RFID Locks Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
RFID Locks Market Overview and Definition
RFID (Radio Frequency Identification) locks are a type of electronic locking system that uses radio waves to transmit data between an RFID tag or card and a reader. RFID locks are commonly used in a wide range of applications, including commercial buildings, hotels, hospitals, and residential properties.
The RFID locks market includes the production, sale, and distribution of RFID locking systems, which typically consist of an RFID reader, an electronic locking mechanism, and an RFID tag or card. RFID locks offer a high level of security and convenience, as they eliminate the need for physical keys or combinations and can be easily programmed and reprogrammed to provide access to authorized individuals.
The global RFID locks market has been growing steadily in recent years, driven by the increasing demand for advanced security solutions and the growing adoption of smart home and building technologies. The market includes various types of RFID locking systems, such as standalone RFID locks, networked RFID locks, and wireless RFID locks, among others. Popular RFID lock manufacturers include Assa Abloy, Allegion, HID Global, and Salto Systems, among others.
The RFID locks market is expected to grow at a CAGR of 20.5% during the forecast period 2022-2032. The market is expected to reach 11,750.6 Million in 2032.
RFID (Radio-frequency identification (RFID) systems mainly uses electromagnetic field to identify the tags attached to specific object automatically. RFID systems comprises of a radio transponder, transmitter, and a radio receiver. The tag attached to the object when triggered by an electromagnetic interrogation pulse from a RFID reader device in its vicinity, transmits digital data back to the reader.
Since the last few decade, RFID system is been integrated in door locking system. The RFID locks are used to perform locking and unlocking the doors by using the RFID algorithm. Each of the RFID access devices contains the device specific encoded data on the related RFID chip. When the access device is present in the vicinity of the lock, the connected chip transmits the data to the locking system, and performs the operation of locking or unlocking. In their initial years, RFID locking system was used mainly in hospitality industry in the hotels. But as the market is growing, RFID locking systems are been adopted by household families as well.
According to the official sources of U.S. Department of Justice, in the year 2016, Over 2,000,000 homes experienced a break-in or burglary. Moreover, there are over 4,500 home burglaries per day in the USA. With increase in property crime, home invasions and burglaries in the past few years, Demand for the RFID locking system is continuously increasing owing to the increase in home invasions, burglaries, and property crime rates. This factor is expected to propel the growth of RFID locks market during the forecast period. Rapid development in terms of innovations as well as growing adoption advanced security solutions in emerging economies especially in China, India, and in Southeast Asian countries is expected to offer promising opportunities for the market in long-term.
The use of smartphone, its increased penetration, and its several features that can be used in day to day lifestyle are offering lucrative growth opportunity for the RFID market. Smartphones and their generations are changing with rapid pace. User friendly experience of all the smart phones is getting easier with each new update and numerous apps for the smartphones are enabling security companies to offer their services easily in the customer’s hand by enabling users to control the system more conveniently & efficiently. This is one of the most prominent attractions for the millennial customers and owing this attraction it is expected to increase in the smart RFID lock user base in coming years supporting the overall growth of the RFID locks market. However minimal IT literacy is an area of concern as it is expected to hamper large-scale acceptance of RFID locking systems by consumers. In addition to this, unaffordable prices of RFID locks are also restricting growth of the market in lower per capita income regions such as Asia-Pacific, Middle East, and African countries.
The major reason for the increased demand for RFID locks in North America region is raising renovation activities of the residential households. Rapid growth in the construction activities is also the driving factor for the market in North America. Owners of newly constructed residential and non-residential buildings are demanding new locks that can be installed directly into the building. RFID lock systems fulfill this demand. Market in European region is expected to grow significantly due to presence of major global players such as ASSA ABLOY in the region. Apart from ASSA ABLOY, TYCO International PLC, and Siemens are also global players operating in this region. To sustain and grow in the market key players are adopting strategies such as new product development, partnerships, agreements, and acquisitions. Moreover, adoption rate of smart homes in Europe is also higher hence it can also boost the growth of RFID lock market in this region. In addition to the smart homes concept, adoption rate of data connectivity is high in Europe and penetration rate of access control devices is also considerably greater compared to the other regions. This makes Europe a hub for golden opportunities for the market players in coming years.
The RFID locks market is segmented in terms of access device and application. Based on access device, the market is further bifurcated into key cards, mobile phones, wearable, and key fobs. In terms of application, the market is segmented into hospitality, automotive, aerospace & defense, residential, manufacturing, BFSI, retail, transportation & logistics, and others (governments & public utilities, healthcare, etc.). Based on region, the RFID locks market is segmented into North America, Europe, Asia Pacific, Middle East and Africa.
Increase in the security needs of customers is driving the adoption of security solutions across the world and have encouraged many global and regional players to extend their product portfolios across the world. Some of the major players in the global RFID locks market are Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd., Assa Abloy Group, Nestwell Technologies, United Technologies Corporation, Siemens AG, Vivint, Inc., Samsung Electronics Co Ltd., dorma+kaba Holdings AG, and MIWA Lock Co.