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The global radio-frequency identification (RFID) lock market is anticipated to grow rapidly and will post a CAGR of close to 17% during the forecast period. The increasing demand for access control systems with near field communication (NFC) technology will drive the growth prospects for the global RFID lock market in the forthcoming years. NFC is a short-range wireless technology, which is based on RFID and is designed especially for mobile devices such as smartphones. The connection between two NFC-enabled devices is established by bringing the devices in close proximity. One of the major factors responsible for the increasing popularity of NFC is its ability to integrate smart cards into mobile phones with the help of card emulation. In addition, this technology can be used in applications such as payment and ticketing. Moreover, NFC technology can be used for the connection handover functionality, where NFC compatible devices can unlock the Bluetooth-enabled door or RFID lock with the mobile phone or by touching a tag. In addition, NFC technology enables RFID communication between electronic locks with the help of NFC-ready mobile devices. With the help of this technology, guests can the bypass check-in process.
The growing demand for RFID-based furniture locks will drive the growth prospects for the global radio-frequency identification lock market until the end of 2020. One of the major factors responsible for the growing popularity of RFID-based furniture locks is its capability to combine different functions in one chip. Also, these chips can be integrated into an employee’s badge to get control access privileges. Furthermore, these chips in badges, transponders, or bracelets allow employees to enter the company departments using contact-free transmission.
The global RFID lock market is highly fragmented and competitive due to the presence of a vast number of big and mid-sized players. It has been observed that these vendors are increasingly focusing on acquiring local players to expand their businesses and market size. In addition, these vendors are adopting new technologies to strengthen their competitiveness in the market. Moreover, to sustain the intense competitive environment, vendors are compelled to differentiate their products based on battery life. Some of the factors such as intense competition, rapid advances in technology, and changes in consumer preferences challenge these vendors.
Key vendors in this market are -
Other prominent vendors in the market include Allegion, Godrej Locking Solutions and Systems, Hettich Hettlock, LockState, Onity, and SALTO Systems.
In terms of geography, North America accounted for the maximum market share during 2015 and will continue to dominate the market for the next few years. One of the major factors responsible for the market segment’s growth is the increasing demand for this technology from the residential sector.
Growth drivers, challenges, and upcoming trends: Integration of RFID locks with mobile access solution
One of the major factors responsible for the popularity of mobile connectivity is the growing opportunity for hotels to increase their brand loyalty by offering easy to use mobile access solutions.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the global radio-frequency identification (RFID) lock market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth. Key questions answered in the report include
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: RFID technology landscape
PART 06: Market landscape
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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