Global Access Control Market Growing at 12.6 Per Cent
Electronic Access Control grew from $US10.1 billion in 2009 to $US15.4 billion in 2013, and is expected to grow to $US31.2 billion in 2019, at a CAGR of 12.6 per cent. The Asia-Pacific EAC systems market is expected to record the highest CAGR growth of 16.7 per cent to reach $9.6 billion in 2019.
According to a new market report published by Transparency Market Research "Electronic Access Control Systems Market Global Forecast, Market Share, Size, Growth and Industry Analysis, 2014 – 2019," the global Electronic Access Control systems market was valued at USD 15,406.1 million in 2013 and is expected to grow at a CAGR of 12.6 per cent from 2014 to 2019, to reach an estimated value of USD 31,187.8 million in 2019.
Rising terrorist attacks, vandalism, and violence in public places such as city centers, educational institutions have made security as one of the major concern for every individual, organizations and government agencies. Advantages such as high accuracy, convenience, and time efficiency of Electronic Access Control (EAC) systems increase its attractiveness in the global security market.
Need for better security system to tackle fraudulence, illegal immigration, and criminal activities have prompted the government to invest in better security systems among which EAC systems hold a major market. According to Study of Terrorism and Responses to Terrorism (START), one of the world's top terrorism trackers, 2012 witnessed 69 per cent rise in terror attacks and 89 per cent increase in fatalities caused by them over 2011.
The authentication component of EAC systems increased by 13.1 per cent CAGR during 2009-2013 to reach $11.7 billion in 2013. Use of EAC systems in the commercial sector (largest end-user in 2013) increased by 13.9 per cent CAGR during 2009-2013 to reach $4.6 billion in 2013. EAC systems market is fragmented with several players operating at global or regional level.