Global RFID Locks Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global RFID Locks Market Outlook

The global RFID locks market attained a value of USD 4.95 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 19.4% to reach USD 24.47 billion by 2032.                  

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Growing Utilisation in the Hospitality Sector to Aid the RFID Locks Industry Growth

Based on application, the hospitality segment accounted for a considerable share of the global market. This segment extensively utilises key cards and is likely to provide ample opportunities for integrating latest technologies in the RFID locks industry to grow further. Meanwhile, the COVID-19 pandemic, which has had a severe impact on the growth of various industries worldwide, has provoked awareness among people to maintain minimum contact in public places. This factor is likely to boost the product demand in the long term.

Growing Shift towards Technology and Convenience, especially in Developing Regions, to Enhance the Market Growth of RFID Locks

Workplaces around the world are adopting RFID locks in their operations, including physical access or restrictions, computer access, and others to maintain security and accountability. In addition, RFID locks have been witnessing increased adoption in the residential and government sectors due to their integration with smartphone technology in the recent years. Thus, the increasing adoption of smartphones in developing countries of the Asia Pacific, Latin America, and the Middle East and Africa is likely to boost the demand for RFID locks in the coming years.

RFID Locks: Market Segmentation

Radio-frequency identification lock, abbreviated as RFID lock, is an electronic lock technology that utilises the radio frequency as its key. It is a contactless alternative to conventional contactable card locks that uses specific frequency transmitted by smart chip embedded in the access device to identify the person with access permission.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

By access device, the market is segmented into:

• Key Cards
• Mobile Phones
• Wearables

The market can be broadly categorised based on its end use into:

• Residential
• Hospitality
• Automotive
• Government
• Retail
• BFSI
• Others

The EMR report looks into the regional markets of RFID locks like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Increasing Adoption of Smartphones to Aid the Growth of the RFID Locks Industry

The global market for RFID locks is primarily driven by the increased adoption of smartphones all over the world. The subsequent additions to the features of smartphone are paving the way for its higher penetration in the day-to-day lives of its users. Likewise, a surge is being witnessed in the usage of advanced security devices in the commercial and government sectors. The strict policies of workplaces to restrict their offices to employees, the need to have government offices secured, and the rapid technological advancements, among others, are expected to augment the demand for RFID locks for entry-exit doorways.  Moreover, the rising cases of crimes related to theft and burglary offer significant growth opportunities to the market for application in the residential sector. Apart from this, the rising awareness regarding social distancing and personal hygiene is expected to be another factor propelling the demand for contactless security systems, thus, aiding the market.

However, the use of smartphones in security devices is expected to lure hackers and criminals to attempt cyber-attacks to compromise the safety of various applications, which might hinder the demand for RFID locks. Nonetheless, subsequent changes in technology are expected to prevent any such compromises.

Key Industry Players in the Global RFID Locks Market

The report presents a detailed analysis of the following key players in the global RFID locks market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Assa Abloy AB
• Samsung Electronics Co. Ltd.
• dormakaba Group
• Godrej & Boyce Mfg. Co. Ltd 
• MIWA Lock Co.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

RFID Locks Market Report Snapshots

RFID Locks Market Size

RFID Locks Market Growth

RFID Locks Companies