Report Code: A10176 | Pages: 246 | Feb 2021 | 4038 Views | ||
Author(s) : Avinash S , Vineet K | Tables: 92 | Charts: 71 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Rfid Locks Market
Request Now !The global RFID locks market size was $2.92 billion in 2019, and is expected to reach $9.93 billion by 2027, growing at a CAGR of 19.40% from 2020 to 2027. A radio frequency identification (RFID) lock, also known as IC card lock, is the electronic lock that adopts a radio frequency card as the key. With the help of RFID technology, the RFID card can be contactless to open the lock while the old-style contactable card requires physical contact with a reader. The RFID technology is recognition system that works with the help of electromagnetic waves to transmit signals. In addition, for home use, the RFID lock system is not used to replace the mechanical lock due to the cost and the traditional concept. Moreover, RFID door locks can be effective or ineffective in real-time operation. At the same time, the validity of the RFID card is under control as the valid period of the RFID card can also be set.
RFID technology plays a vital role in the government, residential, and other sectors. The safety and security of personal assets & information and law enforcements are the major concerns behind the adoption of RFID technology in the government sector. Several government organizations and forensic departments use RFID locks for access control of sensitive centers of information, employee authentication, and others.
In addition, commercial sectors, especially banking & finance sectors & enterprises, have adopted RFID locks technology for various applications, including PC/network access and physical access in an effort to provide strong authentication and security mechanisms. RFID locks are considered great for hotels, hospitals, dormitory, and commercial buildings. Rising adoption of RFID locks in commercial and government sectors is expected to provide lucrative growth opportunities for the RFID locks market.
The prominent factors that drive the RFID locks market share include high usage of RFID locks in commercial and government sectors and high adoption of smartphones. High usage of smartphone and the penetration of its numerous features in day-to-day activity are providing lucrative opportunities for the RFID locks market growth. In addition, the user-friendly experience of mobile phones and their application are allowing companies to offer their product services right into the customer’s hand by enabling them to control the RFID door locks more proficiently & handily. This is the most prominent attraction for the customers that is expected to increase the smart lock user base, thereby supporting the growth of the RFID locks market and increasing the demand for access control systems with near field communication (NFC).
The most common use of RFID in access control system is in door entry systems for personnel. RFID-enabled tags are usually employed at a very basic level as identification badges for workers and provide a simple solution for any company or industry, which uses access control systems. In addition, RFID technology is popularly employed in access control systems to allow only authenticated and authorized personnel to enter secure spaces.
RFID is a favored choice for several uses aside from office management such as supply chain inventory, parking garage gate control, and retail checkout lines. Rising demand for access control systems with NFC technology creates lucrative opportunities for the RFID locks market. However, one of the major restraints is the unaffordable prices of security solutions. On the contrary, high development of smart home is anticipated to provide lucrative opportunities for the expansion of the RFID locks industry during the forecast period. The rising adoption of smart home architecture across the globe that includes features, such as remote access, voice control, and seamless connectivity, is further boosting the adoption of RFID locks for the residential sector. RFID locks enable advanced security features, which have become increasingly popular, owing to increasing safety & security concerns across various end users, including hospitality, government and educational institutions, residential premises, and several corporate buildings. These factors are expected to create lucrative opportunities for the RFID locks market.
The global RFID locks market is segmented into access device, end user, and region. On the basis of access device, the market is classified into key cards, mobile phone, and wearables. Depending on end user, the market is fragmented into residential, hospitality, automotive, government, retail, BFSI, and other. Region-wise, the RFID locks market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America accounted for the highest market share, owing to increase in adoption of smart locks and rise in sale of RFID locks.
The prominent factors that drive the growth of the RFID locks market size include high usage of RFID locks in commercial and government sectors, high adoption of smartphones, and high demand for access control systems with near field communication (NFC). However, unaffordable prices of security solutions restrict the market growth. Conversely, high development of smart home creates lucrative opportunities for the RFID locks market.
Competition Analysis
Competitive analysis and profiles of the major players operating in the market, such as Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd, Assa Abloy Group, Samsung Electronics Co Ltd, Dormakaba Holdings AG, Allegion plc, Spectrum Brands, Inc., MIWA Lock Co., OJMAR, S.A., and Hettich Holding GmbH & Co. oHG, are provided in this report.
Covid-19 Impact Analysis
Key Benefits For Stakeholders
RFID Locks Market Report Highlights
Aspects | Details |
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By Access Device |
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By End Use |
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By Region |
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Key Market Players | ASSA ABLOY Group, SAMSUNG ELECTRONICS CO. LTD.$, Dorma+kaba Holdings AG., Godrej & Boyce manufacturing Company Ltd, HONEYWELL INTERNATIONAL INC., .Allegion plc, Spectrum Brands, Inc., MIWA Lock Co., OJMAR, S.A, Hettich Holding GmbH & Co. oHG |
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The high usage of RFID locks in commercial and government sectors, high adoption of smartphones, and high demand for access control systems with near field communication (NFC) drive the growth of the RFID locks market globally. Conversely, high development of smart home is expected to create lucrative opportunities for the RFID locks market.
The RFID locks technology is extensively used in the hospitality and residential industry to provide safety & security. The high usage of smartphone and the penetration of its numerous features in day-to-day activity are providing lucrative opportunities for the RFID locks market growth. In addition, rising adoption of smart home architecture across the globe that includes features, such as remote access, voice control, and seamless connectivity, is further boosting the adoption of RFID locks for the residential sector.
The report focuses on the growth prospects, restraints, and trends of the RFID locks market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, in the RFID locks market.
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