A recent market report published by Persistence Market Research titled “Electronic Cylinder Lock Credentials Market: Global Industry Analysis 2014 – 2016 and Forecast 2017 – 2025,” presents detailed insights and a revised forecast of the global Electronic Cylinder Lock Credentials Market. According to the report, the global market was valued at US$ 380.2 Mn in 2017, and is expected to register a CAGR of 9.8% from 2017 to 2025. As per the assessment of Persistence Market Research, requirement for enhanced security in residential sector and robust growth of construction and real estate sectors are major factors driving growth of the global electronic cylinder lock credentials market.
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Builders of luxury housing projects use home security solution features as one of the major unique selling points for attracting affluent customer segments. Smart security and automation has become an important decision-making factor for purchasing any house or property by consumers. Builders also emphasize on enhanced personalized security facilities for increasing their sales figures. This, however, mainly targets the high-income group, which accounts for a very small share of the overall population. Expansion of IT and BFSI sectors is on the rise across the world. This is expected to create potential revenue opportunity for digital door lock security solution providers to establish and engage in business tie-ups with companies operating in these sectors.
Global Electronic Cylinder Lock Credentials Market: Segmentation and Forecast
Global electronic cylinder lock credentials market is categorized on the basis of product type, technology, end-user, and region. On the basis of product type, the market is segmented as Electronic Key (Contact based), RFID Key (Cards) and Key Fob & Badge. Electronic Key (Contact based) segment is anticipated to register a CAGR of 11.1% during the forecast period. The end-user segment is segmented into Commercial Sector and Residential Sector, 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 estimated to be valued at US$ 25.1 Mn in 2017 and is anticipated to touch a valuation of nearly US$ 60 Mn in 2025 and exhibit a CAGR of 11.1% during the period of forecast.
- The RFID key (cards) product type segment was estimated to be valued at nearly US$ 350 Mn in 2017 and is forecasted to reach a valuation of nearly US$ 710 Mn in 2025, displaying a CAGR of 9.3% during the period of assessment.
- The low frequency RFID technology segment was estimated to be valued at nearly US$ 330 Mn in 2017 and is anticipated to touch a value of nearly US$ 650 Mn in 2025, exhibiting a CAGR of 8.9% during the period of assessment.
- The residential sector in the end user category was estimated to be valued at nearly US$ 100 Mn in 2017 and is forecasted to touch a valuation of nearly US$ 210 Mn in the year 2025, displaying a CAGR of 10.3% during the period of forecast.
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This report also covers drivers, restraints and trends driving each segment and offers analysis and insights regarding the potential of end-point security market in regions including North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these regions, Europe accounted for the largest market share in 2016. Europe region is also expected to register a healthy market share of 35.9% in 2016.
Key competitors in electronic cylinder lock credentials market are: SimonsVoss Technologies GmbH, ASSA ABLOY, Salto Systems, S.L., Dormakaba Holding AG, iLOQ Limited, C.Ed. Schulte GmbH, WFE Technology Corp., AIT Ltd., and others. In the tier wise split of the companies the tier 1 companies account for more than 60% of the market, tier 2 companies account for 10% and tier 3 companies account for 30% of the market.
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