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The Asia Pacific RFID Locks Market would witness market growth of 15.9% CAGR during the forecast period (2018 - 2024). The growing interest for the latest solutions and technologies, to ensure high levels of security and automation has been a major factor for the growth of the market. Additionally, interoperability of multiple devices with seamless convergence leads to market growth.
The aforementioned factors would drive the RFID locks market during the forecast period. However, low IT literacy would limit the rapid adoption of the technology during the forecast period. However, innovations in technology, and the growing demand for security solutions in emerging economies especially in China, India, and in Southeast Asian countries would offer lucrative opportunities.
Based on the Access Device, the RFID Locks market is segmented into Key Cards, Wearables, and Mobile Phone & Others. The Applications highlighted in this report include Hospitality, Transportation & Logistics, BFSI & Retail, Automotive & Manufacturing, Residential, Government & Defense and Others. Based on Countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Samsung Electronics Co. Ltd, Nestwell Technologies, Honeywell International, Inc., Siemens AG, Assa Abloy Group, Dormakaba Holding AG, MIWA Lock Co, Dolphin RFID Pvt. Ltd., Salto Systems S.L. and Fortune Marketing Pvt Ltd.