As need for secure buildings increases in the commercial industry, demand for the electronic access control system will continue to rev up globally. In addition, increasing demand for tracking data related to the end users is projected to impact the global market growth of electronic access control systems positively. According to a recently compiled report by Fact.MR, the global electronic access control system market is projected to reflect a CAGR of 6.6% over the forecast period, 2017-2022.
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Factors Fuelling Growth of the Global Market
Growth of the global electronic access control system market is projected to be bound by several macro-economic, and micro-economic factors. Surge in need to secure the government and commercial premises continues to rev up demand of electronic access control systems. Increasing prevalence of thefts, and data breaches continues to pose significant challenges to the market players globally. Demand for the security system in the residential, government, and healthcare industry is likely to impact the global market growth positively.
With surge in demand for securing the government officials, and several initiated projects is projected to contribute towards the market growth globally. Several government organizations conduct research in order to develop, and enhance their projected. However, increasing prevalence of data breaches and theft is projected to boost the market growth globally.
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Besides the government organizations, the electronic access control system continues to witness significant demand in the commercial industry. Stakeholders, tenets, and property managers are making significant investment in the commercial buildings. Moreover, growing demand to keep the building safe from vandalism, loiterers, theft, fire, and the other risks continues to boost demand for electronic access control systems. Further, increasing number of visitors, and faculty members is also projected to impact the market growth of electronic access control system globally.
Market Taxonomy
| Region | Technology | End User |
| North America | Biometrics | Government & Defence |
| Latin America | Card-Based | Commercial & Institutional |
| Europe | Keypad | Industrial |
| Japan | Intruder Alarm | Residential |
| APEJ | Perimeter Security | |
| MEA |
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Commercial & Industrial Segment to Boost Market Growth
With surge in demand for sealing the commercial and residential buildings with security system, adoption of the card-based security system technology will continue to increase in the upcoming years. Card-based technology is projected to sell more than other technologies in the global market. Currently, the card-based technology segment is projected to represent more than US$ 2,600 Mn by 2024-end. On the other hand, the biometric technology segment is projected to reflect a relatively high CAGR in the global electronic access control system market through 2024.
Adoption of the electronic access control system continues to remain concentrated in the commercial industry. By end user, the commercial & industrial segment is projected to represent a relatively high growth in terms of revenues, accounting more than US$ 2,000 Mn by 2017-end. On the other hand, the government & defense segment is projected to reflect a relatively high CAGR in the global electronic access control system market through 2024.
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Market Players
Major players in the global market of electronic access control system are Cisco Systems, Inc, Siemens AG, Honeywell International Inc, Robert Bosch GmbH, Panasonic Corporation, Schneider Electric SE, Fujitsu Limited, Johnson Controls International plc, Ingersoll-Rand Plc, and ASSA ABLOY AB.
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