According to the report, the global access control systems market is expected to be worth over US$ 24,000 Mn by the end of 2022.
As need for secure buildings increases in the commercial industry, demand for the electronic access control system will continue to rev up globally. In addition, increasing demand for tracking data related to the end users is projected to impact the global market growth of electronic access control systems positively.
According to a recently compiled report by Fact.MR, the global electronic access control system market is projected to reflect a CAGR of 6.6% over the forecast period, 2017-2022.
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Factors Fuelling Growth of the Global Market
Growth of the global electronic access control system market is projected to be bound by several macro-economic, and micro-economic factors.
Surge in need to secure the government and commercial premises continues to rev up demand of electronic access control systems. Increasing prevalence of thefts, and data breaches continues to pose significant challenges to the market players globally.
Demand for the security system in the residential, government, and healthcare industry is likely to impact the global market growth positively.
With surge in demand for securing the government officials, and several initiated projects is projected to contribute towards the market growth globally. Several government organizations conduct research in order to develop, and enhance their projected.
However, increasing prevalence of data breaches and theft is projected to boost the market growth globally. Besides the government organizations, the electronic access control system continues to witness significant demand in the commercial industry.
Stakeholders, tenets, and property managers are making significant investment in the commercial buildings. Moreover, growing demand to keep the building safe from vandalism, loiterers, theft, fire, and the other risks continues to boost demand for electronic access control systems.
Further, increasing number of visitors, and faculty members is also projected to impact the market growth of electronic access control system globally.
Adoption of the electronic access control system in the healthcare industry is also projected to rev up demand in the global market. Increasing demand to protect the patients under treatment procedures along with doctors is projected to impact the global market growth positively.
In addition, growing need to keep the medical devices, and equipment secure from theft is projected to boost demand for the security systems in the healthcare industry. Bound to these factors, growth of the global electronic access control systems market is projected to increase during the forecast period.
Although the overall outlook on growth of the global market looks positive, several factors continue to inhibit demand for the electronic access control systems. As these systems are comparatively costly to conventional security systems, demand for the electronic access control system is projected to drop.
Moreover, growing incidences of false alarms in several electronic access control systems is projected to restrain growth of the market globally.
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Commercial & Industrial Segment to Boost Market Growth
With surge in demand for sealing the commercial and residential buildings with security system, adoption of the card-based security system technology will continue to increase in the upcoming years. Card-based technology is projected to sell more than other technologies in the global market.
Currently, the card-based technology segment is projected to represent more than US$ 2,600 Mn by 2022-end. On the other hand, the biometric technology segment is projected to reflect a relatively high CAGR in the global electronic access control system market through 2022.
Adoption of the electronic access control system continues to remain concentrated in the commercial industry. By end user, the commercial & industrial segment is projected to represent a relatively high growth in terms of revenues, accounting more than US$ 2,000 Mn by 2017-end.
On the other hand, the government & defense segment is projected to reflect a relatively high CAGR in the global electronic access control system market through 2022.
Major players in the global market of electronic access control system are Cisco Systems, Inc, Siemens AG, Honeywell International Inc, Robert Bosch GmbH, Panasonic Corporation, Schneider Electric SE, Fujitsu Limited, Johnson Controls International plc, Ingersoll-Rand Plc, and ASSA ABLOY AB.
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