A revised report published by Fact MR, suggests that the electronic access control system market could exceed US$ 19 Bn 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 according to the researchers.
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, the findings expect that by 2031, biometric technology will reflect a relatively high compound annual growth rate on the global electronic access control system market.
Commercial industry leads
The adoption of electronic access control systems continues to be concentrated in the commercial industry. Revenue from the commercial and industrial sectors is expected to achieve relatively high growth, reaching more than US$4.3 billion by the end of 2021.
Additionally, it is anticipated that the government and defence departments of key countries such as US and China will enhance their budget portfolio to procure upgraded multiple layer access control systems.
APEJ to create biggest opportunities
Key takeaways from the market study show that Asia Pacific excluding Japan (APEJ) is expected to emerge as the largest market in the global electronic access control system market. As a result this geographical area is projected to create an incremental opportunity of over US$ 310 million during 2021-2031. Followed by APEJ, the North American electronic access control system market is likely to be the second-largest market during the forecast period.
In terms of products, it is card-based Technology will experience the highest use in electronic access control systems, whilst biometric technology is also expected to experience robust growth during the forecast period.
By the end of 2031, the government and defence sector is projected to exceed US$ 6.6 billion in value, and this sector is also estimated to gain more than a quarter of the revenue share by the end of 2021.
“Rising adoption of electronic access control systems in the healthcare industry is expected to rev up demand in the global market,” says a Fact MR analyst.
The market is highly consolidated and manufacturers are trying to maintain their long-run dominance in the market. Key manufacturers for instance are constantly involved in developing new product lines to enter the new application arena. Moreover, their thirst for the market dominance is high owing to the rapid growing market with higher potential.