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Electronic cylinder lock credentials market

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Title: Electronic cylinder lock credentials market


1
Coherent market insightsMarket Research and
Business Consulting Services
https//www.coherentmarketinsights.com/market-insi
ght/electronic-cylinder-lock-credentials-market-33
79
2
Market Overview
  • Electronic keys refer to a digital encoded key
    that ensures high level of security. An
    electronic lock or electric lock is a locking
    device that operates by electric current. These
    locks are standalone devices with electronic
    assembly mounted directly to the lock. Moreover,
    these locks can be remotely monitored and
    controlled, to lock and unlock. An electronic fob
    is a type of smart security token with built-in
    authentication mechanism. Conventional fobs are
    developed using infrared technology and thus can
    be copied with help of programmable remote
    control. Therefore, it is less secure. 
    Furthermore, access card is a plastic card that
    contains chip encrypted data that can be read by
    an electronic lock when passed over it. These
    cards find application in offices, hotels,
    hospitals, commercial building, airports, etc.

3
  • The Global Electronic Cylinder Lock Credentials
    Market, By Product Type (Electronic Key (Contact
    based), RFID Key (Cards), Key Fob Badge), by
    Technology (Low Frequency RFID, High Frequency
    RFID (NFC) and Others), and By End-use
    (Commercial Sector, Residential Sector,
    Industrial Sector and Government) by Geography
    (North America, Europe, Asia Pacific, and Latin
    America, Middle East Africa) - Global Forecast
    to 2027, is expected to be valued at US 979.46
    million by 2027, witnessing a CAGR of 9.8
    during the forecast period (2019-2027), as
    highlighted in a report published by Coherent
    Market Insights.

4
Market Dynamics- Drivers
  • High growth of construction and real estate
    industries is expected to drive growth of the
    global electronic cylinder lock credentials
    market during the forecast period
  • Robust growth of real estate and construction
    sectors has increased the adoption of electronic
    cylinder lock significantly. Real estate
    developers are focused on providing high-end
    security solutions in buildings as their unique
    selling point, in order to attract potential
    customers. For instance, according to Coherent
    Market Insights analysis, the global
    construction market is expected to register a
    CAGR of 60 by 2020. This, in turn, is expected
    to boost the demand for electronic cylinder lock
    credentials and thereby boost the market growth
    in the near future.

5
  • Increasing demand for enhanced security solutions
    in residential sector is expected to propel the
    global electronic cylinder lock credentials
    market growth over the forecast period
  • Increasing incidences of property crimes,
    burglaries, and home invasions in the recent past
    have increased the demand for advanced home
    security solutions. Moreover, growing awareness
    regarding enhanced security solutions and
    increasing concern regarding safety of their
    property and family have increased the adoption
    of high-end security solutions that are readily
    available in the market. Hence, increasing demand
    for enhanced security solutions is expected to
    support the market growth over the forecast
    period.
  • .

6
  • Europe region dominated the global electronic
    cylinder lock credentials market in 2019,
    accounted for 34.1 share in terms of value,
    followed by Asia Pacific, North America,
    respectively

7
Market Dynamics- Restraints
  • High initial installation cost of security
    systems is expected to restrain growth of the
    global electronic cylinder lock credentials
    market over the forecast period
  • Initial cost of electronic locks is significantly
    higher than mechanical locks. The global digital
    door lock systems market is dominated by a few
    established brands that offer reliable and better
    security assurance. These factors are expected to
    hinder its adoption and thereby restrain the
    global electronic cylinder lock credentials
    market growth over the forecast period.

