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TMCNet:  With ~ 12.7% CAGR, Global Electronic Access Control Systems Market Size to Hit USD 67,243.2 Mn by 2028 | Electronic Access Control Systems Industry Trends, Share, Demand, Growth, Analysis & Forecast Report by F&F

[January 11, 2023]

With ~ 12.7% CAGR, Global Electronic Access Control Systems Market Size to Hit USD 67,243.2 Mn by 2028 | Electronic Access Control Systems Industry Trends, Share, Demand, Growth, Analysis & Forecast Report by F&F

Global Electronic Access Control Systems Market Share Is Likely To Grow At A CAGR Value Of Around 12.7% By 2028

NEW YORK, Jan. 11, 2023 /PRNewswire/ -- As per Facts and Factors study, The Electronic Access Control Systems Market was worth around USD 32,817.5 million in 2021 and is estimated to grow to about USD 67,243.2 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.7% over the forecast period.

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Electronic Access Control Systems Market: Overview

Electronic access control systems are made up of all electromechanical hardware devices that are used to control entry into any private premise. These systems are found in a wide range of locations, including government buildings, business areas, and individual dwellings. The development of new touchless access control advanced technology will be a crucial driver for the global electronic access control systems market over the forecast period. In addition, the growing usage of identity and authentication technological innovations to ensure security is propelling the global electronic access control systems market in the coming years. Key players in the global electronic access control market are concentrating their efforts on increasing their market share through collaborations, partnerships, and mergers and acquisitions, which is contributing to the growth of the market.

The increasing popularity of cloud-based hosted access and ID system installations by both government and commercial sites has also increased the deployment of electronic access control systems. Due to their capacity to administer numerous sites from a single system, cloud-based systems are fast gaining appeal. In reality, security and convenience are heightened in this atmosphere. This aspect is to account for the widespread use of contactless electronic access control systems. Moreover, the growing number of healthcare centers, road constructions, educational buildings, and residential structures are also contributing significantly to the growth of the electronic access control systems market in the approaching years.

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Facts and Factors published the latest report titled "Electronic Access Control Systems Market By Offerings (Hardware, Card-based Readers, Biometric Readers, Multi-technology Readers, Electronic Locks, Controllers, Others, Software, Visitor Management System, Database and Software Tools, Services, Installation & Integration Services, Support & Maintenance Services), By Access Control as a Service (Hosted, Managed, and Hybrid), By Vertical (Commercial, Enterprises & Data Centers, BFSI, Hotels, Stadiums, & Amusement Parks, Retail Stores and Malls, Military & Defense, Government, Residential, Education, Healthcare, Manufacturing & Industrial, and Transportation), and By Region - Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028" into their research database.

Industry Dynamics:

Electronic Access Control Systems Market: Growth Drivers

  • Globally, there is an increase in the number of terrorist strikes and organized crime.

During terrorist attacks and other criminal actions, access control technologies enable quick and effective real-time responses. The growing security concerns in many companies are a significant driving force in the electronic access control systems market. Theft breaches and break-ins are common crimes in business and residential environments. As a result, the demand for advanced security systems is increasing. Electronic access systems are widely used because they are simple to operate. It is an amazing security solution that can be used for a variety of reasons.

Smart cards, biometric devices, and electronic gadgets for better security and authentication play a vital role in improving security and safety in the commercial, government, industrial, and residential sectors. Terrorism poses a significant hazard in public places and educational institutions nowadays. Electronic access control is being rapidly deployed to prevent such crimes. Access control systems are also deployed in highly restricted regions, nuclear power facilities, and organizations to improve personnel and asset security. 

Electronic Access Control Systems Market: Restraints

  • Major security and privacy risks in the access control environment stem from unauthorized access and data breaches.

