During the forecast period, the global RFID locks market is anticipated to have a compound annual growth rate (CAGR) of 14.1%. As of 2023, the market is to have a market value of US$ 9702.8 million. It is anticipated to end the forecast period in 2033 with a market value of US$ 36393.0 million.
From a CAGR of 12.0% in the historical period, Future Market Insights expects it to expand even more rapidly during the forecast period, at a CAGR of 14.1%. The reasons for this excellent growth are as follows
The RFID locks market is driven by a convergence of factors that present immense opportunities for growth and innovation. The escalating need for heightened security across various industries, such as healthcare, banking, and retail, fuels the demand for advanced access control systems.
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As businesses seek robust solutions to combat security breaches and data theft, RFID locks emerge as a reliable and efficient choice. Additionally, the increasing adoption of smart homes and smart cities further propels the market, as consumers prioritize convenience and seamless integration of security systems.
The ongoing technological advancements, including IoT integration and cloud-based solutions, create enhanced functionality and scalability opportunities, driving the RFID locks market to new heights.
The North American market stands as a dominating contributor to the RFID locks market, with a significant market share of 27.5% in 2022
Key Takeaways:
- The RFID Locks market in North America showcased its dominance, securing a commendable market share of 27.5% in 2022.
- Meanwhile, Europe also exhibited a robust presence in the RFID Locks market, capturing a notable market share of 21.2% in 2022.
- Within the United States, RFID Locks gained popularity, accounting for a substantial market share of 18.6% in 2022.
- Germany, a leading European nation, staked its claim in the RFID Locks market with a commendable market share of 9.4% in 2022. The country’s reputation for embracing innovation and emphasis on robust security practices drove the adoption of RFID-based locks across various sectors.
- The RFID Locks market in Japan exhibited a noteworthy market share of 7.3% in 2022. Renowned for its penchant for precision and technology-driven advancements, the Japanese market witnessed an upswing in demand for RFID-based access control systems.
- Australia secured a notable 3.1% market share in 2022, signifying the growing acceptance of RFID Locks in the region. As businesses and institutions seek modern and reliable security solutions, RFID technology presented an attractive proposition.
- Shifting the focus to future growth prospects, China’s RFID Locks market displayed an impressive compound annual growth rate (CAGR) of 17.5% in 2022.
- Meanwhile, India showcased a promising CAGR of 15.7% in the RFID Locks market in 2022.
- Not to be outdone, the United Kingdom displayed a robust CAGR of 14.4% in 2022 for RFID Locks, exemplifying the nation’s keenness to embrace cutting-edge security technologies.
In conclusion, the RFID Locks market witnessed substantial market shares across different regions, with North America and Europe leading the way.
Competitive Landscape:
The Mobile Phones category is anticipated to experience the highest Compound Annual Growth Rate (CAGR) of over 17.4% between 2022 and 2032. There is a notable surge in the popularity of RFID locks that can be conveniently accessed via mobile phones. Leveraging smartphones or voice commands as alternative methods for unlocking and securing doors without traditional keys is gaining traction. As smartphone adoption continues to rise, end users are expected to increasingly embrace RFID locks, further driving their usage.
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Some of the leading companies in the market:
- ASSA ABLOY AB Hospitality
- Dormakaba Group
- MIWA Lock
- Samsung
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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