International. A report published by analyst Fact MR suggests that the electronic access control systems market could exceed US$19 billion by 2031, expanding at a CAGR of more than 8% over the next ten years.
With the increase in demand for the use of security systems to protect commercial and residential buildings, the adoption of card-based security systems technology will continue to increase in the coming years, according to the researchers.
Sales of card-based technologies are expected to surpass those of other technologies. Currently, it is estimated that by the end of 2031, sales in card-based technology will exceed US$5.1 billion. On the other hand, the findings expect that by 2031, biometric technology will reflect a relatively high compound annual growth rate in the global electronic access control systems market.
Commercial Industry Leaders
The adoption of electronic access control systems continues to be concentrated in the commercial industry. Revenues from the commercial and industrial sectors are expected to achieve relatively high growth, reaching more than US$4.3 billion by the end of 2021.
In addition, the government and defense departments of key countries such as the U.S. and China are expected to enhance their budget portfolio to acquire improved multi-layered access control systems.
APEJ to create greater opportunities
The key conclusions of the market study show that Asia Pacific, excluding Japan (APEJ), is expected to emerge as the largest market in the global electronic access control systems market. As a result, this geographic area is projected to create an incremental opportunity of more than US$310 million during 2021-2031. Followed by APEJ, the North American electronic access control systems market is likely to be the second largest market during the forecast period.
In terms of products, card-based technology will experience the highest use in electronic access control systems, while biometric technology is also expected to experience solid growth during the forecast period.
By the end of 2031, the government and defense sector is projected to exceed US$6.6 billion in value, and it is also estimated that this sector will get more than a quarter of the revenue share by the end of 2021.
"We estimate that the growing adoption of electronic access control systems in the healthcare industry will accelerate demand in the global market," says an analyst at Fact MR.
Dominant manufacturers
The market is very consolidated and manufacturers are trying to maintain their long-term dominance in the market. Key manufacturers, for example, are constantly involved in the development of new product lines to enter the new field of applications. In addition, their thirst for market dominance is high due to the rapid growth of the market with greater potential.
