According to a new research released by Fact.MR, the market for Electronic Access Control System Market is anticipated to reach a value of more than US$ 19 Bn by 2031, growing at a CAGR of more than 8% during the following ten years. The usage of card-based security system technology will keep growing in the upcoming years due to the growth in demand for the use of security systems to safeguard residential and commercial structures.
Sales of card-based technologies are predicted to outpace those of other technologies. Currently, it is anticipated that sales of card-based technology would surpass $5.1 billion by the end of 2031. However, by 2031, it is anticipated that biometric technology would take into account the rather high compound annual growth rate of the
Electronic access control system deployment is still mostly limited to the business sector. By the end of 2021, revenue from the commercial and industrial sectors is anticipated to expand at a rate above 4.3 percent.
On the other hand, it’s anticipated that by 2031, the governments and defence agencies of important nations like the US and China would expand their budgetary allocations to buy modernised multiple layer access control systems.
Market Segments Covered
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By Technology
- Biometrics Electronic Access Control Systems
- Card-based Electronic Access Control Systems
- Keypad Electronic Access Control Systems
- Intruder Alarm Electronic Access Control Systems
- Perimeter Security Electronic Access Control Systems
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By End User
- Electronic Access Control Systems for Government & Defense
- Electronic Access Control Systems for Commercial & Institutional Use
- Industrial Electronic Access Control Systems
- Residential Electronic Access Control Systems
Key Takeaways from Market Study
- In the market for electronic access control systems worldwide, APEJ is anticipated to become the largest market.
- Over 310 million dollars in additional opportunities are anticipated to be generated by APEJ between 2021 and 2031.
- North America’s market for electronic access control systems is anticipated to trail behind APEJ as the second-largest market throughout the projection period.
- One of the electronic access control solutions that is anticipated to be widely preferred is card-based technology. Biometric technology is also anticipated to increase rapidly between 2021 and 2031.
- Government and the defence sector are expected to surpass US$ 6.6 billion in value by 2031’s conclusion. Additionally, it is anticipated to increase its revenue share to more than one-fourth by the end of 2021.
Competitive Landscape
The majority of the businesses covered in the research have prioritised new product launches and growing their manufacturing footprint in underdeveloped areas. Innovation, partnerships, strategic alliances, working with important actors, and bolstering local and international distribution networks are all examples of strategies. Among the significant developments are:
- Panasonic creates a multipurpose secure IC in January 2020 to safeguard important data on industrial IoT devices. The business also says that it will provide wireless interface capabilities using NFC.
- Access control, intrusion detection, and video surveillance may all be managed and integrated through a single interface using Honeywell’s WIN-PAK 4.8 software, which is released in 2020. Without restricting other users, the programme may be scaled from a single site to many.
Winning Strategy
Manufacturers are attempting to retain their long-term dominance in the market, which is extremely concentrated. For instance, major manufacturers are continuously working to create new product lines to reach new application markets. Furthermore, due to the quickly expanding market with greater potential, they have a strong desire to dominate the industry.
More Valuable Insights
In its latest offering, Fact.MR offers an objective study of the market for electronic access control systems, including historical demand data (from 2016 to 2020) and projection figures for the years 2021 to 2031.
The study provides crucial information on the electronic access control system market based on end users (government & defence, commercial & institutional, industrial, and residential), technology (biometrics, card-based, keypad, intruder alarm, and perimeter security), and six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
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