RFID Locks Market Analysis 2021-2031 | Trends and Top Players
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.
RFID Locks Market Analysis
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.
RFID Overview
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.
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RFID Locks Market: Strategic Insights
Market Size Value in US$ 3,585.11 Million in 2019 Market Size Value by US$ 8,779.61 Million by 2027 Growth rate CAGR of 12.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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RFID Locks Market: Strategic Insights
| Market Size Value in | US$ 3,585.11 Million in 2019 |
| Market Size Value by | US$ 8,779.61 Million by 2027 |
| Growth rate | CAGR of 12.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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RFID Drivers and Opportunities
Growing Urbanization
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 inclination toward procurement of electromechanical products over traditional locking systems
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.
RFID Report Segmentation Analysis
Key segments that contributed to the derivation of the RFID analysis are application and end users.
- Based on the access device, the RFID is segmented into key cards, mobile phones, and key fobs. The key cards segment held a larger market share in 2023
Based on the end-user, the RFID is segmented into hospitality, residential, manufacturing, retail, automotive, aerospace & defense, government & public utility, and others.
RFID Share Analysis by Geography
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.
RFID Report Scope
RFID News and Recent Developments
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:
- In August 2022, Kalahari Resorts & Conventions adopted RFID door lock technology and the Visionline access control management system from Assa Abloy Global Solutions. With just an RFID wristband or key card, guests can access their room, access other resorts, and purchase items without having to carry personal credit cards or cash with them.
(Source: Kalahari Resorts & Conventions, Press Release)
- In September 2021, Honeywell acquired privately held Performix Inc. The acquisition builds on Honeywell's strategy to create the world's leading integrated software platform for customers in the life sciences industry who are striving to achieve faster compliance, higher reliability, and higher production volume.
(Source: Honeywell, Press Release)
RFID Locks Market Report Scope
RFID Locks Market Report Coverage and Deliverables
The “RFID Locks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Access Device and End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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