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Global RFID Lock Market to Grow at a CAGR of 16.71% During the Period 2016 - 2020; Finds New Report

Market Research Reports, Inc. has announced the addition of “Global RFID Lock Market 2016 - 2020” research report to their website


Lewes, DE -- (SBWIRE) -- 01/17/2017 -- Report forecast the global RFID lock market to grow at a CAGR of 16.71% during the period 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 Also, the traditional form of locks with the key is outdated.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.

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
- Europe

According to the report, countries in APAC are currently witnessing a large-scale migration of the population from rural to urban areas. The urban population in China in 2015 accounted for 56% of the total population. This is expected to further increase during the forecast period; China's urban population will comprise 60% of the total population of the country by 2020. Similarly, India's urban population is growing at an average rate of 2.5% per annum, whereas Vietnam recorded an average urban population growth rate of 3.1% per annum. With an increase in urban population, problems such as traffic congestion, shortage of housing, and increasing passenger traffic are creeping into urban cities of APAC. To cater to the needs of such a large urban population, APAC countries are extensively focusing on urban development. The government of India has planned an investment of $650 billion during the next 20 years for development of the urban infrastructure in the country, whereas the Chinese government plans to invest over $1 trillion in urban infrastructure projects by 2030

Further, the report states that the upgrade cost or fresh installation of RFID locks increases the overall cost of existing business models. The commoditization of RFID technology has brought down the prices of RFID locks, but end-users are still reluctant to adopt these technologically advanced RFID locks. Manufacturers of RFID locks are differentiating their products on the basis of integration of RFID lock with technologies like NFC compatible, ZigBee, and Wi-Fi. The RFID locks integrated with such technologies increase the overall replacement price of locks. Hence, end-users are reluctant to deploy advanced RFID locks due to high costs.

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 players in the global RFID lock market: ASSA ABLOY Hospitality, dormakaba, MIWA Lock, and Samsung

Other Prominent Vendors in the market are: Allegion, Godrej Locking Solutions and Systems, Hettich Hettlock, LockState, Onity, and 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

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?

Spanning over 62 pages and 36 Exhibits "Global RFID Lock Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, RFID technology landscape, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.

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