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Market Insight- Global Electronic Cylinder Lock Credentials Market

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.

The global electronic cylinder lock credentials market was valued at US$ 473.86 Mn in 2019.

Market Dynamics- Drivers

  1. 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 Insight’s 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.

  1. 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.

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

Electronic Cylinder Lock Credentials  | Coherent Market Insights

 Source: Coherent Market Insights

Market Dynamics- Restraints

  1. 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.

  1. 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.

Market Opportunities

  1. 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.

  1. 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.

Electronic Cylinder Lock Credentials  | Coherent Market Insights

Source: Coherent Market Insights

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.

Electronic Cylinder Lock Credentials  | Coherent Market Insights

Source: Coherent Market Insights

Market Trends

  1. 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.

  1. 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.

Regulations

Europe

The European Federation of Associations of Lock and Builders Hardware Manufacturers (ARGE) have produced guidelines in 2011 in order to achieve uniform interpretation in European countries. According to the situation and type of risk to be prevented, the specifier makes the decision of choices. The guidelines cover building materials which are intended to be installed on doors and some are given below:

  • EN 1154 Controlled doors and closing devices: BS EN 1154 classifies door closers using a 6 digit coding system. Each digit refers to a particular feature of the product measured against the standard's performance requirements.
  • EN 1155 electrically powered hold open devices for swing doors: BS EN 1155 classifies electrically powered door closers under a six digit coding system
  • CEN/TR15894 : Building hardware door fittings for use by children, elderly disabled people

EN14637: Electrically controlled hold-open systems for fire/smoke door assemblies – requirement, test methods, application and maintenance.

Value Chain Analysis

Electronic Cylinder Lock Credentials  | Coherent Market Insights

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.

Key Developments

  1. 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.   

Electronic cylinder lock are high security locks which are used for enhanced security in residential, commercial, & Industrial sectors. 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. Moreover, an electronic key is a digitally encoded key that provides assurance of high-level security. Electronic fob is a type of smart security token that comprises an in-built authentication mechanism. These are typically used in condominium buildings and apartment buildings and for access to common areas such as lobby doors and storage areas.

Market Dynamics

The market for electronic cylinder lock credential is expected to grow substantially, owing to high growth in real estate and construction sectors which has increased the adoption of electronic cylinder lock significantly. As, the 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 Insight’s 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. Moreover, growing concern among the people regarding safety and security of their property and family has positivity impacted the market as increasing incidences of property crimes, burglaries, and home invasions in the recent past have increased the demand for advanced home security solutions.

Market Taxonomy

This report segments the global electronic cylinder lock credentials market on the basis of product type the market is segmented into, Electronic Key (Contact based), RFID Key (Cards) and Key Fob & Badge. On the basis of technology, the global electronic cylinder lock credentials market is segmented into, Low Frequency RFID, High Frequency RFID (NFC) and others. On the basis of End-use, the market is segmented into Commercial, Residential, Industrial and Government.

Key features of the study:

  • This report provides an in-depth analysis of the global electronic cylinder lock credentials market and provides market size (US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2019 – 2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global electronic cylinder lock credentials market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key players operating in the global electronic cylinder lock credentials 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.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global electronic cylinder lock credentials market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global electronic cylinder lock credentials market.

Detailed Segmentation:

  • Global Electronic Cylinder Lock Credentials Market, By Product Type:
    • Electronic Key (Contact based)
    • RFID Key (Cards)
    • Key Fob & Badge
  • Global Electronic Cylinder Lock Credentials Market, By Technology:
    • Low Frequency RFID
    • High Frequency RFID (NFC)
    • Others
  • Global Electronic Cylinder Lock Credentials Market, By End-use:
    • Commercial
    • Residential
    • Industrial
    • Government
  • Company Profiles (Bicycle Manufacturer)
    • iLOQ Limited *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • SimonsVoss Technologies GmbH
    • AIT Ltd. (Altman Integrated Technologies Limited)
    • ASSA ABLOY
    • WFE Technology Corp
    • Salto Systems, S.L
    • CES Group
    • Legrand
    • Kaba Group
    • Avon Cycles Ltd

*Browse all the market data tables and figures on "Global Electronic Cylinder Lock Credentials Market - Forecast to 2027”

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Technology
      • Market Snippet, By End-use
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New system Launch/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
  4. Global Electronic Cylinder Lock Credentials Market, By Product Type, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Electronic Key (Contact based)
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • RFID Key (Cards)
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Key Fob & Badge
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  5. Global Electronic Cylinder Lock Credentials Market, By Technology, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Low Frequency RFID
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • High Frequency RFID (NFC)
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  6. Global Electronic Cylinder Lock Credentials Market, By End-use, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Commercial
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Residential
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Industrial
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Government
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  7. Global Electronic Cylinder Lock Credentials Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-use, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Israel
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles (Bicycle Manufacturers)
      • iLOQ Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SimonsVoss Technologies GmbH
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • AIT Ltd. (Altman Integrated Technologies Limited)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ASSA ABLOY
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • WFE Technology Corp
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Salto Systems, S.L
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • CES Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Legrand
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Kaba Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on "Electronic Cylinder Lock Credentials Market - Global forecast to 2027”.

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