The new report by Expert Market Research titled, ‘Global RFID Locks Market Share, Size, Growth, Scope, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the RFID locks market, assessing the market based on its segments like access device, end use, and regional markets among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.9 billion
- Forecast CAGR (2023-2028): 19.5%
- Forecast Market Size (2026): USD 8.4 billion
To preserve security and accountability, workplaces throughout the world are implementing RFID locks in their operations, including physical access or limits, computer access, and others.
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Furthermore, because of its integration with smartphone technology in recent years, RFID locks have seen significant acceptance in the residential and government sectors. As a result, rising cellphone usage in emerging Asia-Pacific, Latin America, the Middle East, and Africa is expected to drive up demand for RFID locks in the coming years.
The hospitality industry accounted for a significant portion of the worldwide market in terms of applications. This market makes considerable use of key cards, and it is expected to provide enough prospects for the RFID lock sector to expand. Meanwhile, the COVID-19 epidemic, which has had a significant influence on the expansion of different sectors throughout the world, has raised public awareness of the importance of avoiding excessive contact in public spaces.
RFID Locks Industry Definition and Major Segments
Radio-frequency identification lock, often known as RFID lock, is an electronic lock that uses radio frequency as its key. It is a contactless alternative to traditional contactable card locks that identifies the person with access permission using a specific frequency transmitted by a smart chip embedded in the access device.
RFID technology is a signal transmission system that uses electromagnetic waves to identify objects. Because of the expense and the conventional notion, the RFID-system is not utilised to replace the mechanical lock in the home. Furthermore, in real-time operation, RFID door locks might be successful or ineffectual. At the same time, the RFID card’s validity may be controlled since the card’s validity term can be regulated.
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Based on access device, the global RFID locks market can be divided into:
- Key Cards
- Mobile Phones
- Wearables
On the basis of end use, the industry is divided into:
- Residential
- Hospitality
- Automotive
- Government
- Retail
- BFSI
- Others
The major regional markets of the RFID locks market are:
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East and Africa regions
RFID Locks Market Trends
The rising use of cellphones all around the world is driving the global market for RFID locks. The ensuing enhancements to smartphone functions are paving the road for further adoption of the device in users’ daily lives. Similarly, the business and government sectors are seeing an increase in the use of modern security technologies.
The need for RFID locks for entry-exit doorways is predicted to increase as a result of workplace regulations restricting access to employees, the necessity to safeguard government offices, and rapid technology improvements, among other factors. Furthermore, the growing number of theft and burglary incidents presents considerable potential prospects for the industry in the residential sector. Apart from that, increased awareness of social distancing and personal hygiene is likely to drive demand for contactless security systems, assisting the market.
The usage of smartphones in security devices, on the other hand, is predicted to attract hackers and criminals who would undertake cyber-attacks to weaken the security of various apps, perhaps reducing demand for RFID locks. Nonetheless, future technological advancements are projected to prevent such trade-offs.
Key Market Players
The major players in the market are Assa Abloy AB, Samsung Electronics Co. Ltd., Dormakaba Group, Godrej & Boyce Mfg. Co. Ltd., MIWA Lock Co., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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