According to a new market research report published by Credence Research “RFID Electronic Locks Market (Access Device Type – Cards, Mobile Phones, Wearable and Key Fobs; End-user – Government & Defense, Corporates, Banking & Finance, Healthcare, Residential, Retail, Hospitality, Automotive and Others) Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global RFID electronic locks market was valued at US$ 3.25 Bn in 2017 and is set to demonstrate double digit CAGR across the forecast period through 2018 to 2026
Radio Frequency Identification (RFID) technology has emerged among the most promising technologies in personal identification and asset tracking. Developers actualized the innovation not only key in traditional applications such as asset or inventory tracking, but also in security services as door locking, furniture locking and other access controlling applications. Growing security concerns, aging infrastructure and inclination towards diminishing operating costs stimulating the adoption of RFID electronic locks across different end-users. Another major factor supporting market growth is consistent decrease in RFID electronic locks prices. Such locks are offered at charges as low as US$ 20, making them affordable for numerous applications. Moreover, superior advantages of RFID systems over other conventional locking systems would ensure robust demand for RFID electronic locks over the following years.
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Overall RFID electronic locks market segmented based on access device and end-user. By access device, market directed by the cards segment primarily due to its multiuse functionality. Contrast to older systems used a card as just standard key, advanced RFID electronic lock cards can be used as multifunctional tool. Such cards utilized as ID card, room key and also utilized for managing in-room vitality utilization and transaction of money. With widespread application area, segment expected to retain its dominating position throughout the forecast period. Based on the geography, Asia Pacific dominated the RFID electronic locks market globally in 2017. The market in the region firmly supported by the swiftly rising retail sector complemented by the presence of strong industrial, commercial, hospitality as well as transportation & logistics industry.
Another major factor stimulating the RFID electronic locks market is consistently rising retail sector globally. Worldwide number of shopping centers or malls continues to increase with promising rate. Retail environments are full of valuable assets, both on the shop floor and in the stock room. RFID electronic locks are all designed to permit access only to person or goods with the necessary authority to enter a particular area, ensuring that asset and people are protected. Considering the vital application of RFID electronic locks in overall safety & security, rising retail sector would ensure strong market growth across the forecast period. Moreover, flourishing commercial, industrial as well as government sector further generate need for effective security measures to evade information breach, maintain safe environment and avoid property invasions. Subsequently, RFID electronic locks market expected to register immense growth rate across the forecast period.
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