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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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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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.
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