Global Electronic Access Control System Market Report, published by Variant Market Research, forecast that the global market is expected to reach $39.6 billion by 2024 from $14.8 billion in 2016; growing at a CAGR of 13.1% from 2016 to 2024. EAC is a set of progressive security features for electronic passports that defends and limits access to sensitive personal data. In contrast to common or general personal data which can be secured by basic mechanisms, sensitive data must be protected further for preventing unauthorized access or skimming. A chip protected by EAC will permit that this sensitive or delicate data is read (through an encrypted channel) only by an authorized or approved inspection system.
"Electronic Access Control System (EAC) Market (By Technology: Authentication Systems, Intruder Alarm Systems, And Perimeter Security Systems; By Application: Government, Commercial, Industrial, Residential, And Others; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Increasing Security Concerns to Drive the Electronic Access Control System Market
Some of the factors driving the growth of global electronic access control system market includes need for better security systems to tackle increasing criminal activities, and illegal immigration and tackle fraudulence, among others. Exponential growth in the sectors including IT, banking, retail, and hospital sector is driving the acceptance of EACS to provide better safety to assets. Confines old structure of buildings is mainly accountable for the theft and hinders the market growth. Higher cost and lack of awareness in Asian countries and RoW are some key factors limiting the growth of the EACS market. As technology develops, cost of EACS is anticipated to decrease, resulting in higher acceptance of EASC in Asia-Pacific regions.
Technology, application and geography are the major segments of global electronic access control system market. Technology segment is further categorized into authentication systems, intruder alarm systems, perimeter security systems, and others. Authentication system is further bifurcated into biometric system and card based system. Based on application, the market has been segmented as government, commercial, industrial, residential, and others. Based on geography, the global electronic access control system market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Country wise analysis of all the regions have been also included in the report.
Authentication system accounted for the largest market share in the technology segment
Authentication system accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016-2024. This is majorly attributed to inflating security budgets and improved security concerns over the forecast period.
EACS Market by Technology
Asia Pacific is anticipated to grow at a fastest CAGR over the forecast period
Asia Pacific is expected to attain the fastest CAGR of 15.8% during the forecast period 2016 - 2024, driven by the inflating security budgets and growing security concerns over the forecast period. North America held the largest market share of 30.1% in 2016, majorly due to well-developed economy and increasing demand at highest pace in the country.
Global EACS Market Share by Geography, 2016 (%)
Bosch and Siemen are the two major market players of global EAC system market, Bosch had recently in 2015, started their business in some of the developing countries and is focusing on expending in these regions due to higher future scope provided by the regions. Siemens and some other players are more focused on strengthening their presence in developed regions such as U.S., Canada and Germany. New entrants due to large scope of the market are expected to emerge in coming years.
The major key players operating in the market are Magal Security Systems Ltd., Tyco International, Assa Abloy AB, Future Fibre Technology, Schneider Electric, Siemens Building Technologies, Bosch Security Systems, Honeywell International Inc., Cisco Systems, Inc, Cognitec System GMBH among others.