The growing interconnection of IoT-enabled devices for data sharing and collection dramatically increases the number of vulnerabilities within a system. Furthermore, while crucial information is in transit, government agencies, data collectors, and hackers may gain unauthorized access to it. This could jeopardize not only an individual's privacy but also constitute a security risk. Personal information may be misused and lead to a security breach if it is transferred to an unintended recipient. As a result, the risk of cyberattacks via smart devices or IoT-enabled gadgets is impeding the growth of this market.

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Electronic Access Control Systems Market: Opportunities

  • Phased introduction of mobile-based access control.

Technological advancements in the electronic access control systems market will open up new avenues for growth. The integration of biometrics with mobile devices improves security in a variety of applications. Biometrics-enabled smartphones are a complementary new platform that is expected to grow the market for authentication systems while also improving user security and convenience. End-users from various sectors would be enticed by the many technological advances in the electronic access control systems market. The introduction of new features and systems will result in potential growth.

Electronic Access Control Systems Market: Challenges

  • Users are less aware of the availability and benefits of modern security solutions.

Organizations should be made aware of the need of protecting sensitive information, safe information handling, and the risks associated with information misuse. All of these dangers can be reduced by restricting access to this information and infrastructure to approved parties. Companies must engage in conferences and fairs to raise user knowledge of the benefits of modern security solutions.

In addition, the high installation cost is a challenge for the market of electronic access control systems. The installation of an electronic access control system is a complicated operation. The technique for installing the system entails installing new doors, gates, cards, and biometric devices on each building floor is costly and complex.

Global Electronic Access Control Systems Market: Segmentation

  • The Electronic Access Control Systems Market is segregated based on Offerings, Access Control as a Service, and Vertical.

By Offerings, the market is classified into Hardware, Card-based Readers, Biometric Readers, Multi-technology Readers, Electronic Locks, Controllers, Others, Software, Visitor Management systems, Database and software Tools, Services, Installation & Integration Services, Support & Maintenance Services. During the projected period, biometric readers are expected to increase at the fastest rate. Biometric technologies are utilized in access control systems to measure various physiological indicators for identification and authentication.

The biometric reader-based access control system market has been subdivided into fingerprint recognition, palm recognition, iris recognition, face recognition, and voice recognition. Biometrics is one of the most rapidly increasing perimeter security technologies. This technology allows for the identification of a person's physical traits in order to grant regulated physical access to infrastructure. This technology is increasingly being employed in government institutions, manufacturing plants, power plants, defense installations, and businesses.

By Vertical, the market is classified into Commercial, Enterprises & Data Centers, BFSI, Hotels, Stadiums, & Amusement Parks, Retail Stores and Malls, Military & Defense, Government, Residential, Education, Healthcare, Manufacturing & Industrial, and Transportation. During the projection period, the residential vertical is predicted to be the fastest-growing market for access control. Access control systems are increasingly being used in residential buildings. To avoid invasion and crime, residential homes are implementing access control systems. Electronic lock-based access control systems are increasingly being used in these properties.

The growing trend of home automation is driving up demand for electronic items. Growing crime rates, continued technology improvements, a rising need to identify risks such as fire and gas leaks, and safeguarding the safety of children and the elderly at home are all factors driving the expansion of this industry.

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List of Key Players in Electronic Access Control Systems Market:

  • dormakaba Holding (Switzerland)
  • ASSA ABLOY (Sweden)
  • Johnson Controls (Ireland)
  • Allegion plc (Ireland)
  • Honeywell International (US)
  • Identiv
  • Inc. (US)
  • Nedap N.V. (Netherlands)
  • Suprema HQ (South Korea)
  • Thales Group (France)
  • Bosch Security Systems (Germany)
  • NEC Corporation (Japan)
  • IDEMIAs (France)

Key questions answered in this report:

  • What are the growth rate forecast and market size for Electronic Access Control Systems Market?
  • What are the key driving factors propelling the Electronic Access Control Systems Market forward?
  • What are the most important companies in the Electronic Access Control Systems Market Industry?
  • What segments does the Electronic Access Control Systems Market cover?
  • How can I receive a free copy of the Electronic Access Control Systems Market sample report and company profiles?

