According to a new market report published by Transparency Market Research the global RFID locks market was valued at US$ 3,538.8 Mn in 2016 and is expected to expand at a CAGR of 16.9% from 2018 to 2026, reaching US$ 16,450.6 Mn by the end of the forecast period. According to the report, the global RFID locks market will continue to be influenced by a range of macro-economic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of about 19.1% throughout the forecast period.
Rising security concerns among customers is driving the market
The need for enhanced security solutions has grown with increase in property crime, burglaries, and home invasions in the past few years. Due to the rise in crime, customers have become more concerned and are willing to adopt and invest in the latest, high-level security solutions and services that are readily available in the market in order to keep their property and families protected and secured.
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According to the U.S. Department of Justice, in 2015, an estimated 8,000,000 property crime offenses were recorded in the U.S. As per the U.S. Federal Bureau of Investigation (FBI), in 2014, property crimes resulted in losses valued at an estimated US$ 22 Mn. Apart from burglaries, other crimes (sexual offences, kidnappings, and homicides) have also increased globally.
Thus, due to a rise in the need for security solutions, people are now looking for different and more reliable door security options, such as RFID locks apart from other alternative solutions such as CCTV cameras and electronic alarm sensors installed at gates and elsewhere in the premises. This in turn is supporting the growth of the RFID locks market.
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RFID locks Market: Scope of the Report
The report offers detailed segmentation based on access device, application, and region. With respect to access device, RFID locks that can be accessed via mobile phones are estimated to expand at a higher CAGR during the forecast period. Amongst the various applications, demand for RFID locks would be more from sectors such as residential, hospitality, governments, and IT enterprises. Currently, residential and hospitality industry holds more than 30% share of the total market and demand from these sectors is expected to grow during the forecast period due to rising urbanization in emerging countries. Small and medium businesses are anticipated to be the fastest growing segment across different industry verticals during the forecast period.
Large number of startups in the field of IT and ITeS across the world is expected to contribute to the global commercial end-use of RFID locks.
Global RFID locks Market: Competitive Dynamics
Enhanced security needs of customers driving adoption of security solutions across the world have encouraged many regional and global companies to extend their product portfolio across the world. Some of the major players in the global RFID locks market are Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd., AssaAbloy Group, Nestwell Technologies, United Technologies Corporation, Siemens AG, Vivint, Inc., Samsung Electronics Co Ltd., and dorma+kaba Holdings AG.