Electronic Access Control Systems (EACS) Market size to grow by USD 67.5 billion from 2023 to 2030; Rise in cyber-attacks & cyber-terrorism to boost the market growth - Facts & Factor

NEW YORK, June 14, 2023 /PRNewswire/ -- As per Facts and Factors study, the global electronic access control systems (EACS) market size was nearly $37 billion in 2022 and is set to increase to about $67.5 billion by 2030 along with securing the highest CAGR of 6.91% from 2023 to 2030.

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Electronic Access Control Systems (EACS) Market: Overview

Electronic Access Control Systems (EACS) is a component of a completely integrated facility management system. Furthermore, the electronic access control system is interfaced with fire life safety tools, video surveillance systems, HVAC systems, and communication systems. Reportedly, electronic access control systems make utilization of door lock to control access tools, computer, and credential reader. Moreover, these systems provide as well as deny virtual as well as physical access to virtual or physical space. In addition to this, EACS offers technology for people, vehicles, and traffic. There are various kinds of EACs such as rule-based, discretionary, role-based, and mandatory.  

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Key Insights:

• As per the analysis shared by our research analyst, the global electronic access control systems (EACS) market is projected to expand annually at the annual growth rate of around 6.91% over the forecast timespan (2023-2030)
• In terms of revenue, the global electronic access control systems (EACS) market size was evaluated at nearly $37 billion in 2022 and is expected to reach $6.9167.5 billion by 2030.
• The global electronic access control systems market is anticipated to record massive growth over the forecast period owing to electronic access control systems find a slew of applications in commercial and defense sectors.
• Based on the component, the biometrics reader segment is predicted to contribute majorly toward the global market share over the forecast timeline.
• In terms of vertical, the residential segment is projected to dominate the global market size over 2023-2030.
• Region-wise, the North American electronic access control systems (EACS) market is projected to register the fastest CAGR during the assessment period.

Facts and Factors published the latest report titled "Electronic Access Control Systems (EACS) Market Size, Share, Growth Analysis Report By Component (Biometrics Reader, Multi-Technology Reader, Card-Based Reader, and Electronic Locks & Controllers), By Vertical (Commercial Spaces, Government, Education, Military & Defense, Residential, Healthcare, and Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.

Industry Dynamics:

Global Electronic Access Control Systems (EACS) Market: Growth Drivers

• Rise in cyber-attacks & cyber-terrorism to upswing the growth of the global market in the next few years.

Growing terrorist attacks and trespassing have led to the need for improved security systems, thereby translating into escalating growth of the global electronic access control systems (EACS) market. Furthermore, electronic access control systems find a slew of applications in commercial and defense sectors. Rapid growth in the banking, retail, IT, and hospital sectors will proliferate the expansion of the electronic access control systems (EACS) market. With the thriving authentication systems industry projected to expand at a rapid pace due to growing security concerns, the global market is set to expand by leaps & bounds in the coming years.

Furthermore, rise in the cases of vandalism, violence occurring in public places, and acts of terrorism in urban regions will steer the expansion of the electronic access control systems (EACS) market across the globe. In addition to this, the surge in demand for EACS in various educational institutes will spur global market trends.

Global Electronic Access Control Systems (EACS) Market: Restraints

• High installation costs to put brakes on the global industry over 2023-2030.

A low level of awareness about benefits accrued by electronic access control systems and costly upfront spending can halt the growth of the global electronic access control systems (EACS) industry. Apart from this, huge deployment costs witnessed in emerging economies can pose a threat to the expansion of the industry across the globe.

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Electronic Access Control Systems (EACS) Market: Opportunities

• Demand for robust security & surveillance to open new growth opportunities for the global market.

The need for strong firewalls to counter cases of data theft has opened new opportunities for growth for the global electronic access control systems (EACS) market. Rising housing standards and the launching of smart city projects globally will create new vistas of expansion for the global market.

