Dublin, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The "RFID Locks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global RFID locks market size reached US$ 3.8 Billion in 2022 and is expected to reach US$ 8.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.2% during 2023-2028. 
The market is majorly driven by a paradigm shift toward the adoption of electromechanical devices over conventional locking systems. This can be attributed to the increasing concerns regarding safety and security among the masses.
With rapid urbanization, there has been a considerable expansion of conurbations and cities with the growing number of inhabitants, which is creating the escalating need for advanced and sophisticated infrastructure solutions. In addition to this, continual technological advancements, such as touch displays, Wi-Fi-and Bluetooth-based (BLE) locking and unlocking assistance, are fueling the market.
Significant growth in the hospitality, tourism and real estate industries resulting in the construction of new commercial buildings are also providing an impetus to the market. Some of the other factors creating a positive outlook for the market include the inflating disposable income levels of consumers, continual product innovations, penetration of high-speed internet connectivity, the growing adoption of artificial intelligence (AI) and internet of things (IoT), and extensive research and development (R&D) activities conducted by key players.
Key Market Segmentation
The report provides an analysis of the key trends in each sub-segment of the global RFID locks market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on access device and end user.
Breakup by Access Device:
- Key Cards
- Mobile Phone
- Wearables
Breakup by End User:
- Residential
- Hospitality
- Automotive
- Government
- Retail
- BFSI
- Others
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of key players:
- Assa Abloy
- Dormakaba Group
- Euro-locks SA NV (Lowe & Flher Group)
- Godrej & Boyce Manufacturing
- Hanman
- Hettich Holding
- MIWA Lock Company
- Nestwell Technologies
- Ojmar
- Onity
- SALTO Systems
- Senseon
- Yale
Key Questions Answered in This Report
- What was the size of the global RFID locks market in 2022?
- What is the expected growth rate of the global RFID locks market during 2023-2028?
- What are the key factors driving the global RFID locks market?
- What has been the impact of COVID-19 on the global RFID locks market?
- What is the breakup of the global RFID locks market based on the access device?
- What is the breakup of the global RFID locks market based on the end user?
- What are the key regions in the global RFID locks market?
- Who are the key players/companies in the global RFID locks market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 149 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $3.8 Billion |
| Forecasted Market Value (USD) by 2028 | $8.4 Billion |
| Compound Annual Growth Rate | 14.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/dsc5cj
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