RFID Locks Market Drivers and Forecasts by 2031

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

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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 Regional Insights

The regional trends and factors influencing the RFID Locks Market throughout the forecast period have been thoroughly explained by the analysts at The 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.

RFID Locks Market Report Scope

RFID Locks Market Players Density: Understanding Its Impact on Business Dynamics

The RFID Locks 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.

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