Jul 8 2014
According to a new market report published by Transparency Market Research "Electronic Access Control Systems Market Global Forecast, Market Share, Size, Growth and Industry Analysis, 2014 - 2019," the global Electronic Access Control systems market was valued at USD 15,406.1 million in 2013 and is expected to grow at a CAGR of 12.6% from 2014 to 2019, to reach an estimated value of USD 31,187.8 million in 2019.
Rising terrorist attacks, vandalism, and violence in public places such as city centers, educational institutions have made security as one of the major concern for every individual, organizations and government agencies. Advantages such as high accuracy, convenience, and time efficiency of Electronic Access Control (EAC) systems increase its attractiveness in the global security market. Need for better security system to tackle fraudulence, illegal immigration, and criminal activities have prompted the government to invest in better security systems among which EAC systems hold a major market. According to Study of Terrorism and Responses to Terrorism (START), one of the world's top terrorism trackers, 2012 witnessed 69% rise in terror attacks and 89% increase in fatalities caused by them over 2011. Increasing crime and terror attacks demand high end security.
EAC system offers certain advantages such as high accuracy, convenience, and time efficiency over other security products, which increases its attractiveness in the global security market. Governments and private sectors across the globe are investing in better infrastructure facilities. Construction of roads, residential buildings, healthcare centers and educational institutes is further expected to increase demand for EAC systems in order to attain better security levels. Advancement of mobile devices and sensor technologies is currently generating a shift toward biometrics system. EAC system is majorly divided into three major technologies, authentication system (biometric and card based authentication system), intruder alarm system and perimeter security system (free standing, buried cable and fence mounted security system).
The global market for EAC system in value term grew from USD 10.1 billion in 2009 to USD 15.4 billion in 2013, and is expected to grow to USD 31.2 billion in 2019 growing at a CAGR of 12.6%. The authentication system (largest market in 2013) increased by 13.1% CAGR during 2009-2013 to reach USD 11.7 billion in 2013. The Asia-Pacific EAC systems market is expected to record the highest CAGR growth of 16.7% to reach USD 9.6 billion in 2019. Usage of EAC system in commercial sector (largest end-user in 2013) increased by 13.9% CAGR during 2009-2013 to reach USD 4.6 billion in 2013. EAC systems market is fragmented with several players operating at global or regional level.
Source: http://www.transparencymarketresearch.com/