RFID Locks Market by Access Device (Key Cards, Mobile Phone, and Wearables) and End User (Residential, Hospitality, Automotive, Government, Retail, BFSI, and Other): Global Opportunity Analysis and Industry Forecast, 2020–2027
The global RFID locks market was valued at $23.92 billion in 2019, and is expected to reach $9.93 billion, growing at a CAGR of 19.4% from 2020 to 2027. Radio frequency identification (RFID) technology is a remote radio-based identification, which runs on a power source and has commonly been used in various industries for security purposes. RFID lock has ended up being the most popular in the hospitality sector recently. These locks were initially developed for automobiles with remote entrance systems; however, they have now been effectively changed for homes and hotels.
The prominent factors that drive the growth of the RFID locks market include high usage of RFID locks in commercial and government sectors, high adoption of smartphones, and high demand for access control systems with near field communication (NFC). The high usage of smartphone and penetration of its numerous features in day-to-day activity are providing lucrative opportunities for the RFID locks market growth. In addition, the user-friendly experience of mobile phones and their application are allowing companies to offer their product services right into the customer’s hand by enabling them to control the door locks more proficiently & handily. This is the most prominent attraction for the customers that is expected to increase the smart lock user base, thereby supporting the growth of the RFID locks market. However, unaffordable prices of security solutions restrict the market growth. Conversely, high development of smart home is expected to create lucrative opportunities for the RFID locks market.
The global RFID locks market is segmented into access device, end user, and region. On the basis of access device, the market is classified into key cards, mobile phone, and wearables. Depending on end user, the market is fragmented into residential, hospitality, automotive, government, retail, BFSI, and other. Region-wise, the RFID locks market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America accounted for the highest share, owing to increase in adoption of smart locks and rise in sales of RFID locks.
The key players operating in the market include Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd, Assa Abloy Group, Samsung Electronics Co Ltd, Dormakaba Holdings AG, Allegion plc, Spectrum Brands, Inc., MIWA Lock Co., OJMAR, S.A., and Hettich Holding GmbH & Co. oHG.
KEY MARKET SEGMENTS
BY ACCESS DEVICE • Key Cards
• Mobile Phone
BY END USER • Residential
BY REGION • North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
KEY PLAYERS • Honeywell International Inc.
• Godrej & Boyce Manufacturing Company Ltd
• Assa Abloy Group
• Samsung Electronics Co Ltd
• Dormakaba Holdings AG.
• Allegion plc
• Spectrum Brands, Inc.
• MIWA Lock Co.
• OJMAR, S.A.
• Hettich Holding GmbH & Co. oHG
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