Electronic Access Control Systems Market to hit USD 31.2 Billion by 2019, research report estimates
The global Electronic Access Control systems market 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, the new market report published by Transparency Market Research was able to reveal.
The rather lengthy report called "Electronic Access Control Systems Market Global Forecast, Market Share, Size, Growth and Industry Analysis, 2014 – 2019" points out that security has become one of the major concerns for every individual, organization and government agency. The high accuracy, convenience, and time efficiency of Electronic Access Control (EAC) systems have managed to further bolster the segment’s appeal in the global security market.
The major end-users of EAC systems are the commercial sector followed by government and industrial sector. Most of the companies produce different types of EAC system products such as authentication systems (biometric and card based authentication systems), intruder alarm systems and perimeter security systems (free standing, buried cable and fence mounted security systems).
The 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.