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Electronic access control systems market is forecasted to reach US$ 32.5 billion by 2033
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Electronic access control systems market is forecasted to reach US$ 32.5 billion by 2033

April 17, 2024 11:48 am

The global electronic access control system market is expanding at a steady pace, exhibiting growth at 8.3% CAGR between 2021 and 2031.

The global electronic access control system value surpassed US$11bn in 2020 at a CAGR of 7.5% during the historical period of 2016 and 2020. The global electronic access control system market is expanding at a steady pace, exhibiting growth at 8.3% CAGR between 2021 and 2031. As per Fact.MR Analysis, the market is expected to reach valuation of US$21.2 bn by the end of 2031.

Electronic access system demand will consistently rise in India, Israel, and the U.S. owing to their high defense spending. The market includes peripheral security systems, intruder alerts, and verification systems. These systems suffered an all-time low demand in Q2 and Q3 of 2020 due to COVID-19.

Nonetheless, sales of electronic access control systems are expected to recover owing to technical advancements and revival of projects across numerous fields ranging from commercial to defense.

Rise in security concerns and increasing security budget allocation across the globe are expected to create lucrative opportunities for electronic access control system sales. The demand for biometrics technology is rising in popularity as it delivers effective identification, authentic processes, advance security of information systems, and recondition control access to electronic resources.

The surging demand for integrated solution that offer immediate onsite response with alarm systems and electronic security will further encourage electronic access control system demand.

“Key players are focusing on delivering technologically advanced and innovative systems in response to increasing safety regulations. As a result focus on product launches is expected to increase in the coming years,” says a Fact.MR analyst.

In the healthcare sector, demand is projected to increase by more than 5% CAGR during the forecast period, driven by the need for secure boundaries in hospitals and healthcare facilities. Asia Pacific is identified as the fastest-growing market, fueled by rising demand from countries like India and China. Meanwhile, the U.S. stands out as a key market for electronic access control systems, with a forecasted CAGR of 6%. China leads the market in Asia, contributing over 35% of sales and expected to maintain its position throughout the assessment period. Among available technologies, biometrics remains highly sought-after.

In terms of the competitive landscape, major players are focusing on expanding manufacturing capacity and introducing new products. Strategic alliances, partnerships, and collaborations are also being leveraged to enhance global and regional distribution networks.

Several recent developments underscore the dynamism of the market. Panasonic introduced a multifunctional secure IC to safeguard critical data for industrial IoT devices, alongside a wireless interface with NFC capabilities. Honeywell launched WIN-PAK 4.8 software, enabling seamless integration of access control, video surveillance, and intrusion detection. Security solution brand Senseon unveiled Senseon Core and Senseon Plus systems, enhancing security for sliding cabinets and doors, with compatibility with EAC systems. Paxton Access introduced the Paxton10 platform, capable of managing and integrating 1000 doors and cameras on a single system, offering new opportunities for electronic access control systems.

Key players in the global electronic access control system market include Siemens AG, Cisco Systems, Inc., Robert Bosch GmbH, Honeywell International Inc., Schneider Electric SE, Panasonic Corporation, Johnson Controls International plc, Fujitsu Limited, ASSA ABLOY AB, and Ingersoll-Rand Plc.

Source – www.factmr.com

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