Visiongain has published a new report on Electronic Access Control Systems Market Report to 2031: Forecasts By Technology (Hardware {Authentication System [Biometric System, Card-Based System, Touch Screen and Keypads, Door Contacts], Detection System [Motion Detection, Door/Window Sensor, Glass Break Detector], Alarm Panels, Communication Devices, Perimeter Security Systems [Free Standing Perimeter Security, Buried Perimeter Security]}, Software, Service {Professional Services, Managed Services}), By Application (Residential, Industrial, Commercial {Airports, Healthcare, Stadiums, Financial Institutions}, Homeland Security {Government, Defense}). PLUS, Profiles of Electronic Access Control Systems Companies, and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.

The global electronic access control systems market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.

Electronic access management systems are the digital or computer networks which control the access to security portal. The purpose of access control systems is to provide quick and convenient access to authorized persons while restraining access to unauthorized persons. Rising crime rate and terrorism activities across the globe, growing awareness related to home security systems, and increasing adoption of IoT-based security systems are the factors driving the growth of the electronic access control systems market. The market seeks growth opportunities from the adoption of access control as a service (ACaaS) and proliferation of smart city initiatives. However, the high cost of installation & maintenance and security & privacy concerns are some of the factors hampering the market growth during the forecast period.

COVID-19 Impact on Electronic Access Control Systems Market
The COVID-19 outbreak has affected the businesses and livelihood of the people at an unprecedented rate. The coronavirus outbreak is expected to have a significant impact on the electronic access control systems market. The nationwide lockdown imposed by the governments led to shutting down of on-premise businesses and manufacturing facilities and disrupted the entire supply chain, which has impacted the supply of electronic access control systems market. Moreover, the demand also witnessed a dip owing to the shutting down of the offices and manufacturing facilities. The market is expected to gain traction by the first quarter of 2021.

Market Drivers

Rising Crime Rate and Terrorism Activities Across the Globe
The number of crime rates and terrorism activities is increasing across the globe forcing the governments to adopt high-security measures across the countries. The increasing need for securing the sensitive projects and information of several government organizations and intelligent bureaus the adoption of electronic access control systems is likely to remain high. Moreover, the need for securing the commercial and residential projects from terrorism further fuels the market growth.

Increasing Adoption of IoT-based Security Systems
The IoT technology is helping to create safer cities, homes, and businesses. The use of connected devices and advanced wireless technologies enables securing and remotely monitoring facilities of both private and public organizations in real-time with smart security and surveillance solutions. The technology offers higher visibility of the assets to improve safety and prevent critical loss. Moreover, it allows consistent and secured monitor facility conditions with the availability of Wi-Fi access and provides security alerts on connected devices such as smartphones and personal computers. Thus, the rising adoption of IoT technology and connected devices based security systems is expected to drive the demand for electronic access management market.

Market Opportunities

Adoption of Access Control as a Service (ACaaS)
The demand for access control as a service (ACaaS) is increasing with the increasing adoption of cloud. Adoption of SaaS offers benefits in term of scalability, flexibility, and other cost-effective features. Access Control as a Service (ACaaS) combines the benefits of software as a service (SaaS) and on-premises access control devices. The cloud-based solutions help in controlling the access remotely and backup & store data securely over the cloud, thereby providing permanent records of who accessed controlled areas or systems. Thus, the adoption of access control as a service (ACaaS) is expected to create growth opportunities for the electronic access control systems market.

The Proliferation of Smart City Initiatives
A smart city refers to the initiatives that use digital and ICT technologies to improve sustainability, governance, environmental management, and transportation across the cities. Adoption of digital and ICT technologies has led to the growing adoption of connected devices and electronic access management systems to secure residential and commercial projects. A study by PwC shows that the smart city market is witnessing a steady growth and is expected to exceed US$ 2.5 trillion by the end of 2025. The growing smart city market increases the need for electronic access control systems such as biometric systems and alarm panels to offer enhanced security to the people. The government across the countries are supporting smart city initiatives owing to the benefits provided by the smart cities, thereby driving the market growth.

Competitive Landscape
The electronic access control systems market is highly competitive. The key players in the market are focused on boosting their research and development capabilities to create a innovative portfolio catering a wide application area. The players are also considering strategic alliances to boost their market presence and obtain a competitive advantage in the market. Some of the companies profiled in the report include NEC Corporation, Honeywell Security Group, Bosch Security Systems Inc., Cisco Systems Inc., Johnson Control, Inc., Siemens AG, Gemalto N.V., ASSA ABLOY AB, Tyco International PLC, and Godrej and Boyce Manufacturing Company Ltd.

July 2020, Bosch Security Systems Inc. launched Access Management System 3.0. The new version of the software system is a flexible access management system developed for medium and large enterprise. The software offers features such as integration with video management systems & intrusion control panels providing high data security and privacy protection, situational awareness, increased threat level management, and availability.

May 2020, NEC Corporation launched a multimodal biometric authentication terminal. The terminal combines multiple biometric identification technologies, such as face and iris recognition, which provides the users high levels of authentication accuracy.

Notes for Editors
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