Albany, NY -- (SBWIRE) -- 10/05/2018 -- The need for enhanced security solutions has grown with increase in property crime, burglaries, and home invasions in the past few years. Due to the rise in crime, customers have become more concerned and are willing to adopt and invest in the latest, high-level security solutions and services that are readily available in the market in order to keep their property and families protected and secured. According to the U.S. Department of Justice, in 2015, an estimated 8,000,000 property crime offenses were recorded in the U.S. As per the U.S. Federal Bureau of Investigation (FBI), in 2014, property crimes resulted in losses valued at an estimated US$ 22 Mn. Apart from burglaries, other crimes (sexual offences, kidnappings, and homicides) have also increased globally.

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Thus, due to a rise in the need for security solutions, people are now looking for different and more reliable door security options, such as RFID locks apart from other alternative solutions such as CCTV cameras and electronic alarm sensors installed at gates and elsewhere in the premises. This in turn is supporting the growth of the RFID locks market.

The report offers detailed segmentation based on access device, application, and region. With respect to access device, RFID locks that can be accessed via mobile phones are estimated to expand at a higher CAGR during the forecast period. Amongst the various applications, demand for RFID locks would be more from sectors such as residential, hospitality, governments, and IT enterprises. Currently, residential and hospitality industry holds more than 30% share of the total market and demand from these sectors is expected to grow during the forecast period due to rising urbanization in emerging countries. Small and medium businesses are anticipated to be the fastest growing segment across different industry verticals during the forecast period.

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Enhanced security needs of customers driving adoption of security solutions across the world have encouraged many regional and global companies to extend their product portfolio across the world. Some of the major players in the global RFID locks market are Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd., AssaAbloy Group, Nestwell Technologies, United Technologies Corporation, Siemens AG, Vivint, Inc., Samsung Electronics Co Ltd., and dorma+kaba Holdings AG.