Electronic access control market to increase at a CAGR of 10.29%

The electronic access control market has been forecast to increase at a compound annual growth rate (CAGR) of 10.29% through to 2015, with the industry set to hit a market value of US$14.1 billion by 2017.

Controlling access and preventing unauthorised entry is the key to ensuring against theft, sabotage, and vandalism, and electronic access controls, in this regard, are a universal requirement for people from all walks of life, including the common man, employees, business owners, and most importantly building owners.

The development of next-generation access control technology is one of the emerging trends in the electronic access control market. This next-generation access control technology would eliminate the use of cards for accessing doors, gates, and drawers by embedding access control technology to mobile devices. For instance, the near field communications (NFC) and other major technological advancements are migrating standard access control technology to mobile platforms.

Although the tough economic climate squeezed new orders for electronic access control systems, the focus on safety and security among organisations, government agencies and the general public will continue to remain unchanged in the post recession period, as security coverage is closely tied to safety of human life, and infrastructure facilities in residential and commercial centres.

Past trends show that developed markets such as Europe and North America have been the traditional revenue contributors within the electronic access control market, however, developing regions such as Asia-Pacific, Latin America and the Middle East are expected to turbo-charge growth over the coming years.

Key players currently dominating the electronic access control market include Honeywell International Inc., Siemens AG, Assa Abloy AB, and Safran Group.

For more information on the electronic access control market, see the latest research: Electronic Access Control Market

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