RFID Locks Market Growth, Development Factors, and Future Prospects | Forecast, 2020-2027

Allied Market Research published a report on the RFID Locks Market by Access Device (Key Cards, Mobile Phone, and Wearables) and End User (Residential, Hospitality, Automotive, Government, Retail, BFSI, and Other): Global Opportunity Analysis and Industry Forecast, 2020-2027.

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.

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The research report presents a complete judgment of the RFID locks market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. The report also contains information and statistics, tables and figures that are used in strategic planning for the company's success. Also, these research report provides accurate economic, global, and country-level predictions and analysis.

Also, the research provides a clear picture of the market's current needs and future prospects. The research study gives a 360-degree overview of the overall market environment by supplying details on the RFID locks market size and share analysis, market dynamics, segmental & regional analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities.

Prime Determinants of Market

High utilization in the commercial and government sectors, surge in adoption of smartphones, and demand for access control systems with NFC drive the global RFID locks market. However, unaffordable prices of security solutions hinder the market growth. On the other hand, high development of smart homes presents new opportunities in the coming years.

These report is a useful resource for businesses, investors, shareholders and new entrants to gain an in-depth understanding of the market and make informed decisions and settle on educated business choices based on their business goals. Businesses can evaluate the Porter's Five Forces Analysis to determine the structure, level of competition, and industry's strengths and weaknesses. The report will be remarkable in its ability to provide worldwide investors with the information they need to make informed judgments about the RFID locks market.

Report Overview:
https://www.alliedmarketresearch.com/rfid-locks-market-A10176

Competitive Analysis:

Some of the prominent players of the global RFID locks market 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.
• Hettich Holding GmbH & Co. oHG

These RFID locks industry players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Research Methodology:

The research uses both primary and secondary research to assemble data on the various facets of the international RFID locks market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.

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By Regional Analysis:

1) North America (Canada, Mexico, and the United States)

2) Europe (France, Italy, Germany, Spain, the United Kingdom, and rest of Europe)

3) Asia-Pacific (Australia, Japan, South Korea, China, India, and rest of Asia-Pacific)

4) LAMEA (Africa, the Middle East, and Latin America)

The Key Cards Segment to Maintain Its Leadership Status During the Forecast period

Based on access device, the key cards segment accounted for the largest market share in 2019, held nearly half of the global RFID locks market, and is expected to maintain its leadership status during the forecast period. This is due to rise in the hospitality sector in emerging countries and development of advanced technologies. However, the wearables segment is expected to portray the fastest CAGR of 22.5% from 2020 to 2027, owing to offering of excellent consumer experience by providing security and comfort in access management systems to restricted areas or personalized services in hotels & resorts.

The Residential Segment to Maintain Its Lead Position During the Forecast Period

Based on end use, the residential segment contributed to the highest market share, accounting for more than one-fifth of the global RFID locks market in 2019, and will maintain its lead position during the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 21.5% from 2020 to 2027. This is attributed to increase in investment in the sector and emphasis on real estate as a safe, sound, and tangible asset for investment. The research also analyzes the segments including hospitality, automotive, government, retail, BFSI, and others.

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North America to Continue Its Dominance in terms of Revenue By 2027

Based on region, North America held the highest share in 2019, accounting for more than one-third of the global RFID locks market, and will continue its dominance in terms of revenue by 2027. This is attributed to presence of countries such as the U.S. and Canada in which governments promote the usage of RFID locks in the residential sector and increase in the adoption of smart locks in the region. However, Asia-Pacific is expected to maintain the highest CAGR of 22.6% during the forecast period, owing to increase in demand for advanced technologies, rise in concerns regarding the safety & security in emerging countries such as China, India, Japan, Indonesia, and other Asian countries, and increase in adoption in applications such as residential, automotive, hospitality, and government.

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