ELECTRONIC ACCESS CONTROL SYSTEMS MARKET ANALYSIS

The global electronic access control systems market is facing challenge of high cost of innovative products. As technology is advancing rapidly in terms of security and other features being added to access control systems, the overall cost of such systems is also increasing. Advanced biometric technologies, RFID systems with enhanced capabilities, integration with various other smart building systems etc require heavy R&D investments from manufacturers. This increased R&D cost is eventually passed on to the customers making such innovative products unaffordable for budget constrained customers. Although such products gain popularity due to features, only high-end customers are able to adopt them in initial phases. This delays mass adoption of latest technologies and impact the revenues of manufacturers. The market players need to focus on value engineering to reduce production costs and offering affordable financing options for customers to increase adoption rates of new systems.

Market Opportunity: Growth of electric vehicles

The global electronic access control systems market has tremendous growth opportunity in the rising market for electric vehicles. With government policies and initiatives promoting use of emission free electric vehicles, their sales are expected to rise substantially in coming years. The electronic access control systems have wide usage in electric vehicles right from keyless entry systems to fingerprint scanners for authentication. Moreover, with autonomous driving becoming reality, advanced access control technologies will play important role in onboard security and safety of driverless electric vehicles. As electric vehicles sales increase globally, their access control system requirements are also projected to witness strong growth. The market players must focus on developing futuristic technologies suitable for next generation electric vehicles to capitalize on the growth opportunity.