Market Introduction
The South 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 South America region constitutes developed economies such as Brazil, Argentina, Chile, Colombia, and Peru as a developing nation. The inclination towards procurement of electromechanical products over traditional locking systems has increased drastically; and is expected to continue and give various growth opportunities to the user of smart locking system. Ergonomic design, well-suited design, ADA compliant, universal, and adaptability are some of the features provided by the RFID locks which makes their adoption more among industries, especially hotels. Brazil’s hospitality industry is a combination of both international and domestic brands. And growth of international hotel brands is high in comparison to domestic brands. Additionally, in 2019 end, the country had approximately 150 hotels which were in the phase of construction. Growing hospitality sector and presence of both domestic & international brands in Brazil will influence the growth of adoption of access solutions including RFID locks. Argentina is another important country that is driving the adoption of RFID locks. With the rise in urbanization in the country, a fair percentage of the population of Argentina is shifting toward urban localities and as need for security is becoming crucial in buildings including residential infrastructure due to urbanization, the demand for RFID locks is expected to increase. This is likely to drive the RFID locks market in South America during the forecast period.
Market Overview and Dynamics
The RFID locks market in South America is expected to grow from US$ 265.60 Mn in 2019 to US$ 455.96 Mn by 2027; it is estimated to grow at a CAGR of 7.5 % from 2020 to 2027. Urbanization is showcasing an upward trend due to growing population and rising rural to urban migration across the world. The growth rate of urban population is higher in less-developed countries than more-developed countries. The migration of people demands new workplaces, housing, and stores, which drives the requirement for security and access solutions in buildings to prevent unauthorized entry. With that said, smart locking systems are being increasingly installed in apartments, houses, warehouses, office buildings, hotels, and many other places. Further, the development of touchpad digital locks, fingerprint locks, RFID cards, and other smart locks offers added convenience to users, as there is no need to memorize the password or carry a key. The growth in access security solutions is evident in residential and commercial sectors where the potential of adopting connectivity is increasing, which is driving the demand for smart home security products, such as connected locks.
Key Market Segments
Based on access devices, the key cards segment accounted for the largest share of the South America RFID locks market in 2019. Based on end-user, the hospitality segment held a larger market share of the South 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 South 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, Dormakaba Group, Euro-Locks SA NV, Onity Inc. and Samsung Group.
Reasons to buy report
SOUTH AMERICA RFID LOCKS MARKET SEGMENTATION
By Access Devices
By End-User
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 265.60 Million |
| Market Size by 2027 | US$ 455.96 Million |
| CAGR (2020 - 2027) | 7.5 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Access Device
|
|
Regions and Countries Covered
|
|
| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
|
The South America RFID Locks Market is valued at US$ 265.60 Million in 2019, it is projected to reach US$ 455.96 Million by 2027.
As per our report South America RFID Locks Market, the market size is valued at US$ 265.60 Million in 2019, projecting it to reach US$ 455.96 Million by 2027. This translates to a CAGR of approximately 7.5 % during the forecast period.
The South 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 South America RFID Locks Market report:
The South America RFID Locks Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America RFID Locks Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America RFID Locks Market value chain can benefit from the information contained in a comprehensive market report.
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