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Global Electronic Access Control Systems Market to Grow at a CAGR of 6.13% by 2021: Analysis By Type & ApplicationDUBLIN, August 9, 2017 /PRNewswire/ -- The "Global Electronic Access Control Systems Market 2017-2021" report has been added to Research and Markets' offering.  The global electronic access control systems market to grow at a CAGR of 6.13% during the period 2017-2021. Global Electronic Access Control Systems Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. One trend in the market is migration from single to multi-modal authentication systems. Multi-modal authentication involves the use of two or more biometric technologies to verify or authenticate a consumer. The demand for multi-modal or two-factor authentication is increasing among companies to make transactions more secure. Nowadays, fingerprint scanners are used along with a card swipe that consists of a user's details to make transactions more secure. According to the report, one driver in the market is growingadoption of EMV standards. The EMV standard was developed for safe and secure payment transactions through chip-based payment cards. Most debit and credit cards use magnetic tapes to store data, which leads to insecure money transactions and monetary loss. Thus, financial institutions, such as Barclays, are issuing EMV cards to ensure secure financial transactions. In EMV cards, codes are generated for every transaction and insertion. The codes are stored for future reference to track the transaction status. Further, the report states that one challenge in the market is high implementation costs. The cost of implementing electronic access control systems is high because of hardware, software, and support costs. The implementation costs include installation and component costs. Hardware implementation costs include the cost of wiring, cabling, and electrical components; intallation costs; and payment of electricians. Software implementation costs include the original software cost, licenses, maintenance agreements, and add-ons. Electronic access control system vendors charge for software based on the number of users per reader license, organization's expansion, and time period of the agreement. Key Vendors
Other Prominent Vendors
Key Topics Covered: PART 01: Executive summary Media Contact: Research and Markets
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