RFID Electronic Locks Market to be Driven by Growing RFID Technology Penetration and Increasing Affordability
Wide choices for making life easier for users by developing technologies are increasing the demand for smart buildings day by day. Therefore, smart facilities with advanced security measures have become a major driving factor for the RFID electronic lock market. The market is expected to grow at a significant CAGR from 2018 to 2026, with a value of US$ 3.25 billion in 2017.RFID locks are built to secure the asset with smart and fast operation along with enhanced security. Required information is encoded on the RFID chip, and each time the permissible gadget encounters a lock, the mod chip passes on the reports analyzing the data. The RFID electronic locks market is primarily driven by the swiftly rising penetration of RFID technology among end-users. Factors such as steadily declining prices and wide applications have guaranteed strong market growth over the period. RFID electronic locks are available at a variety of prices, ranging from less than US$ 20 to more than US$ 1000, depending on the application. The market is deeply determined by retail and corporate offices, which comprise more than 1/3 of the market value generated worldwide. Prime retail companies such as Metro AG, Target Corporation, and Walmart, Inc. have already regulated the use of RFID technology for effective asset and goods safety.
Market Synopsis
Cards will dominate the market, with the mobile phone segment experiencing the greatest growth.
In standard smart card mode, the system remains locked until the key card with asset access rights is used to unlock it. Information regarded as permissible is encoded on the cards, and each time the person encounters it, the system unlocks it after analyzing authorized data. These cards are also used as multifunctional tools, as, with some modifications, they widen the application area. Along with locking functionality, these cards are used as identity cards in corporate offices, retail stores, and other sectors. Similarly, following the cashless transaction mode, such cards are used for transactions with encoded customer identity. Nevertheless, in the following years, the mobile phone segment is expected to register the highest growth rate. With advancements in Near Field Communication (NFC) technology, mobile phones are gaining rapid traction as a new approach to alternative access devices. Rapidly growing smartphone users, with the application of RFID locking functionality, are expected to surge in growth compared to other devices.
Steady Growth of the End-User Industry to Ensure the Fastest Growth of the RFID Electronic Locks Market in the Asia Pacific
Asia Pacific is expected to exhibit comparatively higher market growth throughout the forecast period, principally due to the development of end-user industries. Asia Pacific incorporates the flourishing retail sector, demonstrating a nearly 5% growth rate every year since 2015. Similarly, the industrial and commercial sectors in China, Japan, South Korea, and India have demonstrated promising growth in the last few years. These countries are expected to remain the most lucrative markets on account of the rapidly growing automotive, hospitality, transportation, and logistics sectors here. The Asia Pacific region is closely followed by North America due to the higher adoption of smart applications. Similarly, Europe is expected to enroll at a robust growth rate due to the rapidly growing healthcare, corporate, banking, and finance sectors, among others. With the swift growth of end-use industries and growing smart security techniques, the RFID electronic locks market is expected to witness comparatively higher growth across the globe.
Mergers and Acquisitions to Remain the Key Strategy
The RFID electronic locks market is intensely fragmented in nature, with major players such as Assa Abloy Group, Dormakaba Holdings AG, and Allegion plc., among others, demonstrating about 30% of overall market shares. Gaining critical mass is a key differentiator in this market. Mergers and acquisitions are being pursued by players in order to broaden their customer reach and absorb the greatest share of the global market. For instance, Assa Abloy Group has made over 200 acquisitions in the door-locking systems business since its inception. Prime instances of acquisition in RFID electronic lock systems include the acquisition of Aontec Teoranta by Assa Abloy Group, the acquisition of CreativeSystems by TYCO International PLC, and the alliance of Dormakaba Holdings AG with Epproach Communications. Similarly, innovation in product offerings is becoming a key strategy for the continued, sustainable growth of major players. Dormakaba Holdings AG, for example, announced Bluetooth Low Energy (BLE) enabled access control systems with mobile phone functionality in June 2018. Similarly, in March 2018, Assa Abloy Group expanded innovative RFID lock technology to DIN and SIS doors with new product additions. Key players of the global RFID electronic locks market include Assa Abloy Group, TYCO International PLC, Siemens AG, Honeywell International Inc., Godrej & Boyce (G & B), NestWell Technologies, United Technologies Corporation, Vivint, Inc., Samsung Electronics Co., Ltd., Dormakaba Holdings AG, Spectrum Brands Holdings, Inc., Allegion plc., Hettich Holding GmbH & Co., Onity, Inc., SALTO Systems S.L., and others.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The RFID electronic locks market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global RFID electronic locks market based on access device type, end-user, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the market size of RFID electronic locks in 2017 and the forecast up to 2026?
Which is the largest regional market for RFID electronic locks?
What are the key market trends observed in the RFID electronic lock market?
Outlook for the smart security industry?
Which are the most promising access device type and end-user in the RFID electronic lock market?
Who are the key players leading the market?
What are the key strategies adopted by the leading players in the market?
What are the key RFID technology trends across different geographies and sub-geographies?
Frequently Asked Questions:
The market for RFID Electronic Locks is expected to reach XX Mn in 2026.
The RFID Electronic Locks market is expected to see significant CAGR growth over the coming years, at XX% .
The report is forecasted from 2018-2026.
What is the base year considered for RFID Electronic Locks Market? The base year of this report is 2017.
Assa Abloy Group,TYCO International PLC,Siemens AG,Honeywell International Inc.,Godrej & Boyce (G n B) are some of the major players in the global market.
