The Electronic Access Control System (EACS) Market is set to reach US$29.202 billion by 2022, growing at a CAGR of 10.29%, a recent market research report has been able to suggest.
The technology is being increasingly used on account of advantages it offers like preventing unauthorized entry, traffic monitoring, and Internet access control among others. Increasing security concerns due to rise in terror activities coupled with increasing investment in infrastructure are some the key factors driving the market growth.
Falling prices of various EACS solutions due to technological development and huge demand from the government and commercial sectors are other additional factors boosting the growth of this market over the forecast period.
By application, the commercial sector is expected to grow at a high rate over the projected period. Increasing terror threats to airport, hospitals and other commercial buildings drive this segments growth. Moreover, growing investment towards building security coupled with the strict regulatory framework is also contributing to the market growth.
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