demand experiences coupled with e-Commerce would be running through the veins of this industry. This is how the consumer packaged goods vertical would surface in the upcoming period.

Persistence Market Research released a new market report on the "Global Market Study on Electronic Access Control (EAC) Systems Market".The market was valued at US$ 32 Bn in 2020 and is expected to expand at a CAGR of around 13% from 2021 to 2031. Demand outlook for electronic access control systems is expected to surge to US$ 94 Bn in 2031. As per industry analysis, North America held a market share of 27% in 2020, and is expected to expand at a 5% CAGR over the forecast period. Increasing crime and terror attacks demand high-end security. Need for better security systems to tackle fraudulence, illegal immigration, and criminal activity has propelled governments to invest in better security systems. Among which electronic access control system stands apart from other security system.

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Rising terrorist attacks, vandalism, and violence in public places such as city centers, educational institutions have made security as one of the major concerns for every individual, organization, and government agency. Advantages such as high accuracy, convenience, and time efficiency of electronic access control (EAC) systems increase its attractiveness in the global security market.

Need for heightened security at public places such as city centers and educational institutions are some of the factors leading to increasing demand for electronic access control systems. According to Study of Terrorism and Responses to Terrorism (START), one of the world's top terrorism trackers, 2012 witnessed 69% rise in terror attacks and 89% increase in fatalities caused by them over 2011. Increasing crime and terror attacks demand high end security.

Increasing international trade and privatization have influenced the government and private sector to invest in better infrastructure facilities. Construction of roads, residential buildings, healthcare centers and educational institutes are expected to increase in the coming future increasing the demand for EAC system market in order to attain better security levels.

Local and national government have instructed the private sector to invest in security systems for the prevention of population and property from illegal acts. Mobile device with advanced sensor technologies is currently generating a shift toward biometrics system.

EAC system is bifurcated into three major technologies, authentication system (biometric and card based authentication system), intruder alarm system and perimeter security system (free standing, buried cable and fence mounted security system) and end-user segment (government, commercial, industrial and residential).

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The global market for EAC systems in value was US$ 32 Bn in 2020. The authentication system is also expected to expand by a stable CAGR during 2021-2031. The European EAC systems market is expected to record a healthy CAGR of 7% through the forecast period. Usage of EAC system in commercial sector is expected to attain a good CAGR during 2021-2031.

The EAC system market is fragmented with several players operating at a global or regional level, supplying EAC system products (authentication system, intruder alarm system and perimeter security system). Some of the companies operating globally and providing products under all three categories are United Technologies Corporation, Tyco International Ltd., Godrej Industries Limited, and Cisco Systems, Inc.

There are companies which operate globally and provide products under two categories such as Safran SA (authentication and intruder alarm system), 3M Cogent, Inc. (authentication and perimeter security system), Panasonic Corporation (intruder alarm and perimeter security), and Honeywell International Inc. (authentication and intruder alarm).

Some companies operate on the global level and provide only one EAC system product such as Siemens AG (authentication system), Hitachi Ltd. (intruder alarm), and Magal Security Systems Ltd. (perimeter security system).

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