Global RFID Locks Market Projected to Grow at CAGR of 18% by 2027|Honeywell International Inc.,Samsung Electronics Co Ltd.

The market can be segmented on the basis of access device and application. On the basis of access device, the market can be segmented into wearable, key cards, mobile phones and key fobs. On the basis of application, it is sub-segmented into automotive, hospitality, manufacturing, aerospace & defense, residential, transportation & logistics, BFSI and retail. The increasing demamd for better locking systems from hospitality sector is anticipated to be the major reason for the growth of market during the forecast period.The rising safety and security concerns is a major reason for the increasing demand for the RFID locks.

RFID locks market is anticipated to record a CAGR of 18% over the forecast period. The RFID locks market is expected to show significant growth by the end of the forecast period. The integration of access control systems with NFC technology is anticipated to drive the growth of RFID Locks Market.

On the basis of regional analysis, global RFID Locks market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to be the lead the global RFID Locks market during the forecast period. The increased adoption of cloud based services is also supporting the growth of RFID Locks market in the region. Asia-Pacific is expected to be the fastest developing region for the market during the forecast period. The growing industrialization in the region leads to the expansion of small and medium scale industries. This is anticipated to be the major reason for the market growth of the RFID locks during the forecast period.

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Increasing demand from various end-user industries

The growing demand for the better locking systems from various end-user industries is expected fuel the growth of the RFID locks market during the forecast period. The increasing crime related activities across the different countries is encouraging various countries to adopt better locking systems. Additionally, the growing penetration of information technology and smartphones is also driving the growth of RFID locks market. Moreover, the growing industrialization across various developing countries is also expected to propel the growth of overall market during the forecast period.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model. This report also provides the existing competitive scenario of some of the key players of the global RFID locks market which includes company profiling of key companies such as Godrej & Boyce Manufacturing Company Ltd., Honeywell International Inc., Nestwell Technologies, Assa Abloy Group, Siemens AG, United Technologies Corporation, Samsung Electronics Co Ltd. and Vivint, Inc.The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global RFID locks market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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