Technavio, a tech-focused market research firm, has published a new report on the global RFID lock market, which is expected to experience a slow but steady growth rate with a CAGR of almost 17% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global RFID lock market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global RFID lock market into the following key regions: North America, APAC, Europe, and ROW.
Geographical segmentation of the global RFID lock market for 2015 (market share %)
|
North America |
37.56% |
|
Europe |
32.76% |
|
APAC |
21.56% |
|
ROW |
8.12% |
Source: Technavio
North America: largest revenue generating region for RFID equipment
North America accounted for almost 38% of the overall revenue generated in the global RFID market during 2015 to become the largest revenue generating geographical segment. The growth of the market is attributable primarily to the upsurge in the demand from the residential sector. With technical advances in the locking system, more number of residential properties are adopting RFID-based locks to enhance the home security. The ability to integrate RFID locks with smartphones is fueling its adoption in the residential sector, which is still in a nascent stage.
According to Abhay Sinha, a lead analyst at Technavio, “RFID lock manufacturers are shipping the door locks with mobile access iOS and Android compatible operators. These RFID locks use a cloud-based mobile operator. Mobile solution is a secure end-to-end mobile credential utilizing Bluetooth low energy, a preferred communication technology for RFID hotel locks. With the capability of mobile access solution, guests can easily bypass the front-desk check-in progress and check-in directly into their room. With the help of this integration, a mobile device can be used to access any public area in the hotel requiring a room key.”
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RFID lock market in Europe
During 2015, Europe accounted for almost 33% of the sales of RFID locks in the global market. The growth of the market in this region is fueled by the rise in property crimes. In 2012, the country comprised 76% of property crime in Europe, followed by Spain with 74%, Italy with 42%, Romania with 41%, and Croatia with 40%. RFID locks offer great security as there is no key system involved and thieves are not able to access the property. Furthermore, when used in conjunction with ZigBee and wireless technology, RFID locks offer a very reliable and cost-effective security system. These locks also improve efficiency and reduce maintenance costs.
RFID lock market in APAC
The demand for RFID locks is APAC is spurred by increased infrastructural activities in countries such as China, India, Indonesia, and Thailand. With the rise of foreign visitors in the region, the governments of various countries in APAC are investing in developing tourism infrastructure. Many hotels are looking for innovative ways such as electronic locking systems to set themselves apart in the intensely competitive hospitality market in APAC. Lock system manufacturers in the market are currently offering aesthetic style combined with new technologies like RFID and smart cards. Such innovative lock systems offer enhanced guest experience, and therefore, ensure customer loyalty.
RFID lock market in ROW
The RFID lock market in ROW contributed over 8% to global market in 2015. While some of the countries in the region like Syria, Iraq, Egypt, and Libya are struggling with security concerns, other countries like Dubai in Middle East is expected to increase the number of tourist arrivals. In 2013, Dubai witnessed growth of more than 10% in international arrivals. The foreign visitors are expected to cross the 20 million by 2020 as the country hosts Expo 2020. The hospitality industry is expected to grow in the Middle East due to an increasing number of budget hotels in Qatar for the 2022 FIFA World Cup. Such developments are expected to fuel the growth of the hospitality industry, and subsequently the RFID lock market.
The top leading vendors operating in the global RFID lock market are:
- ASSA ABLOY Hospitality
- Dormakaba
- MIWA Lock
- Samsung
Other prominent vendors in the market include Allegion, Godrej Locking Solutions and Systems, Hettich Hettlock, LockState, Onity, and SALTO Systems.
A more detailed analysis is available in the Technavio report tilted, ‘Global RFID Lock Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Radio Frequency Identification Market 2016-2020
- Global Radio Frequency Front-End Module Market 2016-2020
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