09-13-2017 04:39 PM CET - IT, New Media & Software

Access Control Authentication Market : Emergence of Advanced Technologies and Global Industry Analysis

Press release from: Transparency Market Research Technology

Rising security concerns, growing awareness and acceptance of the benefits of electronic security among the masses and government regulations are the key factors driving the growth of access control and authentication market.

The global access control and authentication market (electronic access control (EAC), automatic number plate recognition (ANPR), and document readers) was valued at US$ 18,723.6 Mn in 2013 and is projected to grow at a CAGR of 15.3% during the forecast period (2014 – 2020) to reach a market size of US$ 49,890.3 Mn by 2020.

In 2014, EAC systems occupied a major share of the access control and authentication market. This was due to the large demand for access control and authentication systems from various end-use sectors to enhance security. Furthermore, EAC systems are relatively mature technologies compared to ANPR and document readers. Rise in the number of road accidents due to breach of traffic laws is a common phenomenon observed across the globe.

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Thus, in order to cater to the need of hour, traffic police departments across different regions such as North America, Europe, Asia Pacific, and the Middle East are increasingly incorporating new technologies to improve road safety.

A large number of traffic departments, primarily in Europe and North America, have installed ANPR systems. Automatic number plate recognition is an important tool in traffic management as it ensures mobility and traffic safety.

Transportation and logistics was the largest end-use segment in the access control and authentication market in 2013. Security in the transportation and logistics sector is a major concern for any economy. Prevention of terrorism, crime, smuggling, trafficking, and vandalism in transportation and logistics is extremely important.

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Governments across the globe have formed various regulations in order to boost security for transportation sector. North America was the largest market for access control and authentication in 2013, while Asia Pacific is anticipated to register fastest growth during the forecast period.

Growing demand from economies such as China, India, Vietnam and Indonesia would be a key driver for the growth of access control and authentication in Asia Pacific.

A merciless business climate and increasing competition with transition happening to newer technologies such as the shift towards mobility-based solutions and stringent customer demands seem to be the current trend in the access control and authentication market.

With growing competition, product margins continue to erode and manufacturers are realizing the need to shift their business models for maintaining profitability. Mobility technology is changing the security industry, especially in EAC systems.

The market for access control and authentication is highly fragmented with the presence of a large number of players with smaller market shares. In 2013, 3M Company, Bosch Security Systems, Honeywell International, Inc., and Morpho Safran, Inc. were identified to be the key players in the access control and authentication market.q

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