Report Scope:



Report Attribute

Details

Market size value in 2021

USD 32,817.5 Million

Revenue forecast in 2028

USD 67,243.2 Million

Growth Rate

CAGR of almost 12.7 % 2022-2028

Base Year

2020

Historic Years

2016 – 2021

Forecast Years

2022 – 2028

Segments Covered

By Type, By Application, By Payload and By Propulsion System

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2022 to 2028

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Companies Covered

dormakaba Holding (Switzerland), ASSA ABLOY (Sweden), Johnson Controls (Ireland), Allegion plc (Ireland), Honeywell International (US), Identiv, Inc. (US), Nedap N.V. (Netherlands), Suprema HQ (South Korea), Thales Group (France), Bosch Security Systems (Germany), NEC Corporation (Japan), and IDEMIAs (France), among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Customization Scope

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Recent Developments

  • In 2020, Dormakaba and Everis are working together on a new self-boarding technology being tested at Linate Airport (Milan). Using their own biometric facial recognition profile, passengers can get entrance to the security checkpoint and the aircraft without presenting any ID or boarding permit.
  • In 2021, Honeywell International Inc. increased its MAXPRO Cloud range with the introduction of the MPA1 and MPA2 access control panels, which offer cloud, web-based, or on-premise hosting. These offer users low-cost access control as well as real-time security information. MAXPRO Cloud is a cloud-based security solution that integrates access control and video surveillance into a single platform to safeguard multi-site retail, franchises, multi-tenant commercial and residential buildings, schools, and churches.

Regional Dominance:

  • North America dominated the electronics access control systems market.

North America dominated the electronics access control systems market because of the presence of a stable and well-established economy, as well as the strong presence of the region's top manufacturers. Rapid product development in the country, as well as a number of government programs, are expected to boost demand for electronic access control systems. Globally, the United States is a prominent player in electronic access control systems. The region has significant development potential due to the fast-paced growth of the economy and changes in lifestyle.

During the forecast period, the Asia Pacific electronic access control systems market is expected to grow significantly. This is because key market players and nations such as China, India, and Japan are present in substantial numbers. In the Asia Pacific, there is attractive potential for makers of electronic access control systems. China and India are major countries in the electronic access control system market, because of the implementation of touchless access control technologies such as mobile access control, cloud-based security, multifactor authentication, and biometric technology. Access control system technology has evolved into one of the most useful diagnostic tools in industrial applications, which is driving the regional market.

Global Electronic Access Control Systems Market is segmented as follows:

Electronic Access Control Systems Market: By Offerings Outlook (2022-2028)

  • Hardware
  • Card-based Readers
  • Biometric Readers
  • Multi-technology Readers
  • Electronic Locks
  • Controllers
  • Others
  • Software
  • Visitor Management System
  • Database and software Tools
  • Services
  • Installation & Intégration Services
  • Support & Maintenance Services

Electronic Access Control Systems Market: By Sales Model Outlook (2022-2028)

  • Reward
  • P2P Lending
  • Equity Investment
  • Hybrid
  • Others

Electronic Access Control Systems Market: By Access Control as a Service Outlook (2022-2028)

  • Hosted
  • Managed
  • Hybrid

Electronic Access Control Systems Market: By Vertical Outlook (2022-2028)

  • Commercial
  • Enterprises & Data Centers
  • BFSI
  • Hotels, Stadiums, & Amusement Parks
  • Retail Stores and Malls
  • Military & Defense
  • Government
  • Residential
  • Education
  • Healthcare
  • Manufacturing & Industrial
  • Transportation

Electronic Access Control Systems Market: By Region Outlook (2022-2028)

North America

  • The U.S.
  • Canada

Europe

  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

Press Release for Electronic Access Control Systems Market: https://www.fnfresearch.com/news/global-electronic-access-control-systems-market 

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Browse through Facts and Factors's coverage of the Global Software and Services Industry

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