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.

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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.

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



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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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