The global electronic access control systems market is anticipated to register growth over the forecast period. The need for better security systems owing to increasing criminal activities, illegal immigration, and tackle fraudulence has propelled governments across the globe to invest in electronic access control systems. These systems provide high-level security offering integration opportunities with building automation and time management systems. The increased popularity of electromagnetic locks and electric strikes is expected to contribute to electronic access control systems market growth. Educational institutes, healthcare centers, and residential buildings are further expected to boost electronic access control systems demand. This can be attributed to high accuracy, time efficiency, and convenience over other security products. Increasing privatization and international trade have influenced the economies to invest in improved infrastructure. However, lack of awareness and high upfront cost coupled with a lack of proper infrastructure may act as a restraint for the electronic access control systems market.
The electronic access control systems market can be segmented by product into perimeter security, intruder alarm, card-based, and authentication systems. Biometrics is expected to be a major contributor to the authentication systems segment. This can be attributed to growing advanced sensor technology in mobile phones. This technology improves the identification process, advances the security of information systems, and restores control access to physical. Therefore, the authentication systems market is expected to increase at a high pace owing to inflating security budgets and increased security concerns over the forecast period. On the basis of application, the market segmentation includes residential, industrial, commercial, and government. The commercial segment includes healthcare, financial institutions, and airports. North America was the dominant regional market in 2013, while Asia Pacific is expected to exhibit high growth over the forecast period.
Key industry participants include Future Fibre Technology, Magal Security Systems Ltd., Tyco International, Assa Abloy AB, Honeywell International Inc., Schneider Electric, Siemens Building Technologies, and Bosch Security Systems.
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Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.