North America RFID Locks Market

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.

North America RFID Locks Strategic Insights

Strategic insights for the North America RFID Locks provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America RFID Locks Report Scope

North America RFID Locks Regional Insights

The geographic scope of the North America RFID Locks refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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

• To understand the North America RFID locks market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for North America RFID locks market
• Efficiently plan M&A and partnership deals in North America RFID locks market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America RFID locks market
• Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.

NORTH AMERICA RFID LOCKS MARKET SEGMENTATION

By Access Devices

• Key Cards
• Mobile Phones
• Key Fobs

By

End-User

• Hospitality
• Residential
• Manufacturing
• Retail
• Automotive
• Aerospace & Defense
• Government & Public Utility
• Others

By Country

• US
• Canada
• Mexico

Company Profiles

• Assa Abloy AB
• Digilock (Security People, Inc.)
• Dormakaba Holding AG
• Onity Inc.
• Samsung Grou
• Senseon (Accuride International Inc.)