[Research Report] In terms of revenue, the RFID locks market was valued at US$ 3,585.11 million in 2019 and it is projected to reach US$ 8,779.61 million by 2027; it is expected to grow at a CAGR of 12.6% during the forecast period from 2020 to 2027.
Technical innovations, strong economy, and emerging technologies facilitates development of latest & convenient solutions for the end users. The scope of using advanced access solutions such as RFID looks is gaining high traction. The inclination towards procurement of electromechanical products over traditional locking systems has increased drastically; and is expected to continue and give various growth opportunities to the user of smart locking system. Ergonomic design, well-suited design, ADA compliant, universal, and adaptability are some of the features provided by the RFID locks market which makes their adoption more among industries especially hotels. Array of apartments, residential homes, small commercial buildings, schools, and other similar spaces are still using old-fashioned key-and-doorknob locks in their exterior & interior doors. With growing urbanization and rising demand for security, the business owners & homeowners getting inclined to smart locking systems. Therefore, the lock manufacturers are incorporating smart technology in their electronic locks to make it smart. Therefore, emergence of RFID locks which can be accessed through smartphones is receiving high momentum. Smartphone use or voice command are few better methods of opening/closing door while omitting demand for key. Growth in smartphone penetration is expected to promote the use of RFID locks among target end users.
Factors such as growing hospitality sector especially hotel and tourism industry across the different parts of the world is contributing towards the construction of new commercial buildings including hotels. Growth in government funding to boost hospitality sector and plans to make hotels with larger number of rooms is directly driving the growth of the RFID locks; and thereby stimulating the market growth. Also, urbanization is amongst the major factor generating demand for advanced access solutions. Owing to the fact that urbanization is resulting into added conurbations and more cities with above million inhabitants, demand for more advanced & sophisticated infrastructure solutions is expanding. This factor is further making substantial contribution towards the market growth. In addition, other factors like, rising demand for security, demographic change, emergence of dynamic technologies, and inflating prosperity in emerging economies driven by rising middle class level group are requiring advanced technological approaches. All the above-mentioned factors are projected to benefit both RFID locks manufacturers and tech giants to develop better version of access solutions keeping in mind about safety & security.
Lucrative Regions for RFID Locks Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
IMPACT OF COVID-19 ON Market Insights–RFID Locks Market
Growing Urbanization
Urbanization is showcasing an upward trend due to growing population and rising rural to urban migration across the world. The growth rate of urban population is higher in less-developed countries than more-developed countries. The migration of people demands new workplaces, housing, and stores, which drives the requirement for security and access solutions in buildings to prevent unauthorized entry. With that said, smart locking systems are being increasingly installed in apartments, houses, warehouses, office buildings, hotels, and many other places. Further, the development of touchpad digital locks, fingerprint locks, RFID cards, and other smart locks offers added convenience to users, as there is no need to memorize the password or carry a key. The growth in access security solutions is evident in residential and commercial sectors where the potential of adopting connectivity is increasing, which is driving the demand for smart home security products, such as connected locks.
Access Devices Insights- RFID Locks Market
The RFID locks market, on the basis of access devices is segmented into key cards, mobile phones, and key fobs. The key cards dominate the RFID locks market and is also foreseen to continue its dominance throughout the forecast period. This is due to the fact that, the key cards offer significantly easy usage and generally operates at a higher frequency. Additionally, the safety and security parameters are high on key cards which is another attraction for the RFID lock adopters and users. Moreover, maximum RFID lock manufacturers offer higher number of RFID locking system models, which is catalyzing the RFID locks market.
End User Segment Insights- RFID Locks Market
The RFID lock market players observe demand for their products from variety of end-users. The report analyzes the RFID locks market revenue generation trend among the end-users. Based on end-user, the RFID locks market is segmented into hospitality, residential, manufacturing, retail, Retail, Hospitality and defense, government and public utilities, and others. The hospitality sector is the most prominent end-users in the RFID locks market and the sector is foreseen to continue its dominance throughout the forecast period across geographies. The boost in construction of new, technologically advanced hotels across countries worldwide would propel the RFID locks market through the hospitality sector during the forecast period. The aerospace & defense segment is anticipated to grow at a noteworthy rate during 2020-2027, which is majorly due to continuous adoption of RFID locks among the airports across the globe.
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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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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In February 2021, Digilock (Security People, Inc.) launched a 6g smart lock product line with a cloud-based network management system. Digilock's 6G locks continue to be wireless to easily install on new builds, retrofits, and upgrades.
- In December 2020, Godrej & Boyce Manufacturing Company Limited had announced a golden festival offer, an engaging initiative that gives consumers a chance to get gold vouchers worth up to INR 50,000. These winners were chosen through a lucky draw on a weekly basis.
- In March 2019, Qilocks Equipment Ltd had provided contactless entry for hotel guests with RFID locks. There are three main parts that make up a passive RFID system—an RFID reader or interrogator, an RFID antenna, and RFID tags.
The global RFID locks market has been segmented as follows:
RFID Locks Market – by Access Device
- Key Cards
- Mobile Phones
- Key Fobs
RFID Locks Market – by End-User
- Hospitality
- Residential
- Manufacturing
- Retail
- Automotive
- Aerospace & Defense
- Government & Public Utility
- Others
RFID Locks Market – By Region
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
RFID Locks Market – Company Profiles
- ASSA ABLOY AB
- Bai Fu Co., Ltd.
- Digilock
- Dormakaba Group
- Euro-Locks SA NV
- Godrej & Boyce Manufacturing Company Limited
- Onity Inc.
- Samsung
- Senseon
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 growing urbanization and expanding hospitality industry are driving the growth of the global RFID locks market. The migration of people demands new workplaces, housing, and stores, which drives the requirement for security and access solutions in buildings to prevent unauthorized entry. With that said, smart locking systems are being increasingly installed in apartments, houses, warehouses, office buildings, hotels, and many other places. The growth in access security solutions is evident in residential and commercial sectors where the potential of adopting connectivity is increasing, which is driving the demand for smart home security products, such as connected locks.
The rising penetration of smartphones is creating market opportunity for the RFID locks market. The global consumer electronics market is strongly stimulated due to the significant adoption of smartphones among people of all age groups. The developing countries in APAC, MEA, and South America are experiencing a substantial rise in the number of smartphone users owing to the growing availability of low-cost smartphones. Also, the Netherlands, Sweden, Australia, the US, Spain, Germany, the UK, and France are among the advanced economies where smartphone ownership is high owing to rising disposable income.
Based on access device, the RFID locks market is segmented into key cards, mobile phones, and key fobs. The key cards segment holds the largest market share in 2019. The majority of the hotels in the current scenario procure key cards, owing to the easy accessibility of the key cards. The growing hospitality industry across the globe is boosting the demand for RFID key cards, which is driving the RFID locks market.
The List of Companies - RFID Locks Market
- Assa Abloy AB
- Bai Fu Co. Ltd.
- Digilock (Security People Inc.)
- Dormakaba Group
- Euro-locks SA NV (Lowe and Fletcher Group)
- Godrej and Boyce Manufacturing Company Ltd.
- Onity Inc.
- Qilocks Equipment Ltd.
- Samsung
- Senseon (Accuride International Inc.)
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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