Global Electronic Access Control Market Growing 9.3% Annually, Report Says
The access control as a service (ACaaS) segment has been identified as the most promising segment in the overall access control market across the world.
Technological advancements in card readers and on-going expansion of facilities are expected to help fuel growth in the access control services segment.
DUBLIN, Ireland – The global electronic access control (EAC) market was valued at $ 4.7 billion in 2015 and is forecast to expand at a compound annual growth rate (CAGR) of 9.3% through 2024, according to a report published by researchandmarkets.com.
The EAC market has been majorly driven by increasing need to achieve enhanced physical and data security at various residential, commercial, industrial and government and defense facilities. With increasing vulnerabilities in data security and rising need to secure these facilities, EAC systems have gained immense popularity in the recent years, according to the report.
In addition, with the rise of innovative technologies such as sensors and biometrics, access control providers have been engaged in design and development of advanced access control solutions for various end-use industries. Moreover, the rise of web-based access control solutions has further fueled the adoption of access control due to its ease of installation, scalability and accessibility.
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Thus, the access control as a service (ACaaS) segment has been identified as the most promising segment in the overall access control market across the world, according to the report.
Lack of technological awareness and hesitancy toward investing in the latest IT solutions have restricted the growth in the EAC systems market. However, rise of ACaaS offering advanced solutions at an affordable timely fee has contributed to the higher adoption of access control solutions in various industries.
Technological advancements in readers and on-going expansion of facilities are expected to further fuel the growth in the services segment. Thereby, the overall access control market is expected to witness significant growth during the forecast period (2016-2024).
Key Trends Summarized
The global EAC market is highly fragmented with the presence of a few global players and a plethora of local players in various regions across the world. Among key trends driving the EAC market are:
- Increasing integration of access control systems with other physical security and surveillance systems
- Rising adoption of sensor technology in the access control systems
- Growing adoption of access control as a service (ACaaS)
- Development of applications making use of smartphones to offer higher degree of convenience to the users
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