Electronic Access Control Systems Market to Grow at Stellar 12.6% CAGR Owing to Demand for Better Security

The global electronic access control systems market depicts the existence of a highly fragmented vendor landscape owing to the presence of innumerable players. This has given rise to an intensified competition present between many players in this market. With new players entering this landscape on a regular basis, the global electronic access control systems market is expected to witness a highly intensified competition during the forthcoming years.

Most players are expected to expand their businesses by focusing on product diversification and development, consequently making them capture leading market shares. Expansion in emerging economies to boost growth and products’ sales also is a prime strategy implemented by most players operating in the global electronic access control systems market. This is mainly due to the untapped potential present in the emerging economies in terms of product selling and revenue generation.

Cisco Systems, Inc., Godrej Industries Limited, Tyco International Ltd., United Technologies Corporation. Honeywell International Inc., Panasonic Corporation, 3M Cogent, Inc., Safran SA., Everspring Industry Co., Ltd., Digital Persona, Inc., Magal Security Systems Ltd., Hitachi Ltd., and Siemens AG., are key companies operating in the global electronic access control systems market.

According to experts from Transparency Market Research, the global electronic access control systems market is expected to fetch revenue worth US$31.188 bn by the end of 2019, which depicts a spectacular growth to occur after accumulating revenue worth US$15.406 bn registered in 2014. This growth is projected to occur at a stellar CAGR of 12.6% during the forecast period from 2014 to 2019.

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Rising Cases of Violence Boost the Need for Electronic Security

Growing concerns about the rate at which criminal activities and terror attacks are rising, especially on the public and government locations, are primarily driving the global electronic access control systems market. This is majorly owing to extensive security provided by the control systems by setting up barriers to unauthorized public through electronic means.

To tackle vandalism, fraudulence, illegal immigration, and other similar activities, most governmental offices and several private enterprises set up the electronic access control systems. Thus, a dire need for high security from violent societal elements that can disrupt harmony and peace in particular establishments is inducing the global electronic access control systems market to expand spectacularly. With a surge occurring in the construction of roads, residential and commercial buildings, the need for electronic access control systems has tremendously increased. Lastly, widespread advancements in mobile devices and sensor technologies has led to a shift in the perspective of potential customers to adopt quality biometric systems and other electronic access systems.

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