Posted On: 2020-03-18
Card reader access control systems acquired the largest revenue share in the overall access control system market in Thailand- 6Wresearch
The demand for security systems and access control devices is expected to increase over the coming years owing to upcoming developments under the Eastern Economic corridor. For instance, the expansion of the U-Tapao airport, establishment of smart cities with technologically advanced commercial spaces along with setting up of high speed and double track railways, expected to be completed by 2021 are likely to propel the demand for access control systems in the country during the forecast period. Moreover, there has been a sharp rise in security concerns after a series of bombs detonated in Bangkok Metropolitan area in 2019 thereby leading to the growth in the access control system market in Thailand.
According to 6Wresearch, Thailand access control system market size is projected to grow at a CAGR of 12.6% during 2020-26. Various applications are noticeably moving towards adoption of biometric systems to improve security and protect sensitive data. For instance, the Bank of Thailand authorised six banks in Thailand to use fingerprint and facial recognition in order to conduct electronic Know Your Customer (eKYC) in 2019. The demand for card reader access control systems is also anticipated to be bolstered by the expanding transportation network and the flourishing hospitality application in the country.
According to Gurbani, Senior Research Analyst, 6Wresearch, “Government initiatives including the installation of fingerprint scanners at checkpoints in airports by Thailand immigration in 2019 to make the verification process smoother and more accurate, are expected to drive the growth of access control systems further over the coming years.”
“The Central region in Thailand is likely to hold the largest share in the overall access control system market during the forecast period due to rapid urbanization in the region’s provinces including the administrative capital of Bangkok. On the other hand, the Eastern Economic Corridor is likely to contribute significantly to the development of the North Eastern provinces of Thailand during the forecast period. The tourism potential of Northern Thailand is also being realized and is likely to push the demand for access control systems further, particularly in the hospitality application in the region during the forecast period.” Gurbani further added.
According to Sanya Sethi, Research Associate, 6Wresearch, “Rising demand for security systems in the hospitality, banking, commercial and transportation applications that enable convenient and protected access is likely to drive the overall market during the forecast period. Internet of Things technologies link several devices together and integrate them to form a vast network which increases the risk of loss in cases of breach or intrusion thereby increasing the need to protect infrastructure and data as technology during the forecast period.”
“Thailand Access Control System Market (2020-2026)" report provides an in-depth analysis with 39 figures, covered in 89 pages. The report estimates and forecast the overall Thailand access control system market by types, applications and regions including Northern, Southern, North-Eastern and Central regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.