“Global RFID Locks Market to reach a market value of USD 13.6 Billion by 2030 growing at a CAGR of 15.5%”
The Global RFID Locks Market size is expected to reach $13.6 billion by 2030, rising at a market growth of 15.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 30,934.7 thousand units, experiencing a growth of 14.8% (2019-2022).
RFID locks can integrate with smart home systems, allowing homeowners to create a seamless and interconnected home environment. Integration with home automation, security cameras, and alarm systems enhances overall home security and convenience. Consequently, the residential segment would generate approximately 24.2% share of the market by 2030. Residents can enjoy the convenience of keyless entry with RFID locks. Instead of fumbling for keys, homeowners can use RFID key cards, fobs, or even smartphones for quick and hassle-free home access. This is especially practical when carrying groceries, packages, or other items.
Technological innovation has led to the development of RFID locks with multi-frequency capabilities. These locks can operate across different RFID frequency bands, providing compatibility with various RFID standards. This flexibility allows RFID locks to work seamlessly in diverse environments and with different RFID credentials. Some advanced RFID locks now feature biometric integration, combining RFID technology with biometric authentication methods such as fingerprint scanning or facial recognition. Thus, technological advancements in RFID have significantly expanded the market growth. Moreover, Urban development projects often include the creation of smart buildings and smart infrastructure. RFID locks play a key role in these initiatives, providing secure and efficient access control solutions for residents, employees, and visitors in modern buildings equipped with advanced technologies. Due to the above-mentioned factors, the market is expected to grow.
However, the initial cost of implementing RFID lock systems, including the purchase of hardware and the installation process, can be a significant barrier. The upfront investment is perceived as too high, businesses and organizations may be hesitant to adopt RFID locks, especially in cases where there is alternative, more budget-friendly solutions. Integrating existing systems, such as access control platforms or building management systems, can add to the overall cost. Due to the above factors, market growth will be hampered in the coming years.
Based on application, the market is fragmented into hospitality, transportation & logistics, BFSI, retail, automotive, residential, government, and others. In 2022, the hospitality segment held the highest revenue share in the market. RFID locks allow for contactless check-in processes. Guests receive RFID key cards or wearables upon arrival, enabling them to access their rooms without physical contact with the front desk or traditional key cards. This streamlined process enhances guest satisfaction and aligns with current trends, favoring minimal physical touchpoints. RFID locks offer guests a convenient and hassle-free means of accessing their rooms. A simple tap or swipe of the RFID key card or wearable near the door's RFID reader grants access. This ease of use is particularly appreciated by guests carrying luggage or other items.
On the basis of access device, the market is segmented into key cards, wearable, mobile phone, and others. The wearable segment acquired a substantial revenue share in the market in 2022. Wearable RFID devices are less likely to be lost or misplaced than traditional keys or cards. Users are likelier to notice if their wearable device is missing, and lost wearables can be easily deactivated and replaced. Wearable RFID locks can be personalized and branded to align with the identity of a business or institution. Custom designs, colors, and logos can be incorporated into the wearables, enhancing the overall user experience and contributing to a sense of belonging or affiliation.
Free Valuable Insights: Global RFID Locks Market size to reach USD 13.6 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region acquired a substantial revenue share in the market in 2022. Educational initiatives and awareness programs about the benefits of RFID technology contribute to its expansion. As businesses and consumers become more informed about the advantages of RFID locks. The increasing affluence in certain Asian Pacific countries has led to a demand for premium and technologically advanced solutions. With their advanced features and modern design, RFID locks are well-received by consumers seeking cutting-edge security solutions.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.4 Billion |
| Market size forecast in 2030 | USD 13.6 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 15.5% from 2023 to 2030 |
| Number of Pages | 287 |
| Number of Table | 590 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Access Device, Application, Region |
| Country scope |
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| Companies Included | Allegion PLC, Fortune Marketing Pvt Ltd., Honeywell International, Inc.Siemens AG, Assa Abloy AB, Dormakaba Holding AG, MIWA Lock Company, Ltd., Dolphin RFID Pvt. Ltd., Salto Systems, S.L., Nestwell Technologies |
By Access Device (Volume, Thousand Units, USD Billion, 2019-2030)
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
This Market size is expected to reach $13.6 billion by 2030.
Technological advancements in RFID are driving the Market in coming years, however, Unaffordable prices of security solutions restraints the growth of the Market.
Allegion PLC, Fortune Marketing Pvt Ltd., Honeywell International, Inc.Siemens AG, Assa Abloy AB, Dormakaba Holding AG, MIWA Lock Company, Ltd., Dolphin RFID Pvt. Ltd., Salto Systems, S.L., Nestwell Technologies
In the year 2022, the market attained a volume of 30,934.7 thousand units, experiencing a growth of 14.8% (2019-2022).
The Key Cards segment is leading the Market by Access Device in 2022 there by, achieving a market value of $7.3 billion by 2030.
The North America region dominated the Market by Region in 2022 there by, achieving a market value of $4.6 Billion by 2030, growing at a CAGR of 15 % during the forecast period.
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