In the wake of terror threats becoming increasingly complex and alarming, the need for electronic access control (EAC) systems has grown manifold, reports Persistence Market Research (PMR) in its recent study. The increase in the number of terror threats and attacks, illegal immigration, fraudulence, and criminal activities have driven various governments to invest in better and effective security systems such as the EAC. According to the PMR research report, the EAC system market is rising at a CAGR of 12.6% from 2014 to 2019, to reach a value worth US$31,187.8 million by 2019.
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Electronic Security Systems Market Experiencing High Growth Worldwide
EAC systems are the most effective devices when considered in terms of accuracy, convenience, and security solutions. The market is tightly governed by the dire need to mitigate the possibilities of illegal immigration, fraudulent activities, and at the same time prevent criminal activities. EAC systems are increasingly being adopted by several organizations operating at a global or regional level, supplying advanced EAC system products including intruder alarm system, authentication system, and perimeter security systems.
Under the competitive landscape scenario, the PMR study covers the major geographical regions that have marked their remarkable presence in the global EAC systems market and among various product segments. Discussed below are the same:
- North America Accounts for the Lion’s Share: North America is the largest software provider with popular brands such as Honeywell and Bosch capturing half of the market with their advanced technological devices and software programs. Such strong presence for growth and development has also made an impact on the EAC systems market to grow more strongly in North America. The region is the most competitive market for electronic access control systems due to the demand for sophisticated security solutions and the high need for upgrades in the world.
- Growth in Asia Pacific is outpacing other Regions: The need to adapt to better security levels is growing in the Asia-Pacific region as well. With the constant rise in crime and terror attacks in certain eastern countries, the need for high-end security and advanced systems has been soaring. The region is currently witnessing a shift from conventional authentication systems towards biometric and card-based authentication systems with advanced sensors technologies. Usage of EAC systems in the Asia-Pacific region is expected to record the highest CAGR of 16.7% to reach US$9.6 billion by the end of 2019.
Worldwide, governments and many other organizations are investing heavily in the EAC market in order to protect their buildings and premises with biometrics systems and other advanced electronics access control systems.
The biometrics segment is one of the most interesting and emerging trends in the EAC market today. The demand for high-security and integrated solutions such as EAC incorporate instant onsite response with electronic security and alarm systems. The market now introduces advanced human characteristics such as IRIS, vein, face, and multimodal biometrics for authentication and surveillance. The demand for these modules is relatively expected to increase at higher rate in the next four years.