Electronic Cylinder Lock Credentials Market Worth US$ 740.4M by 2024

(Newswire.net — June 19, 2017) New York City, New York — Residential settings spanned across the globe are stepping up their security measures to eliminate futile headaches caused by burglars and other miscreants. While advanced technology has simplified tracking of thieves, associations of residential communities are also adopting measures to avoid thefts in the first place. This has surged the global demand for electronic cylinder lock credentials. A latest study published by Persistence Market Research reveals that in 2016, the global market for electronic cylinder lock credentials was worth a little over US$ 350 Mn.

According to Persistence Market Research, the demand for electronic cylinder lock credentials is expected to gain traction in the years to come. The study reveals that the global electronic cylinder lock credentials market witnessed a 10% rise in terms of revenues in 2016 over 2015. The research report further disclosed that low frequency RFID will remain the largest technology segment in the market, contributing to global revenues worth over US$ 270 million in 2015, and closing in on US$ 300 million by 2016-end.

A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/11389

Booming real estate and construction sectors across developed & developing countries are also attributing to the growing demand for electronic cylinder lock credentials. The market’s growth is fuelled by construction standards and residential activities that make electronic cylinder lock credentials a must-have. Moreover, rising income of residents is softening the burden of expensive electronic cylinder locks.

In Europe, the electronic cylinder lock credentials market is becoming increasingly competitive as large number of leading players are offering home security solutions. In 2016, the Europe electronic cylinder lock credential market accounted for close to 36% of global revenues, making it the largest revenue contributor in the global market. The report also projects that North America will be observed as the second-largest electronic cylinder lock credential market in the world. With an 8.4% y-o-y growth, the electronic cylinder lock credential market’s value in North America reached US$ 89.8 million in 2016 over 2015.

The report also highlights dominance of RFID key cards as products available in the global electronic cylinder lock credentials market. Cost-effectiveness, easy deployment and an enabled Bluetooth access feature make RFID key cards the largest product in the market. Demand for electronic key cards (contact based), on the other hand, will witness rampant growth as their use in commercial, industrial, residential and government sectors is on a rise.

Low frequency RFID technology is expected to remain the largest technology, leading in terms of contribution to global revenues through 2024. The global market for electronic cylinder lock credentials will also witness highest growth in demand for high frequency RFID technology. Consumers are also shifting towards adoption of high frequency RFID (NFC) locks as these locks accessible remotely through the use of NFC technology.

View Report Table of Contents, Figures, and Tables @ http://www.persistencemarketresearch.com/market-research/electronic-cylinder-lock-credentials-market/toc

AIT Ltd., CES Group, Salto Systems, S.L, etc are key market players focused at reducing operation costs without hampering production quality. The global electronic cylinder lock credential market has also witness strategic expansion through collaboration or mergers, which involve companies such as ASSA ABLOY and SimonsVoss Technologies.

Long-term Outlook: PMR projects that the global electronic cylinder locks credentials market will incur a healthy rise in revenues at 9.8% CAGR during forecast period 2016–2024, reach US$ 740.4 million by 2024-end.