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, biometric technology will reflect the relatively high compound annual growth rate of the global electronic access control system market.
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Segmentation of Electronic Access Control Systems Market Insights
- Through technology
- Biometric electronic access control systems
- Card based electronic access control systems
- Electronic access control systems with keypad
- Electronic access control systems for intruder alarm systems
- Electronic access control systems for perimeter security
- By end users
- Electronic access control systems for government and defense
- Electronic access control systems for commercial and institutional use
- Industrial electronic access control systems
- Electronic access control systems for private households
Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks. Some of the key developments are:
- In January, 2020 Panasonic develops multifunctional secure IC that protects critical data on industrial IoT devices. Additionally, the company discloses that it will provide wireless interface function equipped with NFC.
- In 2020, Honeywell launches a software named WIN-PAK 4.8 that provide cost effective way to manage and integrate access control, intrusion detection and video surveillance through a single interface. The software can be scaled from single site to multiple without placing restriction on other users.
Similarly, recent developments related to companies manufacturing electronic access control system have been tracked by the team at Fact.MR, which are available in the full report.