Electronic Access Control Systems (EACS) Market: Challenges

• Demand for secured systems for safeguarding residential & commercial spaces put a huge challenge in the growth path of the global industry.

No technological system is fault-tolerant and this is a major challenge for the product manufacturers. Moreover, the need for safer systems to prevent intrusion in residential and commercial sectors has put a big challenge for the global electronic access control systems (EACS) industry. 

Global Electronic Access Control Systems (EACS) Market: Segmentation

• The global electronic access control systems (EACS) market is sectored into component, vertical, and region.

In terms of component, the global electronic access control systems market is sectored into biometrics readers, multi-technology readers, card-based readers, and electronic locks & controllers segments. Furthermore, the biometrics reader segment, which contributed to the largest share of the global market in 2022, is projected to establish its segmental dominance in the forecast timespan. The segmental growth in the coming eight years can be subject to the humungous use of biometrics readers for iris scans, facial recognition, and fingerprints. The surge in smart home acceptance and rising awareness about safety as well as surveillance will embellish the demand for biometrics readers.

Based on vertical, the electronic access control systems industry across the globe is divided into commercial spaces, healthcare, government, education, residential, military & defense, and industrial segments. Moreover, the residential segment, which garnered nearly half of the global industry share in 2022, is projected to lead the global industry growth even in the forecasting timespan. The growth of the segment in the ensuing years can be due to a rise in investments in smart home technologies and smart equipment in the residential sector.

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List of Key Players in Electronic Access Control Systems (EACS) Market:

• Tyco International Ltd.
• Bosch Security Systems
• Nedap N.V.
• Siemens Building Technologies
• Identiv Inc.
• Honeywell International Inc.
• Johnson Controls
• United Technologies Corporation.
• Schneider Electric
• Dormakaba Holding
• Assa Abloy AB
• Magal Security Systems Ltd
• NEC Corporation
• Future Fibre Technology
• Cisco Systems Inc.
• Godrej Consumer Product Limited.
• Hitachi Ltd.
• Allegion plc
• Suprema HQ.
• Others

Key questions answered in this report:

• What are the growth rate forecast and market size for Electronic Access Control Systems (EACS) Market?
• What are the key driving factors propelling the Electronic Access Control Systems (EACS) Market forward?
• What are the most important companies in the Electronic Access Control Systems (EACS) Market Industry?
• What segments does the Electronic Access Control Systems (EACS) Market cover?
• How can I receive a free copy of the Electronic Access Control Systems (EACS) Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• Asia-Pacific Electronic Access Control Systems (EACS) market to accrue massive revenues over the forecast timeline.

The Asia-Pacific, which accounted lucratively towards the global electronic access control systems (EACS) market revenue in 2022, is anticipated to continue its dominance over the analysis timeframe. The regional market expansion over 2023-2030 can be owing to the growing focus on security & surveillance in commercial & government sectors in countries such as India, Malaysia, Philippines, China, Japan, Singapore, and Taiwan. The rise in demand for secured access control solutions will drive regional market trends.

Furthermore, the North American electronic access control systems (EACS) industry, which recorded lucrative growth in 2022, is set to register the fastest CAGR over the forecast timespan. The growth of the regional market can be attributed to the U.S. being the major supplier of electronic access control systems to other emerging economies. The growing need for high-level security in public and commercial spaces will further expedite the expansion of the industry in North America in the upcoming years.

Global Electronic Access Control Systems (EACS) Market is segmented as follows:

Electronic Access Control Systems (EACS) Market: By Component Outlook (2023-2030)

• Biometrics Reader
• Multi-Technology Reader
• Card-Based Reader
• Electronic Locks & Controllers

Electronic Access Control Systems (EACS) Market: By Vertical Outlook (2023-2030)

• Commercial Spaces
• Government
• Education
• Military & Defense
• Residential
• Healthcare
• Industrial

Electronic Access Control Systems (EACS) Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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