Wilmington, Delaware, United States, May 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global RFID Locks Market is projected to flourish at a CAGR of 15.8% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 31.0 billion is anticipated for the market in 2031. As of 2023, the market for RFID locks is expected to close at US$ 8.5 billion.
Increased security concerns in the residential sector are the main factor to increase the adoption of RFID locks globally. The increased number of construction activities and increased demand for new built-in locks in the residential as well as commercial increases due to increased consumer awareness.
With the need for an advanced security solution and the emergence of home automation technology and the increased rate of smart home adoption, RFID locks are used to secure access control solutions. The demand for RFID locks with biometric authentication increases in various industries like hospitality and BFSI.
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Key Takeaways from the Market Report
- As of 2023, the RFID Locks Market is forecast to reach US$ 8.5 billion
- By frequency, demand for high-frequency RFID locks is rising significantly
- An online segment to remain popular due to increased e-commerce
- Based on access devices mobile phone segment is expected to account for a significant market share as it is easy to access, user-friendly, and has voice assistance
- Applications in the residential sector are rising due to the rise in smart building projects
RFID Locks Market: Prominent Drivers and Trends
- Increased usage of smartphones and their integration with other features creating opportunities for RFID Locks Market growth. Mobile-based RFID locks are gaining traction due to their increased adoption and ease of use and flexibility.
- Increased digitalization and construction of new residential and commercial buildings like hospitals, and airports with advanced security systems offers opportunity for market expansion.
- Technological innovation and the addition of features like Bluetooth, Wi-Fi, and touchscreen in RFID locking accelerate the growth of the market during the forecast period.
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RFID Locks Market: Regional Analysis
- North America is expected to generate high demand for RFID Locks. An increase in the number of construction activities and expanding residential remodeling projects in the region are the key factor driving the growth of the market. The increasing demand for advanced electronic lock systems in countries like the United States and Canada is expected to provide an opportunity for market growth.
- Asia Pacific is likely to emerge as yet another opportunistic hub, due to the rising demand for security systems in different industry verticals and increased adoption of smart homes and smart cities in countries like China, India, and South Korea.
Competitive Landscape
Transparency Market Research has profiled the following players in its global RFID Locks Market report:
- Assa Abloy AB
- Samsung Electronics co Limited
- Godrej & Boyce Manufacturing Company Ltd.
- Honeywell International Inc.
- Nestwell Technology
- MIWA Lock Company Ltd
- Euro Locks SA NV
- dormakaba Group
- Onity Inc.
- SenseOn
To gain competitive advantage market players are investing in new product launches, partnerships, strategic collaborations, mergers, and acquisitions. Some specific developments from the RFID Locks Market are as follows:
- In March 2023- ASSA ABLOY signed an agreement to acquire the Italian manufacturer of high-security residential armored lock cases and security cylinders Mottura Serrature di sicurezza Spa. This acquisition will strengthen its presence in the Italian market.
- In February 2021 - Senseon® unveiled FridgiGuard. It is an electronic locking system for refrigerators in medical and scientific environments. It makes electronic access control seamless and accessible at all levels. This latest access control innovation is specifically designed for evolving needs of the healthcare market due to the COVID-19 pandemic.
- MIWA introduced the latest electronic locking solutions designed specifically for today’s busy hospitality and multi-housing industry - ALV2 P Series, these are available in different handle types and finishes.
- Godrej & Boyce introduce an advanced digital lock Advantis Revolution for the main door with 4 in 1 access to biometrics with Pin Code, 360-degree Fingerprint Recognition, RFID Card, and Mechanical Key. This electronic lock stands at the cutting edge of home safety
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RFID Locks Market: Key Segments
Access Device
- Key Cards
- Mobile Phones
- Wearables
- Key Fobs
- Others (Biometrics, Etc.)
Frequency
- Low frequency
- High Frequency
- Ultra High Frequency
End Use
- Residential
- Hospitality
- Retail
- Automotive
- BFSI
- Others (Transport & Logistics)
Distribution Channel
- Online
- E-commerce website
- Company Owned website
- Offline
- Specialty stores
- Multi Brand Stores
- Other Retail Stores
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
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