LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global keyless entry systems market is projected to grow to USD 83.57 billion by 2021, at a CAGR of more than 9% over the forecast period.
This research report titled ‘Global Keyless Entry Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Keyless entry systems are systems that provide physical access to a premise without the use of a mechanical key to lock or unlock a door. The swift penetration of keyless entry systems in the automotive sector is expected to be one of the key factors driving the growth of the market.|
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Based on the end-users, the report categorizes the global keyless entry systems market into the following segments:
- Automotive sector
- Government sector
- Healthcare sector
- BFSI sector
- Transportation sector
The top three revenue-generating end-user segments in the global keyless entry systems market are discussed below:
“The automotive sector occupied nearly 72% of the global keyless entry systems market in 2016, and is expected to continue its impressive hold on the market through the forecast period,” says Chetan Mohan, a lead analyst at Technavio for human machine interface research.
Technological advances and the competition among vendors to provide value propositions in the automotive industry have resulted in the widespread adoption of new technologies, such as the Bluetooth passive keyless entry (PKE) system. The remote keyless entry (RKE) system is currently one of the most prominent keyless entry systems in the automotive sector.
The keyless entry systems market by the government sector is projected to be worth USD 14.14 billion by 2021. The rising incidences of criminal activities and fraud have prompted the widescale adoption of keyless entry and access control systems in government organizations. These systems are mainly adopted to provide hassle-free access to authorized people while safeguarding it from everyone else. They are also used to track the attendance of employees and helping in workforce management in the government sector.
“Keyless entry systems are experiencing swift adoption rates in the healthcare sector, with a projected CAGR of around 14% through 2021. The implementation of stringent regulations to maintain patient privacy is one of the key factors impacting the growth of the segment,” says Chetan.
Healthcare fraud, medical identity theft, and inaccurate patient identification have witnessed a significant decline since the adoption of access control systems in the healthcare sector. The growth in this sector is attributed to the increased need for security of critical and confidential data.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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