Market Demand : RFID Lock Market Globally Grow at a CAGR of 16.71% by Revenue During the Period 2017-2020

ALBANY, NY, March 14, 2017 : ResearchMoz presents professional and in-depth study of "Global RFID Lock Market 2016-2020".

RFID technologies are gaining attention from multiple sectors, especially hospitality, where property owners are harnessing the technology in providing enhanced customer experience. The hospitality industry relies on consumer comfort to build brand loyalty. As a result, property owners are increasingly investing in enhancing the aesthetics of their property. Door locks are the first thing in the hotel rooms a consumer interacts with. Also, the traditional form of locks with the key is outdated. The advent of electronic locks with technologies like biometric, radio-frequency integrated circuit (RFIC), and keypad provide hassle-free access to consumers and also enhance security and safety. The concept of RFID-based electronic locks are very similar to traditional locks and it uses a card or key fob to open a door. The technology finds application in various luxury apartments, government offices, residential properties, and in the industrial domain.

Technavios analysts forecast the global RFID lock market to grow at a CAGR of 16.71% during the period 2016-2020.

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Covered in this report
The report covers the present scenario and the growth prospects of the global RFID lock market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of RFID locks.

The market is divided into the following segments based on geography:
North America
APAC
Europe
ROW

Technavio's report, Global RFID Locks Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
ASSA ABLOY Hospitality
Dormakaba
MIWA Lock
Samsung

Other prominent vendors
Allegion
Godrej Locking Solutions and Systems
Hettich Hettlock
LockState
Onity (by United Technologies)
SALTO Systems

Market driver
Increasing demand for access control systems with near field communication (NFC) technology
For a full, detailed list, view our report

Market challenge
Threat of substitutes such as biometric and smart card
For a full, detailed list, view our report

Market trend
Growing demand for RFID-based furniture locks
For a full, detailed list, view our report

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Key questions answered in this report
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?

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This release was published on openPR.