The market for RFID locks is expected to grow at a CAGR of 16.9% during the forecast period 2018-2026. The market is expected to reach 16,450.6 Mn in 2026.
Albany, NY -- (SBWIRE) -- 09/14/2018 -- Rising preference for automation in security, interoperability between electronic devices, and ease of use owing to increasing smartphone penetration, remain the key driving factors of the growth in the RFID locks market. Concerns about increasing incidences of burglaries, property crime and home invasions has put further emphasis on the demand for RFID locks in the residential and renovation sectors. Revenues from the RFID lock market are estimated to reach a value of US$ 16,450.6 Mn at an impressive CAGR of 16.9% through 2026. Insights such as these have been extracted from the report titled "RFID Locks Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026" added recently to the massive repository of Market Research Reports Search Engine (MRRSE).
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RFID locks are expected to rise in demand, owing to increasing awareness and adoption of state-of-the-art security systems in developing countries in Southeast Asia such as China and India, displaying long-term benefits for market players. Low rates of literacy about information technology concepts coupled with prohibitory prices are key constraining factors for the RFID locks market particularly in the Asia Pacific and MEA regions.
North America, closely followed by Europe control the major market share in the RFID locks market, owing to the presence of key market players and the rise in demand for renovation, retrofitting, and construction of smart homes particularly in U.S, U.K., Germany, and France. Market players are focusing on strategic partnerships, acquisitions, and development of new products to gain competitive advantages.
RFID Locks Market: Report Summary
The report a complete regional and global analysis & forecast on the RFID locks market, in terms of value (US$ Mn) and Volume (Thousand Units), for the period of forecast 2018 to 2026. The impact of vital business dynamics such as social, political, economic and legal factors on the market scenario for RFID locks have been examined in the report.
A thorough value chain analysis on the RFID lock industry has been provided in the report, and competitive profiling of market is used to help in improved understanding of the competitive scenario including market positioning, business strategies, and SWOT analysis.
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RFID Locks Market: Research Methodology
Comprehensive discussions interviews, and expert panel reviews with various industry experts and opinion leaders were examined during the compilation of this report. Comprehensive primary and secondary research methodologies such as telephonic interviews, e-mail interactions, and face-to-face interviews, have helped in extracting reliable and relevant intelligence on the RFID lock market. Primary research represents bulk of the research efforts, which has been supplemented with an exhaustive secondary research.
Leaders and emerging players in the RFID lock market have been studied and relevant press releases, product literature, annual reports, and vital documents such from trade journals, and government websites have been made use of to extract accurate insights on competitor landscape and the market scenario. This approach employed has been tested and proven to be very reliable and successful in obtaining accurate data, identifying business opportunities, and extracting insights on key market players.
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