Adoption of Electronic Access Control Systems Increasing in Commercial and Industrial Sector, Opines Fact.MR
Published : 15 Jun 2021 Industry: Technology
As per a revised report published by Fact.MR, the electronic access control system market is forecast to exceed US$ 19 Bn valuation by 2031, expanding at a CAGR of more than 8% over the next ten years.
With the surge in demand for the use of security systems to secure commercial and residential buildings, the adoption of card-based security system technology will continue to increase in the coming years.
It is expected that the sales of card-based technologies will exceed those of other technologies. Currently, it is estimated that by the end of 2031, sales in card-based technology will exceed $5.1 billion.
On the other hand, it is expected that by 2031, the biometric technology will reflect the relatively high compound annual growth rate of the global electronic access control system market.
The adoption of electronic access control systems continues to be concentrated in the commercial industry. Revenue from the commercial and industrial sectors is expected to achieve relatively high growth, reaching more than US$4.3 billion by the end of 2021.
On the other hand, it is expected that by 2031, the government and defence departments of key countries such as US and China will enhance their budget portfolio to procure upgraded multiple layer access control systems.
Key Takeaways from Market Study
- APEJ is expected to emerge as the largest market in the global electronic access control system market.
- APEJ is projected to create an incremental opportunity of over US$ 310 million during 2021-2031.
- Followed by APEJ, North America electronic access control system market is likely to be the second-largest market during the forecast period.
- Card-based Technology likely to be one of the highly preferred electronic access control system. Meanwhile, biometric technology is also expected to experience robust growth during 2021-2031.
- By 2031 end, government and defence sector projected to exceed US$ 6.6 billion value. Moreover, it is also estimated to gain more than one-fourth of the revenue share by 2021 end.
“Rising adoption of electronic access control systems in the healthcare industry is expected to rev up demand in the global market,” says a Fact.MR analyst.
The market is highly consolidated and manufacturers are trying to maintain their long-run dominance in the market. Key manufacturers for instance are constantly involved in developing new product line to enter the new application arena. Moreover, their thirst for the market dominance is high owing to the rapid growing market with higher potential.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the electronic access control system market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the electronic access control system market on the basis of technology (biometrics, card-based, keypad, intruder alarm, and perimeter security) and end user (government & defence, commercial & institutional, industrial, and residential), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
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Consultant – ICT