The Latin America, Middle East and Africa RFID Locks Market would witness market growth of 17.2% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 4,511.5 thousand units, showcasing a growth of 18.8% (2023-2030).
An IC card lock, which is another name for a radio frequency identification (RFID) lock, is an electronic lock in which the key is a radio frequency card. The contactless operation of the lock is facilitated by RFID technology, in contrast to the traditional contactable card that demands physical proximity to a reader. RFID technology is a system for recognition that transmits information using electromagnetic radiation. Due to its high cost and conventional design, RFID lock systems are not utilized as replacements for mechanical locks in residential settings. Moreover, in real-time operation, RFID door locks may be effective or ineffective. At the same time, the validity of the RFID card is under control, as the valid period of the RFID card can also be set.
The prominent factors that drive the RFID locks market share include the high usage of RFID locks in commercial and government sectors and the high adoption of smartphones. The proliferation of smartphone features and the widespread adoption of smartphones in daily life are creating favorable conditions for the expansion of the RFID locks market. In addition, the user-friendly experience of mobile phones and their application allows companies to offer their product services right into the customer’s hand by enabling them to control the RFID door locks more proficiently & handily.
In tourist destinations across Latin America and parts of the Middle East, the hospitality industry is experiencing growth. RFID locks are deployed in hotels and resorts to enhance guest security and provide convenient access. Certain African regions deploy RFID locks as part of border security measures, controlling access to sensitive areas and critical infrastructure. Thus, the above aspects will expand the market growth across the region in the upcoming years.
The Brazil market dominated the LAMEA RFID Locks Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $326.6 million by 2030. The Argentina market is showcasing a CAGR of 17.8% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 16.8% during (2023 - 2030).
Free Valuable Insights: The Worldwide RFID Locks Market is Projected to reach USD 13.6 Billion by 2030, at a CAGR of 15.5%
Based on Access Device, the market is segmented into Key Cards, Mobile Phone, and Wearable & Others. Based on Application, the market is segmented into Hospitality, Transportation & Logistics, Residential, Automotive, BFSI, Retail, and Government & Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Access Device (Volume, Thousand Units, USD Billion, 2019-2030)
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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