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Global RFID Locks Market: By Access Device: Key Cards, Mobile Phones, Wearables; By End Use: Residential, Hospitality, Automotive, Government, Retail, BFSI, Others; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments
Global RFID Locks Market Outlook
The global RFID locks market attained a value of USD 2.9 billion in 2020. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 19.5% to reach USD 8.4 billion by 2026.
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Growing Utilisation in the Hospitality Sector to Aid the RFID Locks Industry Growth
Based on application, the hospitality segment accounted for a considerable share of the global market. This segment extensively utilises key cards and is likely to provide ample opportunities for integrating latest technologies in the RFID locks industry to grow further. Meanwhile, the COVID-19 pandemic, which has had a severe impact on the growth of various industries worldwide, has provoked awareness among people to maintain minimum contact in public places. This factor is likely to boost the product demand in the long term.
Growing Shift towards Technology and Convenience, especially in Developing Regions, to Enhance the Market Growth of RFID Locks
Workplaces around the world are adopting RFID locks in their operations, including physical access or restrictions, computer access, and others to maintain security and accountability. In addition, RFID locks have been witnessing increased adoption in the residential and government sectors due to their integration with smartphone technology in the recent years. Thus, the increasing adoption of smartphones in developing countries of the Asia Pacific, Latin America, and the Middle East and Africa is likely to boost the demand for RFID locks in the coming years.
RFID Locks: Market Segmentation
Radio-frequency identification lock, abbreviated as RFID lock, is an electronic lock technology that utilises the radio frequency as its key. It is a contactless alternative to conventional contactable card locks that uses specific frequency transmitted by smart chip embedded in the access device to identify the person with access permission.
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By access device, the market is segmented into:
- Key Cards
- Mobile Phones
- Wearables
The market can be broadly categorised based on its end use into:
- Residential
- Hospitality
- Automotive
- Government
- Retail
- BFSI
- Others
The EMR report looks into the regional markets of RFID locks like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increasing Adoption of Smartphones to Aid the Growth of the RFID Locks Industry
The global market for RFID locks is primarily driven by the increased adoption of smartphones all over the world. The subsequent additions to the features of smartphone are paving the way for its higher penetration in the day-to-day lives of its users. Likewise, a surge is being witnessed in the usage of advanced security devices in the commercial and government sectors. The strict policies of workplaces to restrict their offices to employees, the need to have government offices secured, and the rapid technological advancements, among others, are expected to augment the demand for RFID locks for entry-exit doorways. Moreover, the rising cases of crimes related to theft and burglary offer significant growth opportunities to the market for application in the residential sector. Apart from this, the rising awareness regarding social distancing and personal hygiene is expected to be another factor propelling the demand for contactless security systems, thus, aiding the market.
However, the use of smartphones in security devices is expected to lure hackers and criminals to attempt cyber-attacks to compromise the safety of various applications, which might hinder the demand for RFID locks. Nonetheless, subsequent changes in technology are expected to prevent any such compromises.
Key Industry Players in the Global RFID Locks Market
The report presents a detailed analysis of the following key players in the global RFID locks market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Assa Abloy AB
- Samsung Electronics Co. Ltd.
- dormakaba Group
- Godrej & Boyce Mfg. Co. Ltd
- MIWA Lock Co.
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Access Device, End Use, Region |
| Breakup by Access Device | Key Cards, Mobile Phones, Wearables |
| Breakup by End Use | Residential, Hospitality, Automotive, Government, Retail, BFSI, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Assa Abloy AB, Samsung Electronics Co. Ltd., dormakaba Group, Godrej & Boyce Mfg. Co. Ltd, MIWA Lock Co., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global RFID Locks Market Analysis
8.1 Key Industry Highlights
8.2 Global RFID Locks Historical Market (2017-2021)
8.3 Global RFID Locks Market Forecast (2022-2027)
8.4 Global RFID Locks Market by Access Device
8.4.1 Key Cards
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Mobile Phones
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 Wearables
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.5 Global RFID Locks Market by End Use
8.5.1 Residential
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Hospitality
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Automotive
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
8.5.4 Government
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2017-2021)
8.5.4.3 Forecast Trend (2022-2027)
8.5.5 Retail
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2017-2021)
8.5.5.3 Forecast Trend (2022-2027)
8.5.6 BFSI
8.5.6.1 Market Share
8.5.6.2 Historical Trend (2017-2021)
8.5.6.3 Forecast Trend (2022-2027)
8.5.7 Others
8.6 Global RFID Locks Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Assa Abloy AB
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Samsung Electronics Co. Ltd.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 dormakaba Group
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Godrej & Boyce Mfg. Co. Ltd
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 MIWA Lock Co.
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global RFID Locks Market: Key Industry Highlights, 2016 and 2026
2. Global RFID Locks Historical Market: Breakup by Access Device (USD Billion), 2017-2021
3. Global RFID Locks Market Forecast: Breakup by Access Device (USD Billion), 2022-2027
4. Global RFID Locks Historical Market: Breakup by End-Use (USD Billion), 2017-2021
5. Global RFID Locks Market Forecast: Breakup by End-Use (USD Billion), 2022-2027
6. Global RFID Locks Historical Market: Breakup by Region (USD Billion), 2017-2021
7. Global RFID Locks Market Forecast: Breakup by Region (USD Billion), 2022-2027
8. North America RFID Locks Historical Market: Breakup by Country (USD Billion), 2017-2021
9. North America RFID Locks Market Forecast: Breakup by Country (USD Billion), 2022-2027
10. Europe RFID Locks Historical Market: Breakup by Country (USD Billion), 2017-2021
11. Europe RFID Locks Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Asia Pacific RFID Locks Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Asia Pacific RFID Locks Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Latin America RFID Locks Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Latin America RFID Locks Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Middle East and Africa RFID Locks Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Middle East and Africa RFID Locks Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Global RFID Locks Market Structure
Key Questions Answered in the Report
In 2020, the global RFID locks market attained a value of nearly USD 2.9 billion.
The market is projected to grow at a CAGR of 19.5% between 2022 and 2027.
The major industry drivers include the rapid adoption of smartphones worldwide, strict policies of workplaces to restrict their offices to employees, increasing need to have government offices secured, rising awareness regarding social distancing and personal hygiene, and the rapid technological advancements.
The key trends augmenting the market’s growth are the growing demand for security technologies from the commercial and government sectors and the rising number of theft and burglary cases.
The major regions in the industry are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific.
By access device, the market is segmented into key cards, mobile phones, and wearables.
The hospitality segment is the dominant end-use segment in the industry.
The major players in the industry are Assa Abloy AB, Samsung Electronics Co. Ltd., dormakaba Group, Godrej & Boyce Mfg. Co. Ltd, and MIWA Lock Co., among others.
Analyst Review
The global RFID locks market attained a value of USD 2.9 billion in 2020, driven by the rapid adoption of smartphones worldwide. Aided by the growing demand for security technologies from the commercial and government sectors and the rising number of theft and burglary cases, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 19.5%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on the access device, the global RFID locks industry can be segmented into key cards, mobile phones, and wearables. On the basis of end-use, the industry is divided into residential, hospitality, automotive, government, retail, and BFSI, among others, with the hospitality sector accounting for the leading share in the industry. The major regional markets for the RFID locks market are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific. The key players in the above market include Assa Abloy AB, Samsung Electronics Co. Ltd., dormakaba Group, Godrej & Boyce Mfg. Co. Ltd, and MIWA Lock Co., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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