Security is one of the major concerns of governments and individuals. Security concerns prompt governments, financial institutes, corporate and residential buildings to install better security systems. Electronic Access Control systems market is among the leading segments in the overall security market. Electronic Access Control system refers to a method of using electronic or electromechanical hardware to allow restricted access into premises.
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Need for better security systems to tackle fraudulence, illegal immigration, and criminal activities have propelled governments to invest in Electronic Access Control systems. According to Study of Terrorism and Responses to Terrorism (START), one of the world’s top terrorism trackers, 2012 witnessed 69% rise in terror attacks and 89% increase in fatalities caused by them over 2011. Increasing crime and terror attacks demand high-end security. Electronic Access Control systems offer certain advantages such as high accuracy, convenience, and time efficiency over other security products, which increase its attractiveness in the global security market.
The global electronic access control systems market is expected to develop at a CAGR of 12.6% from 2014 to 2019. Consistency in this growth rate will allow the market to reach US$ 31.188 billion in 2019. The global access control systems market was worth US$ 15.406 billion in 2013.
The key driver of the global electronic access control systems market is the growing rate of criminal activities and terror attacks on especially public and government locations. Private facilities and homes are targeted as well, making the global electronic access control systems needed in an even greater level today.
There are many problems that physical lock and keys face. The fact that small items such as physical keys are easy to copy and changing a lock is the only option in case of a lost key, and a premise guarded by a physical lock cannot be remotely accessed, works in favor of electronic access control systems. Not only are electronic keys quite difficult to duplicate, one also need not change an electronic lock when an electronic key is lost, since the key’s record from the database can be immediately removed and replaced with a new one.
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Places where frequent personal traffic is observed, such as schools, colleges, or office entrances, locking and unlocking could become a time consuming task. Many more such benefits are afforded by electronic access control systems and the added security features, such as entry and exit logs, alarms for intrusion attempts, etc., make the concept highly effective.
Companies such as Tyco International Ltd., Cisco Systems, Inc., United Technologies Corporation, and Godrej Industries Limited provide EAC systems spanning all the three categories. Global companies such as Safran SA, 3M Cogent, Inc., Panasonic Corporation, Honeywell International Inc., Hitachi Ltd., Siemens AG, and Magal Security Systems Ltd. are well known for their specialized operations in one or two EAC verticals. Regional businesses such as DigitalPersona, Inc., and Everspring Industry Co., Ltd. are also well known for their considerable business share in their respective regional markets.
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