Rfid Locks Market expected to reach a valuation of US$ 9,932.0 million by 2027

Posted on 2023-02-06 by Jatin Dahiya in Advertising // 0 Comments

United States, New York, 2023-Feb-06 — /EPR Network/ —The global RFID locks market size is expected to grow from USD 2,878.1 million in 2020 to USD 9,932.0 million by 2027, at a CAGR of 19.4%, during the forecast period 2021 to 2027. Radio frequency identification technology turns mobile devices into RFID tags that tags are attached to physical objects. RFID, along with mobile technology, can create multiple applications for process management. RFID technology is used in the context of physical mobile interaction, which enables mobile devices with embedded micro-RFID readers to read the RFID tags. The high use of mobile phones and penetration of its numerous features in daily activity is providing a lucrative opportunity for the RFID locks market growth. Some mobile applications provide users with a suitable experience due to plenty of technological developments accessible in the market.

The continually evolving electronics and wearables technology are majorly driving the market growth of RFID locks. RFID wearables, such as wristbands or rings, dongles, and fobs carry an RFID chip tag that allows them to interact with the RFID readers. Wearable technology with RFID offers a better customer experience by providing safety and comfort in the access management system to restricted areas or personalized services in the hotels & resorts. Increasing adoption of wearable technology and modernization in advanced technologies are expected to boost the market growth of RFID locks during the forecast period.

Request Sample Copy of this Report: https://www.marketstatsville.com/request-sample/rfid-locks-market

However, one of the major limitations of RFID locks is the unaffordable prices of security solutions. High development and advancement of the smart home are expected to provide lucrative opportunities for the extension of the RFID locks industry. The rising adoption of smart home construction across the globe that includes features such as voice control, seamless connectivity, and remote access is boosting the adoption of RFID locks in the residential sector. RFID locks enable advanced security functions, which have become popular, owing to the safety & security concerns across various the globe, including government, educational institutions, residential premises, several corporate buildings, and hospitality. These factors are expected to create opportunities for the RFID locks market.

COVID-19 Impact on the Global RFID Locks

Social and physical distancing and other restrictions will be part of our lives and affect our behavior for the foreseeable future. Post COVID-19, enterprises, governments, and consumers are expected to focus on keeping workplaces safe and clean. There is a long list of action items required that include regular decontamination of offices and factories, wearing masks, social distancing, mandatory compliance with corporate apps that track employee health and movement. The COVID-19 outbreak has significantly impacted the global RFID locks market. The production facilities of the RFID locks have been slow down, and unavailability of the workforce across the globe. COVID-19 outbreak has triggered a significant and protracted drop in manufacturing, utilization, and the travel bans & facility closures kept workers out of their workshops, which may lead to a slowdown in the growth of the RFID locks market 2020. The COVID-19 pandemic has severely impacted the automotive, manufacturing, and transportation & logistics industry globally. Demand for locks products has been affected globally, owing to lockdowns across different countries. COVID-19 has also disrupted the global supply chain of major electronic brands. China is the biggest producer and exporter of various products widely used for automotive, manufacturing, hospitality, and others. The ongoing production halt has forced the other locks manufacturers to hold the manufacture of the finished goods on a momentary basis, which leads to the gap in the demand and supply of the products.

Global RFID Locks Market Dynamics

Drivers: Rapid urbanization and industrialization

The most common use of RFID locks is in the access control system as door entry systems for personnel. RFID-enabled tags are generally employed on a very basic level to identify badges for workers and provide a simple solution for companies or any industry that uses access control systems. The RFID applications for personnel identification usually operate at quite a low frequency, almost 140 kHz, for badge detection. The cardholder, object, or reader information is electronically stored in the RFID cards, which can contain only small pieces of information such as identification numbers, prices, or codes.

In addition, RFID technology is popularly employed in access control systems to allow authenticated and authorized personnel to enter secure spaces. RFID is a favored choice for several uses aside from office management, such as supply chain inventory, parking garage gate control, and retail checkout lines. The rise in demand for access control systems with NFC technology is expected to create lucrative opportunities for the RFID locks market.

Restraints: Unaffordable prices of security solutions

The high cost of the RFID lock system is expected to restrain its adoption in the coming year. In addition, the maintenance and troubleshooting of lock systems are time-consuming and expensive, which turn-in is expected to hamper the adoption of RFID locks globally, particularly in cash-strapped businesses across low-income nations. In addition, the high cost for safety & security solutions is restricting the potential customer base in Asia-Pacific; thus, hampering the RFID locks market growth.

