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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
RFID Locks Market Growth
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 Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market attained a value of nearly USD 4.95 billion.
The market is projected to grow at a CAGR of 19.4% between 2024 and 2032.
The major market drivers include the rapid adoption of smartphones, the surging use of RFID locks in the hospitality sector, and the growing integration of latest technologies in RFID locks.
The key trends propelling the market growth are the growing adoption of RFID locks in workplaces, the usage of advanced security devices in the commercial and government sectors, and the rising awareness regarding social distancing and personal hygiene.
The major regions in the market are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific.
The various access devices considered in the market report are key cards, mobile phones, and wearables.
Residential, hospitality, automotive, government, retail, and BFSI, among others, are the several end uses of RFID locks.
The major players in the market are Assa Abloy AB, Samsung Electronics Co. Ltd., dormakaba Group, Godrej & Boyce Mfg. Co. Ltd, and MIWA Lock Co., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124