Electronic Access Control Systems Market is Estimated to Rise at a CAGR of 8.3% from 2023 to 2033

The global electronic access control system value surpassed US$11bn in 2020 at a CAGR of 7.5% during the historical period of 2016 and 2020. The global electronic access control system market is expanding at a steady pace, exhibiting growth at 8.3% CAGR between 2021 and 2031. As per Fact.MR Analysis, the market is expected to reach valuation of US$21.2 bn by the end of 2031.

Electronic access system demand will consistently rise in India, Israel, and the U.S. owing to their high defense spending. The market includes peripheral security systems, intruder alerts, and verification systems. These systems suffered an all-time low demand in Q2 and Q3 of 2020 due to COVID-19.

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Nonetheless, sales of electronic access control systems are expected to recover owing to technical advancements and revival of projects across numerous fields ranging from commercial to defense.

Rise in security concerns and increasing security budget allocation across the globe are expected to create lucrative opportunities for electronic access control system sales. The demand for biometrics technology is rising in popularity as it delivers effective identification, authentic processes, advance security of information systems, and recondition control access to electronic resources.

The surging demand for integrated solution that offer immediate onsite response with alarm systems and electronic security will further encourage electronic access control system demand.

"Key players are focusing on delivering technologically advanced and innovative systems in response to increasing safety regulations. As a result focus on product launches is expected to increase in the coming years," says a Fact.MR analyst.

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Key Takeaways from Electronic Access Control System Market Study
Demand in the healthcare industry is expected to rise at more than 5% CAGR during the forecast period as demand for secure boundaries is rising in hospitals and healthcare centers.
Asia Pacific emerge as the fastest growing market, driven by surging demand from India and China.
The U.S. is among the key markets fir electronic access control systems, forecast to exhibit a CAGR 6% over the forecast period.
China accounted for over 35% sales of electronic access control systems in Asia and is forecast to remain a leading market through the assessment period.
Biometrics will remain highly sought-after among technologies available.

Market Segmentations
By Technology :
Biometrics
Card-based
Keypad
Intruder Alarm
Perimeter Security

By End User :
Government & Defense
Commercial & Institutional
Industrial
Residential

By Region :
North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Some of the key players profiled by Fact.MR operating in the global electronic access control system market include:
Siemens AG
Cisco Systems, Inc.
Robert Bosch GmbH
Honeywell International Inc.
Schneider Electric SE
Panasonic Corporation
Johnson Controls International plc
Fujitsu LimitedASSA ABLOY AB
Ingersoll-Rand Plc.

Competitive Landscape
The key electronic access control system market players are focusing on expanding manufacturing capacity and increasing product launches. Companies are also adopting other strategies such as strategic alliances, partnerships, and collaborations to strengthen global and regional distribution.

Recent Developments:
Panasonic in January 2020, developed multifunctional secure IC to protect critical data for industrial IoT devices. The company also announced delivering its wireless interface equipped with NFC.

In 2020, Honeywell launched WIN-PAK 4.8, a software that delivers a cost efficient way to handle and integrate access control, video surveillance, and intrusion detection through single interface.

Senseon, a security solution brand for cabinets and drawers, recently announced its Senseon Core and Senseon Plus systems to protect sliding cabinets and doors. Senseon 5EL electronic lock can integrate with EAC systems and create comprehensive security solution.

Paxton Access, launched Paxton10 platform that is capable of managing and integrating 1000 doors and cameras on a single system by adding Paxton10 cameras, door controllers, and readers (Bluetooth mobile or keypad). This will pave way for new opportunities for EAC systems.

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This release was published on openPR.