Electronic cylinder lock credentials market

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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.

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• 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.

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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.

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• 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.
• .

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• 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

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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.

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• 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.

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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.

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• 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.

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

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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.

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• 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.

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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.

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Value Chain Analysis
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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.

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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.   

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