Electronic Access Control Market to receive overwhelming hike in Revenues by 2024 - Credence Research

According to a new market research report published by Credence Research “Electronic Access Control Market (By System Component – Hardware: Electronic Locks, Readers, Access Cards, Control Panels, Access Control Servers; Access Control Management Software; Services: Implementation, Integration and Maintenance Services, and ACaaS) - Growth, Future Prospects, Competitive Analysis and Forecast 2016 - 2024”, the global electronic access control market stood at US$ 4,673.1 Mn in 2015 and is estimated to expand with a CAGR of 9.3% from 2016 to 2024.
The complete report is available at http://www.credenceresearch.com/report/electronic-access-control-market
Market Insights
The electronic access control market has been majorly driven by increasing need to achieve enhanced physical and data security at various residential, commercial, industrial and government and defense facilities. With increasing vulnerabilities in data security and rising need to secure data centers, electronic access control systems have gained immense popularity in the recent years. In addition, with the rise of innovative technologies such as sensors and biometrics, access control providers have been engaged in design and development of advanced access control solutions for various end-use industries. Moreover, the rise of web-based access control solutions has further fueled the adoption of access control due to its ease of installation, scalability and accessibility. Thereby, the access control as a service (ACaaS) segment has been identified as the most promising segment in the overall access control market across the world.
Some of the factors driving the growth in the electronic access control market include rising vulnerability of various buildings and facilities in terms of data security. Growing concerns pertaining to physical access to critical locations within the premises have compelled the deployment of advanced access control systems in various organizations. Despite the advantages, lack of technological awareness and hesitancy towards investing in latest IT solutions have restricted the growth in the access control systems market. However, rise of access control as a service (ACaaS) offering advanced solutions at an affordable timely fee has contributed to the higher adoption of access control solutions in various end-use industries. In addition, technological advancements in readers and on-going expansion of facilities are expected to further fuel the growth in the services segment. Thereby, the overall access control market is expected to witness significant growth during the forecast period.
Competitive Insights:
The global electronic access control market is highly fragmented with the presence of a few global players and a plethora of local players in various regions across the world. Some of the leading global players in the access control market include Assa Abloy Group, Dormakaba Group, ADT LLC dba ADT Security Services, Allegion Plc., Honeywell International, Inc., 3M Cogent, Inc., Bosch Sicherheitssysteme GmbH, and AMAG Technology, Inc. These companies compete in various developed and developing markets in order to gain higher market shares. However, these companies face immense competition from the local companies which tend to offer effective but cheaper solutions making use of basic technology and components. Thereby, the market has been witnessing a combination of new solutions with enhanced features along with declining prices.
Key Trends:
• Increasing integration of access control systems with other physical security and surveillance systems
• Rising adoption of sensor technology in the access control systems
• Growing adoption of access control as a service (ACaaS)
• Development of applications making use of smartphones to offer higher degree of convenience to the users
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