Growing Awareness Among People For High Security Increased Demand For Electronic Access Control Systems, Reports Fact.MR

As per a revised report published by Fact.MR, the electronic access control system market is forecast to exceed US$ 19 Bn valuation by 2031, expanding at a CAGR of more than 8% over the next ten years.

With the surge in demand for the use of security systems to secure commercial and residential buildings, the adoption of card-based security system technology will continue to increase in the coming years. It is expected that the sales of card-based technologies will exceed those of other technologies. Currently, it is estimated that by the end of 2031, sales in card-based technology will exceed $5.1 billion. On the other hand, it is expected that by 2031, biometric technology will reflect the relatively high compound annual growth rate of the global electronic access control system market.

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The adoption of electronic access control systems continues to be concentrated in the commercial industry. Revenue from the commercial and industrial sectors is expected to achieve relatively high growth, reaching more than US$4.3 billion by the end of 2021. On the other hand, it is expected that by 2031, the government and defence departments of key countries such as US and China will enhance their budget portfolio to procure upgraded multiple layer access control systems.

Key Takeaways from Market Study

APEJ is expected to emerge as the largest market in the global electronic access control system market. APEJ is projected to create an incremental opportunity of over US$ 310 million during 2021-2031.

Followed by APEJ, North America electronic access control system market is likely to be the second-largest market during the forecast period.
Card-based Technology likely to be one of the highly preferred electronic access control systems. Meanwhile, biometric technology is also expected to experience robust growth during 2021-2031.

By 2031 end, the government and defence sector projected to exceed US$ 6.6 billion value. Moreover, it is also estimated to gain more than one-fourth of the revenue share by 2021 end.

"Rising adoption of electronic access control systems in the healthcare industry is expected to rev up demand in the global market," says a Fact.MR analyst.

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What are the Key Opportunities for Electronic Access Control System Manufacturers?

Electronic security systems helps people to protect themselves by preventing unauthorized access to property. Key countries integrated these systems into their defense budgets are Iran, US, Israel, UAE, Saudi Arabia and others. Therefore, producers of electronic access control systems are focusing on entering the defense budget procurement model via tenders.

Data centers and service providers are always at risk of data theft and security of illicit data transmission to unknown destinations. This threat is being utilized by manufacturers as an opportunity to channel advanced access control systems with multiple layers of security, protecting data-based companies from oncoming threats.

Competitive Landscape

Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks. Some of the key developments are:

In January, 2020 Panasonic develops multifunctional secure IC that protects critical data on industrial IoT devices. Additionally, the company discloses that it will provide wireless interface function equipped with NFC.

In 2020, Honeywell launches a software named WIN-PAK 4.8 that provide cost effective way to manage and integrate access control, intrusion detection and video surveillance through a single interface. The software can be scaled from single site to multiple without placing restriction on other users.

Similarly, recent developments related to companies manufacturing electronic access control system have been tracked by the team at Fact.MR, which are available in the full report.

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Market Segments Covered

By Technology
Biometrics Electronic Access Control Systems
Card-based Electronic Access Control Systems
Keypad Electronic Access Control Systems
Intruder Alarm Electronic Access Control Systems
Perimeter Security Electronic Access Control Systems

By End User
Electronic Access Control Systems for Government & Defense
Electronic Access Control Systems for Commercial & Institutional Use
Industrial Electronic Access Control Systems
Residential Electronic Access Control Systems

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the electronic access control system market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.

The study divulges essential insights on the electronic access control system market on the basis of technology (biometrics, card-based, keypad, intruder alarm, and perimeter security) and end user (government & defence, commercial & institutional, industrial, and residential), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).

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