The RFID locks market size is projected to reach US$ 12956.29 million by 2031 from US$ 4855.75 million in 2023. The market is expected to register a CAGR of 13.1% in 2023–2031. Continuous technological advancements, such as touch displays, Wi-Fi and Bluetooth-based (BLE) locking, and unlocking assistance, are likely to remain a key system of insight into market trends.
Various factors, notably the expansion of the hotel and tourism industries worldwide, are driving the construction of new commercial structures, including hotels. The expansion of REID locks is directly fueled by plans to build hotels with more rooms and an increase in government financing to support the hospitality industry, encouraging the expansion of the market. One of the core factors driving demand for improved access solutions is urbanization. The need for increasingly complex and advanced infrastructure solutions is growing as a result of urbanization creating more conurbations and cities with populations of one million or more. This factor is also significantly contributing to the expansion of the market.
An electronic lock that uses a radio frequency card as the key is called an RFID lock or identification card lock. The old-fashioned contactable card needed physical contact with a reader to open a lock; with the use of RFID technology, the RFID card can do it contactless. RFID technology uses electromagnetic waves to convey signals as part of its recognition system. Additionally, because of its traditional concept and high cost, the RFID lock system is not used to replace mechanical locks for household usage. Furthermore, the real-time performance of RFID door locks can be either successful or unsuccessful.
Global population growth and an increase in rural-to-urban migration are driving an upward trend in urbanization. Less developed nations have slower rates of urban population increase than highly developed nations. People moving around in search of new jobs, homes, and retail spaces necessitates the need for access control and security systems in buildings to keep out unwanted visitors. More and more residences, offices, hotels, warehouses, and other locations are using smart locking systems. Additionally, because there is no longer a need to carry a key or remember a password, the development of touchpad digital locks, fingerprint locks, REID cards, and other smart locks offers consumers even more ease. The residential and commercial sectors are clearly seeing an increase in access security solutions.
The preference for electromechanical products over conventional locking systems has sharply increased, and this trend is predicted to continue, providing users of smart locking systems with a variety of growth options. Some of the characteristics offered by the REID locks market are ergonomic design, well-suited design, ADA compliance, universal, and flexibility, which increases their popularity across businesses, particularly hotels. Many residential homes, apartments, schools, small commercial buildings, and other comparable locations still have their outside and interior doors locked using traditional key and doorknob locks. Smart locking solutions are becoming more popular among company owners and homeowners as a result of increased urbanization and increased demand for security. As a result, to make their electronic locks more intelligent, lock makers are integrating smart technology into them. Thus, the inclination towards procurement of electromechanical products over traditional locking systems is anticipated to present new opportunities for the RFID players during the forecast period.
Key segments that contributed to the derivation of the RFID analysis are application and end users.
The geographic scope of the RFID report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Advanced security technologies such as RFID and NFC-enabled door locks are becoming more well-known in the APAC region, especially for home security applications. Additionally, major companies are investing in developing nations like China and Japan, which is fueling the need for affordable solutions that facilitate effective access control. Throughout the forecast period, the APAC region's market is anticipated to increase as a result of this investment and the expanding use of advanced security solutions.
The RFID is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
(Source: Kalahari Resorts & Conventions, Press Release)
(Source: Honeywell, Press Release)
The regional trends and factors influencing the RFID Locks Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses RFID Locks Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 4855.75 million |
Market Size by 2031 | US$ 12956.29 million |
Global CAGR (2023 - 2031) | 13.1% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Access Device
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The RFID Locks Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the RFID Locks Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The “RFID Locks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The key players holding majority shares in the global RFID locks market are Assa Abloy AB, Bai Fu Co. Ltd, Digilock (Security People Inc.), Dormakaba Group, and Euro-locks SA NV (Lowe and Fletcher Group).
The global RFID locks market is expected to reach US$ 12956.29 million by 2031.
The global RFID locks market was estimated to be US$ 4855.75 million in 2023 and is expected to grow at a CAGR of 13.1 % during the forecast period 2023 - 2031.
The increasing demand for real-time data analytics, the Increasing use of big data and analytics and the inclination towards procurement of electromechanical products over traditional locking systems are the major factors that propel the global RFID locks market.
Continuous technological advancements, such as touch displays and Wi-Fi and Bluetooth-based (BLE) locking and unlocking assistance, are anticipated to play a significant role in the global RFID locks market in the coming years.