Increased Demand for Access Control with NFC technology Leads the Global RFID Lock Market to Grow at a Strong CAGR of 16.71% by 2020

The report 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.

Albany, NY, January 07, 2017 --( Currently, RFID technologies are gaining attention worldwide from multiple sectors, specifically in hospitality where property owners are hitching the technology in providing enhanced customer experience. Thus, the market is set for rapid expansion, states a newly added market study published to the online repository of Market Research Hub (MRH), titled as “Global RFID Lock Market 2016-2020.” This study focuses on the global market by covering some of the key regions such as North America, Europe, APAC and Rest of the world. Recently, analysts have estimated the global market of RFID lock to grow at a CAGR of 16.71% during the period 2016-2020.

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Firstly, the report briefly describes the market overview of RFID locks along with its introduction, landscape, components, RFID systems supply & value chain as well as regulations and policies. RFID or radio-frequency identification locks are now offered as the most up to date modern technology. The advent of electronic locks with technologies like radio-frequency integrated circuit (RFIC), biometric and keypad provides hassle-free access to consumers and also boosts security and safety.

It is well known that door locks are the first thing in the hotel room a customer interrelates with. With the concept of RFID-based electronic locks, the safety measures become stronger as it uses a card or key fob to open a door. As, a result, property owners are gradually investing in enhancing the aesthetics of their property.

Furthermore, the report studies that growing demand for access control systems with near field communication (NFC) technology that will fuel the market growth in the coming years. Also, it has the ability to integrate smart cards into smart phones with the help of emulation, which is one of the major factors for the market growth.

For a comprehensive study in the next section, the report presents a detailed market segmentation of global RFID locks market on the basis of geography. Through the regional analysis of above-mentioned regions, at present North America has accounted for the extreme market share and it will also remain same as well for the next few years. Also, with the growth in the construction industry in the APAC region, the market of RFID locking will also be developed positively.

Moving further, the report highlights some of the major trends in the global market such as:

Emergence of smart locks by technology like BLE, NFC and RFID
Integration of RFID locks with mobile access solution
Growing demand for RFID-based furniture locks

Apart from that, there are several market challenges which have been discussed in the report that includes slow adoption rate of these RFID locks because end users are still unwilling to adopt them due to its high cost. Also, the threat of alternatives such as a biometric & smart card is also one of the major challenges for the market.

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Key vendors mentioned in the report are-

ASSA ABLOY Hospitality

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