Wilmington, Delaware, United States, July 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electronic access control systems market stood at US$ 10.4 billion in 2020, and the global market is projected to reach US$ 17.7 billion by 2031. The global industry is anticipated to record a CAGR of 5.2% between 2021 and 2031.
The value of the electronic access control systems market is increasing, owing to the growing emphasis on security, both in physical and digital domains. Organizations across various sectors, including government, commercial, healthcare, and education, are prioritizing security measures to protect their premises, assets, and sensitive information.
The need to prevent unauthorized access, mitigate security threats, and ensure a safe environment for employees and visitors drives the adoption of electronic access control systems.
Increasing instances of security breaches and identity theft, is another significant factor contributing to the market growth. The importance of robust access control systems has become paramount, with the proliferation of cybercrime and identity theft incidents. Traditional methods such as keys and swipe cards are vulnerable to theft or duplication.
Electronic access control systems provide enhanced security features, including biometric authentication, multi-factor authentication, and encrypted credentials, which help prevent unauthorized access and minimize the risk of security breaches.
The market prospects have been driven by factors such as compliance with stringent regulatory standards. Various industries, such as finance, healthcare, and government, are subject to stringent regulatory requirements related to access control and data protection. Compliance with these standards is crucial to avoid penalties, legal consequences, and reputational damage.
Electronic access control systems provide the necessary tools to enforce access policies, monitor user activities, and generate audit trails, ensuring organizations meet regulatory compliance and maintain data integrity.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 10.47 Bn | |
| Estimated Value | US$ 17.79 Bn | |
| Growth Rate - CAGR | 5.2% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 176 Pages | |
| Market Segmentation | By Component, Product Type, Application, End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ASSA ABLOY AB, Bosch Sicherheitssysteme GmbH, Fujitsu Limited, Godrej Consumer Product Limited, Honeywell International Inc., Johnson Controls International plc, NEC Corporation, Panasonic Corporation, Schneider Electric SE, Siemens AG | |
Key Findings of the Market Report
- Based on component, the hardware segment is expected to fuel at a significant share, and is likely to be most preferred, attributed to the increasing adoption of advanced authentication technologies, and integration with other security systems.
- By product type, the authentication systems segment is anticipated to fuel the market growth, owing to the factors such as biometrics, as well as card-based authentication.
- By application, the visitor management segment is expected to augment the market growth, attributed to the factors including enhanced security and access control, and improved visitor experience.
Global Electronic Access Control Systems Market: Growth Drivers
- The global electronic access control systems market is projected to expand at a steady pace from 2021 to 2031, owing to the need for contactless solutions, as well as integration of access control with other systems.
- Other factors that are projected to augment the market growth include increasing adoption of cloud-based solutions, and increasing adoption of mobile access.
- Enhanced data security and privacy, and integration with building automation systems, are the major factors that are anticipated to fuel the market prospects in the near future.
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Global Electronic Access Control Systems Market: Regional Landscape
- Asia Pacific is expected to dominate the electronic access control systems market, and is expected to hold a significant share during the forecast period, attributed to growing urbanization and infrastructure development, as well as increasing security concerns in the region.
- The regional market is witnessing an increase, due to the factors such as government initiatives and regulations, as well as increasing it and data center investments.
- Rising adoption of smart technologies, and increasing commercial and industrial activities in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Electronic Access Control Systems Market: Key Players
Some of the key market players in the global electronic access control systems market are:
- ASSA ABLOY AB
- Bosch Sicherheitssysteme GmbH
- Fujitsu Limited
- Godrej Consumer Product Limited
- Honeywell International Inc.
- Johnson Controls International plc
- NEC Corporation
- Panasonic Corporation
- Schneider Electric SE
- Siemens AG
Competitive Landscape
Prominent players in the electronic access control systems industry are taking advantage of the rapidly increasing demand for electronic access control systems. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, ASSA ABLOY announced the launch of its new wireless access control solution, Aperio® E100, which provides real-time monitoring and remote access control for small- to medium-sized enterprises.
- In the same year, Honeywell introduced the Pro-Watch® Integrated Security Suite, an advanced access control and security management platform that combines various security systems into a single unified interface.
- In 2021, Johnson Controls unveiled the Tyco Illustra Pro Gen3 Bullet Camera, which features enhanced image quality and video analytics capabilities for improved video surveillance in access control systems.
- In 2020, HID Global introduced the HID® Signo™ line of access control readers, offering a sleek design, multi-technology support, and enhanced security features.
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Global Electronic Access Control Systems Market: Segmentation
Component
- Hardware
- Software
- Services
Product Type
- Authentication Systems
- Biometrics
- Face Recognition
- Iris Recognition
- Palm Recognition
- Voice Recognition
- Signature Recognition
- Fingerprint Recognition
- Vein Recognition
- Automated Fingerprint Identification System (AFIS)/Live Scan
- Card-Based
- Proximity Card
- Smart Card
- Intruder Alarm Systems
- Perimeter Security Systems
- Free Standing Perimeter Security
- Buried Perimeter Security
- Biometrics
Application
- Employee Onboarding & Offboarding
- Threat Management
- Parking Management
- Guard Management
- Visitor Management
- Others
End-user
- Government & Defense
- Commercial & Institutions
- Financial Institutions
- Office Buildings
- IT Centers
- Healthcare Facilities
- Energy and Utilities
- Education Academia
- Airports
- Others (Stadium, Hotels)
- Industrial
- Residential
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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