RFID Locks – Market Drivers and Forecast from Technavio
Technavio analysts forecast the global RFID lock marketto grow at a CAGR of nearly 17% during the forecast period, according to their latest report.
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Manufacturers of RFID locks are continuously innovating their products to cater to the evolving customer demands. Accessibility of RFID locks with smart phones is the latest technology in this market space, providing enhanced user experience. Because of innovations like this, the global RFID lock market is expected to reach a market value of USD 1.1 billion, at a CAGR of almost 17%.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global RFID market:
- Growing construction industry in APAC
- Increasing demand for access control systems with NFC technology
- Growing hospitality industry
Growing construction industry in APAC
“Countries in APAC are rapidly developing with high rates of urbanization. An increasing percent of population is opting to migrate to urban areas, creating a demand for rapid urban infrastructure development. This blooming construction industry in APAC is expected to drive the RFID lock market,” says Abhay Sinha, one of the lead market research analysts at Technavio.
The construction market in APAC is driven by China. The market in the region was valued at USD 1,574 billion in 2015, and is forecast to reach USD 2,791 billion by 2020. It is projected that 60% of the total Chinese population will reside in urban areas by 2020. Similarly, a majority of the population from India, Vietnam, and Singapore will also be residing in urban areas. With the global population heading towards technologically advanced solutions, there will be a high demand for RFID locks in the region.
Increasing demand for access control systems with NFC technology
Near field communication (NFC) is an RFID based short range wireless technology, made specially for smart devices. This technology enables connecting two devices equipped with NFC when they are brought within close proximity of one another. NFC chips are embedded into smart phones with help of card emulation technology. This technology finds applications mainly in payment and ticketing.
It can also be utilized for connection handovers such as set-up of wireless technologies like Bluetooth and Wi-Fi when there is a requirement for additional bandwidth. The basic intent behind connection handovers is to unlock Bluetooth-enabled doors or RFID locks with the touch of a tag. This application can be used in the hospitality sector by providing guests with an encrypted room key and room number on their mobile devices, which will enable them to bypass the check-in process. This technology will bring in significant revenue for the RFID locks market.
Growing hospitality industry
“The hospitality sector is swiftly growing at a CAGR of over 11% through 2020. This sector includes hotel chains, restaurants, fast food joints, amusement and theme parks, and the entertainment industry. This industry is witnessing transformation to keep up with the technologically advanced offerings that the customers of this segment demand,” says Abhay.
Vendors, especially ones in the hotel and restaurant businesses, have increased pressure to reinvent themselves to create a unique identity, gain a competitive edge in the market, and create enhanced customer experience. They are incorporating advanced technologies into their businesses and have started deploying electronic locks in place of traditional locks. The technology advances RFID-based electronic locks offer enhanced customer experience and security.
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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