Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Electronic Access Control Systems (EACS) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Electronic Access Control Systems (EACS) Market to Reach $10.1 Billion by 2027
Amid the COVID-19 crisis, the global market for Electronic Access Control Systems (EACS) estimated at US$6.2 Billion in the year 2020, is projected to reach a revised size of US$10.1 Billion by 2027, growing at a CAGR of 7.3% over the analysis period 2020-2027.
Biometrics-Based EACS, one of the segments analyzed in the report, is projected to record a 8% CAGR and reach US$6.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Card-Based EACS segment is readjusted to a revised 6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.7 Billion, While China is Forecast to Grow at 11% CAGR
The Electronic Access Control Systems (EACS) market in the U.S. is estimated at US$1.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.2 Billion by the year 2027 trailing a CAGR of 11.2% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 6.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.
Other Types Segment to Record 7.3% CAGR
In the global Other Types segment, USA, Canada, Japan, China and Europe will drive the 6.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$322.9 Million in the year 2020 will reach a projected size of US$509.5 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.4 Billion by the year 2027, while Latin America will expand at a 8.6% CAGR through the analysis period.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession
EACS: Enabling Easier Protection and Control of Assets, People, and Property through Authorized & Restricted Access
Recent Market Activity
EACS: The Dominant Electronic Security Systems Category
Important Factors Driving Widespread Adoption of EACS over the Years
Consumer Perception of Crime
New Building Constructions/Renovations
Product Innovations & Introductions
Growing Need to Establish a National Identity Framework in Countries across the World: The Fundamental Growth Driver
Secure Document Implementations across the World by 2021
Economic Empowerment through National Identity
Mobile Identity (mID)
Digital Driver's License on the Mobile Phone
National Identity Schemes
Global Market Outlook
Developing Countries to Spearhead Growth and Replace the Hitherto Dominant US and European Markets
2. FOCUS ON SELECT PLAYERS
ASSA ABLOY AB
HID Global Corporation
Axis Communications AB
BIO-key, International, Inc.
Bosch Security Systems
Crossmatch Technologies, Inc.
dormakaba Holding AG
Fermax Electronica S.A.U.
Honeywell International, Inc.
Johnson Controls International Plc
NAPCO Security Technologies, Inc.
NEC Corporation of America, Inc.
Nortek Security and Control LLC
Oberthur Technologies SA
The Chamberlain Group, Inc.
UTC Climate, Controls & Security
3. MARKET TRENDS & DRIVERS
EACS' Grand Convergence Supported by Game Changing Trends and Technologies Drive Strong Market Growth
Widespread Adoption of Smart Mobile Devices Enabling Anytime, Anywhere Access Control Drive Market Penetration
Smartphones Revolutionize Access Control Technology
Growing Popularity of Smarts Cards in Providing Enhanced Protection Drives Healthy Demand for Card-Based EACS
Smart Cards Outshines Traditional Legacy & Proximity Cards
Remote Login Made Secure by Smart Card Based EACS
Demand for Multi-Application Smart Cards Gain Momentum
Multiple Applications of Smart Cards Summarized
Biometrics: The Critically Important Authentication Technology Fast Replace the Vulnerable Traditional Access Control Approaches
Market Drivers in a Nutshell
Biometrics: The Dominant Electronic Access Control Technology
Frictionless Face and Iris Recognition Technologies to Take Over Fingerprint Biometrics
Law Enforcement Agencies to Invest Significantly in Biometrics Implementations
Expanding e-Governance Projects Drive Opportunities
Prisons & Detention Centers Bank on Biometrics Technology
Ubiquitous Access Control Cards to Stay Relevant Despite Rise of Biometrics
Massive Installed Base
Non-Requirement of Higher Security
Cards Work Every Time
Simple Measures to Improve Card Security
Upcoming Smart Cities to Fuel Large-Scale Adoption
Smart Homes to Drive Demand for Biometric Solutions
Growing Trend towards Affordable & Efficient Access Control Solutions Boost Adoption of Cloud Based ACaaS
Access Control as a Service (ACaaS): A Plug and Play Environment for Access Control Deployments
Cloud Services to Drive Mobility for Audio & Video Authentication
Rising Need for Identification and Authentication Drive Demand in the Commercial & Enterprise Sector
Globalization & Workforce Decentralization Boost EACS Demand
Stringent Data Protection Laws Benefit Prospects in the Enterprise Sector
Biometrics Identify Potential Opportunities in the Retail Segment
Small and Mid-Sized Businesses: A Lucrative Market Segment
Banking and Financial Services Sector: Most Promising End-use Market for EACS
Biometric Payment Cards Provide Additional Security
Expanding Social Network Footprint Opens Opportunities
EACS: A Mandatory Requirement for the Industrial Sector
Hand Geometry Biometrics for Harsh Working Environments
Behavioral EACS Technologies Gain Prominence
Rising Penetration of EACS Solutions in Airport Security Promote Market Expansion
Immigration Control & Travel Document Verification
EACS Deployments Gain Traction in the Hospitality Sector
Card-based EACS: A Widely Acknowledged Access Technology in Hospitality Facilities
Hospitality Sector Offers Significant Growth Opportunities for Biometrics-based EACS
Increasing Deployments of EACS in the Education Sector Lends Traction to Market Growth
Smart Card EACS Gaining Traction in Educational Facilities
Healthcare Establishments Offer Huge Untapped Market Potential for EACS
Smart Cards and Readers
Recovery in Construction Activity Worldwide Offer Bright Prospects for the EACS Market
Exponential Increase in Global Urban Population Benefits Market Demand
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
Total Companies Profiled: 243
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