Market Introduction
The North America RFID locks market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. The North American region constitutes developed economies such as US, Canada, and Mexico as a developing nation. Increasing investments in both residential and nonresidential infrastructures, the demand for efficient and convenient access control solutions is booming. In respect to development in residential sector of the US, companies such as dormakaba group have witnessed an up-surging trend of smart residential. Also, new construction in the US is expanding at a rapid pace due to new construction in southern part & west coast of the US and commence of large construction backlog. In the US, an increase in adoption of electromechanical locking systems throughout diversified markets has also been witnessed. Furthermore, as per projections by the United Nations, millennial population residing in urban localities/cities would increase by 2.5 billion by 2050 globally. With continuously growing population, demand for new buildings is increasing rapidly, which is further escalating the adoption of improved security solutions such as RFID locks. Other factor which will help in supporting the growth of access & security products is growing average life expectancy of individuals is growing as a result private homes and institutions will require barrier-free solutions permitting senior citizens to easily move from room to room.
Market Overview and Dynamics
The RFID locks market in North America is expected to grow from US$ 802.93 Mn in 2019 to US$ 1,654.37 Mn by 2027; it is estimated to grow at a CAGR of 10.2% from 2020 to 2027. The rising number of hotels are propelling the need for advanced access technology—such as mobile access service. Furthermore, elevation in hotel room security by using Bluetooth Low Energy upgrade module or smart locks is becoming a crucial element in hospitality as it helps hotels provide property with streamlined check-in benefit. The rising demand from hotel owners is encouraging the access control systems manufacturers and tech giants to work together to develop smart door locks for hotels and other buildings included under hospitality industry. Various hoteliers are preferring contactless RFID cards over old magnetic keycards to offer enhanced guest experience. The use of RFID cards and locks is less cumbersome and enables faster room entry. RFID locks work with different access credentials such as wristbands, mobile devices, and key fobs, thereby promoting its use among hoteliers. In addition, updates in digital key prevent the use of expensive plastic keycards. The minimum use of single-use plastic cards in the long term helps hotels cut down their operating costs and carbon footprint. Therefore, improved guest satisfaction and lesser operating costs and carbon footprints are among the benefits offered by RFID locks, which, in turn, drive the demand for RFID locks in the hospitality sector across North America.
Key Market Segments
Based on access devices, the key cards segment accounted for the largest share of the North America RFID locks market in 2019. Based on end-user, the hospitality segment held a larger market share of the North America RFID locks market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America RFID locks market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are include Assa Abloy AB, Digilock (Security People, Inc.), Dormakaba Holding AG, Onity Inc., Samsung Group, and Senseon (Accuride International Inc.)
Reasons to buy report
NORTH AMERICA RFID LOCKS MARKET SEGMENTATION
By Access Devices
By End-User
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 802.93 Million |
| Market Size by 2027 | US$ 1,654.37 Million |
| CAGR (2020 - 2027) | 10.2% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Access Device
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America RFID Locks Market is valued at US$ 802.93 Million in 2019, it is projected to reach US$ 1,654.37 Million by 2027.
As per our report North America RFID Locks Market, the market size is valued at US$ 802.93 Million in 2019, projecting it to reach US$ 1,654.37 Million by 2027. This translates to a CAGR of approximately 10.2% during the forecast period.
The North America RFID Locks Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America RFID Locks Market report:
The North America RFID Locks Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America RFID Locks Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America RFID Locks Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America RFID Locks Market
