Global Electronic Access Control Systems Market is Estimated to Witness High Growth Owing to Increasing Security Concerns and Growing Adoption of Mobile Based Access Solutions
The global electronic access control systems market is estimated to be valued at USD 10.8 Bn in 2024, exhibiting a CAGR of 7.9% over the forecast period (2024-2031). The market is driven by increasing concerns regarding security across residential and commercial buildings. Furthermore, growing adoption of mobile-based access solutions is expected to boost the market growth during the forecast period.
Market Dynamics:
Growth in the construction industry worldwide along with increasing deployment in the healthcare sector are the major drivers propelling the growth of the global electronic access control systems market. Rapid urbanization has led to growth in construction activities for residential, commercial, and industrial infrastructure. Electronic access control systems offer enhanced security compared to traditional lock and key systems and therefore see higher acceptance across various end-use industries such as IT parks, manufacturing facilities, schools, and universities. Moreover, the deployment of mobile access control applications is gaining traction as they provide additional benefits such as remote access and real-time audit trials. However, higher initial installation cost and technical complexities involved in maintenance and upgradation of access control hardware may hinder the market growth during the assessment period.
Growth in Security Concerns and Needs to Ensure Safety is Driving the Demand for Improved Access Control Solutions
As security threats continue to rise globally, organizations and governments are investing heavily in advanced security systems to protect people and assets. Electronic access control systems allow property owners to closely monitor and regulate who has access to their facilities. These systems use smart cards, fobs or biometric identifiers like fingerprints to only grant entry to authorized individuals. The ability to efficiently manage access privileges and get instant notifications in case of any unauthorized access attempts is driving many to upgrade their old manual or basic electronic systems. Furthermore, needs to comply with evolving safety regulations across industries like healthcare, banking and manufacturing is another key factor spurring installations of advanced electronic access control solutions.
High Initial Capital Expenditure Poses Financial Hurdle for Small-Scale Deployments
While electronic access control delivers clear long-term benefits over manual systems, the upfront capital cost associated with purchasing hardware components like controllers, readers, locks and installing the entire infrastructure can be substantial - especially for small-to-medium scale facilities. Lower priced locking solutions or basic card readers may still seem like more viable options for smaller properties with tighter security budgets. Furthermore, additional expenses associated with system configuration, customization, maintenance contracts and frequent software/firmware upgrades add to the overall cost of ownership over the solution's lifespan. This high initial financial barrier prevents many small businesses and establishments from justifying electronic access control investments.
Ongoing Technology Advancements are Enabling New Use Cases and ROI Opportunities
Continuous innovations in access control technologies are bridging previous limitations and unlocking deployment opportunities across new verticals. For example, the integration of visitor management features, ANPR cameras, video verification, and IoT connectivity allows access control platforms to double up as comprehensive security management systems. Emerging contactless capabilities using advanced biometrics are making installations more seamless and user-friendly. Integration of access control data with other business applications also enables activities like automated time & attendance, inventory tracking and predictive maintenance. These added functionalities enhance return on investment through productivity gains, cost reductions and revenue opportunities. Vendors promoting electronic access control solutions as horizontal security platforms rather than just physical entry management tools helps open up scope for wider deployments.
Convergence with Enterprise Systems is Opening Opportunities for Cloud-Managed Access Control
Today's enterprises demand tightly integrated security that can be centrally monitored and administered seamlessly across multiple sites. The convergence of access control with other physical and logical security, business and operational systems through cloud-based platforms is addressing this need effectively. Cloud-managed access control abstracts the complexities of separate on-premise hardware components and allows centralized user credential provisioning, configuration management and real-time event monitoring from anywhere. It also enables scalable and pay-as-you-grow pricing models more suitable for multi-location businesses. By accommodating enterprise IT requirements of distributed deployments, remote management and seamless third-party system integration - cloud-based access control is gaining popularity compared to traditional on-premise solutions.
Link: https://www.coherentmarketinsights.com/market-insight/electronic-access-control-systems-market-4685
Key Developments:
In November 2023, Suprema Inc. has launched the Biostation 2a, an advanced biometric device equipped with a deep learning AI algorithm and an integrated Neural Processing Unit (NPU), enabling high-speed, accurate fingerprint recognition for edge AI applications.
In February 2023, Air Canada has introduced a trial program for digital facial recognition on select flights between Vancouver and Winnipeg, as well as for eligible customers at the Air Canada Café in Toronto Pearson. As the first airline to offer this service nationwide, Air Canada aims to streamline boarding and reduce wait times, with plans to expand the program to additional Canadian airports and Maple Leaf Lounges in the future.
Key Player:
Intelbras, Digicon, HID Global Corporation, part of ASSA ABLOY, Topdata, PPA – Motoppar Group, dormakaba Group, Control iD, ASSA ABLOY Group, MagiKey, Bosch Sicherheitssysteme GmbH, and Siemens
