RFID Locks Market Size, Price Trends, Growth and Forecast 2022-2027

The latest research study “RFID Locks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global RFID locks market size reached US$ 3.32 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.69 Billion by 2027, exhibiting a growth rate (CAGR) of 14.20% during 2022-2027.

Radio-frequency identification or RFID locks are electronic locking systems that involve the usage of a radio frequency card as the key. They are essentially contactless and are designed to operate both as an unlocking and locking device. RFID locks have multiple benefits, such as well-suited and ergonomic design, universality, Americans with disabilities Act (ADA) compliance, and flexibility. They offer improved security, audit trails, and efficiency on both exterior and interior doors of residential as well as commercial spaces as compared to the traditional key-and-door knob locks. As a result, RFID locks find widespread applications across numerous sectors, including hospitality, automotive, government, retail, banking, financial services, and insurance (BFSI), etc.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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RFID Locks Market Trends and Drivers:

The shifting preferences toward adopting electromechanical devices over conventional locking systems are among the key factors driving the RFID locks market. In addition to this, the increasing urbanization and the expanding conurbations and cities with sophisticated infrastructure solutions are also positively influencing the global market. Furthermore, the elevating technological advancements and the launch of touch displays, Bluetooth, and Wi-Fi-based locking and unlocking assistance are acting as significant growth-inducing factors. Apart from this, the growing hospitality, tourism, and real estate industries, especially in developing countries, which is resulting in the construction of multiple new commercial buildings, is further stimulating market growth. Moreover, the inflating investments by leading market players in product innovations, the escalating penetration of high-speed internet connectivity, and the rising adoption of artificial intelligence (AI) and internet of things (IoT) technologies are expected to catalyze the RFID locks market in the coming years.

RFID Locks Market Report Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Assa Abloy AB, Dormakaba Group, Euro-locks SA NV (Lowe & Fletcher Group), Godrej & Boyce Manufacturing Co. Ltd., Hanman International Pte. Ltd., Hettich Holding GmbH, MIWA Lock Company Ltd, Nestwell Technologies, Ojmar SA, Onity Inc., SALTO Systems S.L, Senseon and Yale.

The report has been segmented the market into following categories:

Breakup by Access Device:

  • Key Cards
  • Mobile Phone
  • Wearables

Breakup by End User:

  • Residential
  • Hospitality
  • Automotive
  • Government
  • Retail
  • BFSI
  • Others

By Geography:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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