A recent analytical analysis by Future Market Insights projects that the global market for RFID locks will bring in $7.4 billion in sales by 2022. Through 2033, the market is projected to grow by 14.1%, reaching a worth of US$ 36393.0 million. Mobile phones are expected to be the most lucrative industry, with an absolute dollar potential of 17.4% from 2023 to 2033.
The requirement for RFID lock solutions in the home and other sectors has steadily increased over the past several years due to an increase in property crime, break-ins, and burglaries.
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Rising adoption of smartphones, widespread use of RFID locks in government and commercial settings, and high demand for NFC-enabled access control solutions. However, the market’s expansion is constrained by the high cost of security systems. The market for RFID locks, on the other hand, benefits largely from the rapid advancement of smart homes. RFID locks are becoming more popular in the residential sector attributable to the widespread usage of smart home designs that incorporates features like voice control, remote access, and seamless communication.
“During the projected period, RFID Locks business trends will profit from the rising smartphone use, broad usage of RFID locks in public and commercial spaces, and faster development of smart homes, in the years to come.” comments a Future Market Insights analyst.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the RFID Locks Market are focused on R&D to produce innovative technological solutions.
- In February 2021, A 6G smart lock product offering from Digilock (Security People, Inc.) was introduced with a cloud-based network security system. The 6G locks from Digilock are still wireless for simple installation on new construction, retrofits, and upgrades.
Key Companies Covered
- ASSA ABLOY AB
- Bai Fu Co., Ltd.
- Digilock
- Dormakaba Group
- Euro-Locks SA NV
- Godrej & Boyce Manufacturing Company Limited
- Onity Inc.
- Samsung
- SenseOn
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the RFID Locks Market, presenting historical market data (2016-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in RFID Locks Market in terms of Access Device (Key Cards, Mobile Phone, Wearables and Key Fobs), Application (Hospitality, Automotive, Aerospace & Defense, Residential, Manufacturing, BFSI, Retail, Transportation & Logistics and Others), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Market Segments Covered in RFID Locks Market Analysis
By Access Device:
- Key Cards
- Mobile Phone
- Wearables
- Key Fobs
By Application:
- Hospitality
- Automotive
- Aerospace & Defence
- Residential, Manufacturing
- BFSI
- Retail
- Transportation & Logistics
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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