Opportunities: High development of smart home

Rise in adoption of smart home architecture across the globe that includes features, such as remote access, voice control, and seamless connectivity, which boosts the adoption of RFID locks for the residential sector. RFID locks enable advanced security features that have become increasingly popular, owing to some factors such as an increase in safety & security concerns across various end-users, including hospitality, government & educational institutions, residential premises, and several corporate buildings. These factors would create lucrative opportunities for the RFID locks market. An RFID lock offers both security and flexibility, providing keyless access to the home that can be controlled via smartphones, wearables, and keycards. As the number of connected smart home applications continues to grow, the smart RFID locks provide users with both convenience and security, which enable them to manage their homes in a wide range of scenarios. The rise in the development of smart home concepts across the globe creates lucrative opportunities for the RFID locks market.

Scope of the Report

The study categorizes the RFID locks market based on the access device, end-use, and regions.

Direct Purchase Report: https://www.marketstatsville.com/buy-now/rfid-locks-market?opt=2950

By Access Device Outlook (Sales, USD Million, 2017-2027)

Key Cards
Mobile Phone
Wearables

By End-Use Outlook (Sales, USD Million, 2017-2027)

Residential
Hospitality
Automotive
Government
Retail
BFSI
Others

By Region Outlook (Sales, USD Million, 2017-2027)

North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The key cards segment is accounted for the largest market share by access devices

The RFID locks market is divided into key cards, wearables, and mobile phones by access device. In 2020, by access devices, the key card had accounted for the largest market share of 47.8% in the global market of RFID locks. A keycard is one of the security tokens, which grants access through the electrically powered doors. The growth of the hospitality sector in emerging countries and the development of advanced technologies are expected to create lucrative opportunities for the RFID key cards market during the forecast period. Several modern hotels have established access management systems technology that enables grouping the door locks with several users and providing access to the same group. This will help provide growth opportunities for the RFID locks market. For instance, in 2020, Lodging Access Systems has acquired exclusive right and license to manufacture and supply patented and proprietary antimicrobial key cards to hotels and resorts in the U.S. These key cards contain new antimicrobial layer (NAML) technology to inhibit the growth and transmission of germs, viruses, and dangerous pathogens, which thrive on the surfaces of intensely circulated products such as hotel key cards. Taking the initiative from the several leading players to manufacture keycards and the growing hospitality sector are expected to boost the growth of the RFID locks market.

Access full Report Description, TOC, Table of Figure, Chart, etc: https://www.marketstatsville.com/table-of-content/rfid-locks-market

Asia Pacific accounts for the highest CAGR during the forecast period

Depending on the region, the global market for RFID locks has been segmented throughout North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, it is estimated that Asia-Pacific has the highest CAGR of 22.6% in the global market for RFID locks during the forecast period. The region includes countries like China, India, Japan, South Korea, Australia, South East Asia, and the rest of the Asia-Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India. A rise in industrialization & globalization and an increase in demand for RFID locks in the residential and hospitality sector in Asia-Pacific is expected to drive the growth of the RFID locks market.

Request For Report Description: https://www.marketstatsville.com/rfid-locks-market

The surge in demand for advanced technologies and the rise in concerns about safety & security in emerging countries such as China, India, Japan, Indonesia, and other Asian countries are expected to provide lucrative growth opportunities for the RFID locks market during the forecast period. The countries in Asia-Pacific focus on smart locks such as smart deadbolts, smart levers, aura smart locks, Wi-Fi smart locks, and other smart locks. The rise in the adoption of RFID locks in applications such as residential hospitality, automotive, and the government is expected to create lucrative opportunities for the RFID locks market.

Key Market Players

The RFID locks market is mildly concentrated in nature with few numbers global players operating in the market such as Godrej & Boyce Manufacturing Company Ltd, Assa Abloy Group, and Samsung Electronics Co Ltd, Honeywell International Inc., Dorma + Kaba Holdings AG, Allegion plc, MIWA Lock Co., OJMAR, S.A., Spectrum Brands, Inc., and Hettich Holding GmbH & Co. oHG. Every company follows its business strategy to attain the maximum market share.