Electronic Access Control Systems Market - Upcoming Trends, Growth Drivers and Challenges – Forecast to 2023
Market
Highlights
Electronic
access control systems market
is expected to grow from USD 8.2 billion in 2017 to USD 13.2 billion by 2023,
at a compound annual growth rate (CAGR) of 8.53% during the forecast period.
Rising security concerns rise in crime rates, and growing need to limit
individual premise access are the key drivers for the market.
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Key players
The prominent players in the electronic
access control systems market are ASSA ABLOY AB (Sweden), Johnson Controls
International plc (Ireland), dormakaba Holding AG (Switzerland), Allegion plc
(Ireland), Honeywell Security Group (US), Identiv, Inc. (US), Nedap
N.V.(Netherlands), Suprema HQ Inc. (South Korea), Bosch Security Systems Inc.
(US), Gemalto N.V. (Netherlands)., NEC Corporation (Japan), IDEMIA (France),
Salto Systems (Spain), Axis Communications (Sweden), Lenel Systems
International (US), Time and Data Systems International (UK), AMAG Technology
(US), Gunnebo (Sweden), Gallagher Group (New Zealand), Napco security
Technologies (US), Kisi Inc. (US), Cansec Systems (Canada), Vanderbilt Industries
(US), Adman Technologies (India), and Brivo, Inc. (US).
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Regional
Analysis
The global market for
electronic access control systems market is estimated to grow at a significant
rate during the forecast period from 2018 to 2023. The geographical analysis of
electronic access control systems market is done for North America, Europe,
Asia-Pacific, and the rest of the world.
Asia-Pacific is estimated to register the
highest CAGR during the forecast period. The growth in the region is
attributable to factors including ongoing industrial development, rapid pace of
commercialization, and rise in number of security systems implementation across
varied commercial spaces. Furthermore, the rise in crimes rates in the region
and growing government spending to enhance security systems in their premises
also drive the growth of electronic access control systems market.
North America is expected to dominate the
electronic access control systems market from 2018 to 2023 as the region has a
sustainable and well-established economy and it is among the early adopter of
latest technology. Furthermore, the presence of the leading manufacturers in
the region further drive the electronic access control systems market in these
regions.
About Market
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