Press release
RFID locks market size is projected to reach $9.93 billion by 2027 | Industry Overlook during Forecast Period
“RFID Locks Market by Access Device and End User: Opportunity Analysis and Industry Forecast, 2020–2027”. The global RFID locks market size was $2.92 billion in 2019, and is projected to reach $9.93 billion by 2027, registering a CAGR of 19.40% during the forecast period. North America is expected to be the leading contributor to the global RFID locks market, followed by Europe and Asia-Pacific.Radio frequency identification (RFID) technology turns mobile devices into readers of RFID tags that are attached to physical objects. RFID along with the mobile technology can create several applications for process management improvement. RFID technology is used in the context of physical mobile interaction, which enables mobile devices with embedded micro RFID readers to read RFID tags. The high usage of mobile phone and penetration of its numerous features in day-to-day activity are providing lucrative opportunity for the RFID locks market growth. Several mobile applications provide users with a convenient experience due to plenty of technological advancements available in the market.
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RFID Locks Market Competitive Analysis:
The key players profiled in the report include 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. The market players have adopted various strategies, such as product launch, partnership, and acquisition, to expand their foothold in the RFID locks industry.
Covid-19 Impact on the Global RFID Locks Market:
The global RFID locks market size has been significantly impacted by the COVID-19 outbreak. Production facilities of RFID locks have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization while travel bans & facility closures kept workers out of their factories, which led to slowdown in the growth of the RFID locks market in 2020.
RFID Locks Market Research Report provides an overview of the industry based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2021-2027). This report covers the impact of the latest COVID-19 on the market. The coronavirus pandemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly.
COVID-19 Scenario:
Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on research and development of new products.
However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of products in certain locations.
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RFID Locks Market Segmentation:
The research offers a detailed segmentation of the global RFID Locks Market. Key segments analyzed in the research by access device, end user and geography. Extensive analysis of sales, revenue, growth rate, and market share of each for the historic period and the forecast period is offered with the help of tables.
RFID Locks Market Regional Analysis:
The market is analyzed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, and Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). These insights help to devise strategies and create new opportunities to achieve exceptional results.
Key Findings Of The Study
In 2019, the key cards segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 17.8% during the forecast period. It registered more than 45.0% of the RFID locks market share in 2019.
The wearables and residential segments are expected to witness the highest growth rate during the forecast period.
The U.S. was the major shareholder in the North America RFID locks market, accounting for approximately 50.0% market share in 2019
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KEY QUESTIONS ANSWERED IN THE REPORT:
Q1. At what CAGR, the Global RFID Locks Market will expand from 2021 - 2027?
Q2. What will be the revenue of Global industry by the end of 2027?
Q3. How can I get sample report of RFID Locks Market?
Q4. Which are the factors that drives global industry Growth?
Q5. Who are the leading players in RFID Locks Market?
Q6. How can I get company profiles of top ten players of Global Market?
Q7. What are the segments of RFID Locks Market?
Q8. What are the key growth strategies of RFID Locks Market Players?
Q9. By Application, which segment is expected to exhibit the highest CAGR during 2021 - 2027?
Q10. By Region, which segment holds a dominant position in 2020 and would maintain the lead over the forecast period?
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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