South America RFID Locks Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Access Device, End-User

The South America RFID locks market is expected to grow from US$ 265.60 million in 2019 to US$ 455.96 million by 2027; it is estimated to grow at a CAGR of 7.5% from 2020 to 2027. Technological innovations, strong economy, and emerging technologies facilitates development of latest & convenient solutions for the end users. The advent of AI is encouraging companies to work on data-driven approaches and develop products accordingly. Further, the emergence of AI is expected to create lucrative benefits for RFID locks as well. For instance, ONFACE Co., Ltd. uses AI in RFID locks to offer easy, safe, and convenient locks for users. The company’s AI Face Recognition Doorlock ONFACE-D3 is equipped with facial recognition function technology for closing or opening doors to an authorized user. The locking system offers various features such as emergency power supply function, electrical shock, durability fire preparation function, multi-aware function, face recognition in the dark, RFID card reader function, and mechanical emergency key function. Therefore, the developments in door locks with face recognition technology using AI is likely to bring new growth prospects in the RFID locks market and is anticipated to encourage the RFID lock manufacturers to introduce new products equipped with advanced technology and features.

The hospitality segment led the South America RFID locks market based on end-user in 2019. The hospitality industry is witnessing widespread use of RFID technology in their equipment that takes care of the security and service levels. For a tourist or any guest, secure accommodation is of paramount importance and if that can be given, there would be an increase in use of such accommodation amongst the ever-expanding indigenous tourists. While the major players operating in the 4 and 5-star categories have security locking equipment from the leading Europe hotel lock manufacturers such as Assa Abloy AB, Dormakaba Group, and Onity Inc; no such standardization exists for the budget hotels. However, a traditional security lock has a weak spot, which is the key. If it is lost, the finder can easily get access to the hotel room. Moreover, lock replacement is expensive and time-taking task. Adopting more advanced technologies such as RFID technology helps hotel industry to avoid such problems. The RFID lock key cards are increasingly becoming a centralized means to access the services of the hotel.

The overall South America RFID locks market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the South America RFID locks market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the South America RFID locks market. Some of the key players included in the report are Assa Abloy AB, Digilock, Dormakaba Group, Euro-Locks SA NV, Onity Inc., and Samsung Group.