Electronic Cylinder Lock Credentials Market by Product Type, Method of Extraction, Application and Region to 2026
The global electronic cylinder lock credentials market was valued at US$ 473.86 Mn in 2019.
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The market for electronic cylinder lock credential is expected to grow substantially, owing to high growth in real estate and construction sectors which has increased the adoption of electronic cylinder lock significantly. As, the Real estate developers are focused on providing high-end security solutions in buildings as their unique selling point, in order to attract potential customers. For instance, according to Coherent Market Insight's analysis, the global construction market is expected to register a CAGR of 60% by 2020. This, in turn, is expected to boost the demand for electronic cylinder lock credentials and thereby boost the market growth in the near future. Moreover, growing concern among the people regarding safety and security of their property and family has positivity impacted the market as increasing incidences of property crimes, burglaries, and home invasions in the recent past have increased the demand for advanced home security solutions.
Increasing expansion of IT and BFSI sector is expected to pose lucrative business opportunity
Growing expansion of BFSI and IT sector is expected to increase the adoption of digital door lock security solutions. This, in turn, will present lucrative business opportunities for market players, in order to capitalize on untapped market. Certain emerging regions such as Latin America has low adoption of electronic door lock systems. Consumers can offer novel and affordable products, in order to expand their revenue generation and gain competitive edge in the market.
Increased expenditure capacity in developed regions is expected to present significant growth opportunity
Better living standards, high purchase parity, and a sense of awareness towards security and safety have increased the adoption of electronic cylinder locks. Consumers are demanding novel security solutions with incorporation high-end technology, which in turn, is expected to pose lucrative business opportunity for market players over the forecast period.
Advent of smart homes and gadgets is expected to boost the demand for electronic lock systems
Introduction of smart homes and gadgets in the recent past has increased the demand for electronic lock systems. This is owing to increasing use of smartphones and tablets. Residential security has become a major concern of people, thus they are adopting smart security solutions for their homes. Furthermore, smart home applications include electronic locks, sensors, security alarms, and cameras with other features such as extensive control over climate controls, self-powered lighting, fire alarms, and power management. Moreover, consumers are preferring advanced security features that can be integrated with smart home applications.
Growing adoption of lavish and luxurious lifestyle is expected to accelerate the demand for electronic door locks
High-end security solutions are a fundamental part of luxurious housing projects, which works as a selling point for project owners. Smart security and automation have become an important decision-making factor for purchasing any house or property by consumers. Furthermore, builders are focused on enhanced personalized security facilities for increasing their sales figures. However, such projects only target high-income group and hence accounts for a very small share of the overall population.
Key companies operating in the global electronic cylinder lock credentials market are iLOQ Limited, SimonsVoss Technologies GmbH, AIT Ltd. (Altman Integrated Technologies Limited), ASSA ABLOY, WFE Technology Corp., Salto Systems, S.L, CES Group, Legrand, and Kaba Group.
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o Global Electronic Cylinder Lock Credentials Market, By Product Type:
o Electronic Key (Contact based)
o RFID Key (Cards)
o Key Fob & Badge
o Global Electronic Cylinder Lock Credentials Market, By Technology:
o Low Frequency RFID
o High Frequency RFID (NFC)
o Global Electronic Cylinder Lock Credentials Market, By End-use:
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