A recent market report published by Persistence Market Research presents detailed insights and revised forecasts for the global Electronic Cylinder Lock Credentials Market and is projected to register a CAGR of 9.8% until 2025. According to Persistence Market Research’s assessment, the requirements for increased security are: Strong growth in the residential sector as well as in the construction and real estate sectors are key factors driving the growth of the global Electronic Cylinder Lock Credentials market.
Builders of luxury home projects use home security solution capabilities as one of their key unique selling points to attract affluent customer segments. Smart security and automation have become important decision-making factors for consumers when purchasing a home or property. Builders also emphasize enhanced personalized security facilities to increase sales.
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However, it mainly targets high-income people who make up a very small percentage of the total population. Expansion in the IT and BFSI sector is increasing worldwide. This is expected to create potential revenue opportunities for digital door lock security solution providers to establish and engage in business alliances with companies operating in this sector.
Global Electronic Cylinder Lock Credentials Market: Segmentation and Forecast
The global electronic cylinder lock credential market is segmented on the basis of product type, technology, end user, and region. Based on product type, the market is segmented into electronic keys (contact-based), RFID keys (cards), and key fobs and badges. The electronic key (contact-based) segment is expected to register a CAGR of 11.1% during the forecast period. The end-user segment is segmented into commercial and residential segments, industrial sector and government. The Technology segment is segmented into Low Frequency RFID, High Frequency RFID (NFC), and Others.
The Electronic Key (contact-based) product type segment was valued at USD 25.1 million in 2017 and is expected to reach a value of nearly USD 60 million by 2025, representing a CAGR of 11.1% over the forecast period.
The RFID Key (card) product type segment was valued at nearly $350 million USD in 2017 and is projected to be valued at nearly $710 million USD in 2025, representing a CAGR of 9.3% during the assessment period.
The Low Frequency RFID Technology segment was valued at nearly US$330 million in 2017 and is expected to reach nearly US$650 million by 2025, representing a CAGR of 8.9% during the valuation period.
The residential segment in the end-user category was valued at nearly USD 100 million in 2017 and is projected to reach nearly USD 210 million by 2025, representing a CAGR of 10.3% over the forecast period. .
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Regional Forecast
The report also covers the drivers, restraints, and trends driving each segment and provides analysis and insights on the potential of the Endpoint Security market in regions including North America, Latin America, Europe, Asia Pacific, Middle East & Africa. Among these regions, Europe held the largest market share in 2016. Europe is also expected to have a healthy 35.9% market share in 2016.
Competitive Landscape
The main competitors in the electronic cylinder lock credential market are SimonsVoss Technologies GmbH, ASSA ABLOY, Salto Systems, SL, Dormakaba Holding AG, iLOQ Limited, C.Ed. Schulte GmbH, WFE Technology Corp., AIT Ltd. and others. In the tiered segmentation of companies, Tier 1 companies account for more than 60% of the market, Tier 2 companies 10%, and Tier 3 companies 30% of the market.
Market Classification
Electronic keys by product type
(contact-based)
RFID keys (cards)
Key fobs and badges
By Technology
Low Frequency RFID
High Frequency RFID (NFC)
Others
By End User
Commercial
Residential Sector
Industrial Sector
Government
By Region
North America
Latin America
APAC
Europe
Middle East & Africa
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