8
  • Low literacy of IT applications hampering
    large-scale adoption and is expected to hinder
    the global electronic cylinder locks credentials
    market growth over the forecast period
  • Although global awareness regarding benefits of
    electronic locks is increasing, they have little
    to no knowledge regarding latest equipment and
    reliable companies that offer satisfactory
    services. Low IT literacy among population in
    emerging economies is a major factor hindering
    adoption of electronic cylinder lock. IT literacy
    is essential in choosing best product according
    to need and available options. Furthermore, low
    proliferation of high-speed internet and limited
    IT interaction globally have resulted in limited
    awareness related to electronic locks, which in
    turn, is expected to hamper the market growth
    over the forecast period.

9
Market Opportunities
  • Increasing expansion of IT and BFSI sector is
    expected to pose lucrative business opportunity
  • Growing expansion of BFSI and IT sector is
    expected to increase the adoption of digital door
    lock security solutions. This, in turn, will
    present lucrative business opportunities for
    market players, in order to capitalize on
    untapped market. Certain emerging regions such as
    Latin America has low adoption of electronic door
    lock systems. Consumers can offer novel and
    affordable products, in order to expand their
    revenue generation and gain competitive edge in
    the market.

10
  • Increased expenditure capacity in developed
    regions is expected to present significant growth
    opportunity
  • Better living standards, high purchase parity,
    and a sense of awareness towards security and
    safety have increased the adoption of electronic
    cylinder locks. Consumers are demanding novel
    security solutions with incorporation high-end
    technology, which in turn, is expected to pose
    lucrative business opportunity for market players
    over the forecast period.

11
  • Increased expenditure capacity in developed
    regions is expected to present significant growth
    opportunity

12
Market Trends
  • Advent of smart homes and gadgets is expected to
    boost the demand for electronic lock systems
  • Introduction of smart homes and gadgets in the
    recent past has increased the demand for
    electronic lock systems. This is owing to
    increasing use of smartphones and tablets.
    Residential security has become a major concern
    of people, thus they are adopting smart security
    solutions for their homes. Furthermore, smart
    home applications include electronic locks,
    sensors, security alarms, and cameras with other
    features such as extensive control over climate
    controls, self-powered lighting, fire alarms, and
    power management. Moreover, consumers are
    preferring advanced security features that can be
    integrated with smart home applications.

13
  • Growing adoption of lavish and luxurious
    lifestyle is expected to accelerate the demand
    for electronic door locks
  • High-end security solutions are a fundamental
    part of luxurious housing projects, which works
    as a selling point for project owners. Smart
    security and automation have become an important
    decision-making factor for purchasing any house
    or property by consumers. Furthermore, builders
    are focused on enhanced personalized security
    facilities for increasing their sales figures.
    However, such projects only target high-income
    group and hence accounts for a very small share
    of the overall population.

14
Segment Information
  • RFID Key (Cards) sub-segment dominated the global
    electronic cylinder lock credentials market in
    2019, accounted for 89.1 share in terms of
    value, followed by Electronic Key (Contact
    based), and Key Fob Badge sub-segment,
    respectively.

15
Value Chain Analysis
16
Competitive Section
  • Key companies operating in the global electronic
    cylinder lock credentials market are iLOQ
    Limited, SimonsVoss Technologies GmbH, AIT Ltd.
    (Altman Integrated Technologies Limited), ASSA
    ABLOY, WFE Technology Corp., Salto Systems, S.L,
    CES Group, Legrand, and Kaba Group.

17
Key Developments
  • Major market players are focused on partnerships
    and collaborations, in order to gain competitive
    edge in the market. For instance, in June 2017,
    SimonsVoss Technologies partnered with Axis
    Communications to introduce fully integrated,
    IP-based digital locking and access control
    system.
  • Key players in the market are focused on mergers
    and acquisitions, in order to enhance their
    market presence. For instance, in November 2018,
    Legrand, a provider of switches and sockets,
    acquired Netatmo, a France-based manufacturer of
    smart home devices.   

18
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  • Talk to Analyst
  • https//www.coherentmarketinsights.com/market-insi
    ght/electronic-cylinder-lock-credentials-market-33
    79

19
About Us
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    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
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20
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