Global RFID Door Locks Market Strategies and Forecast Till, 2024-2032

RFID Door Locks Market Size And Forecast

RFID Door Locks Market size was valued at USD 4.49 Billion in 2024 and is projected to reach USD 8.75 Billion by 2031, growing at a CAGR of 15.8% from 2024 to 2031.

RFID is known as Radio Frequency Identification. This is a non-contact technique in which electromagnetic fields within a reader recognize digital data stored within RFID tags automatically. The key is the tag in the case of an RFID door lock. The RFID Door Locks Market is expected to grow due to the growing global acceptance of smart home architecture, which incorporates functions like remote access, voice control, and wireless integration. The Global RFID Door Locks Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global RFID Door Locks Market Definition

The RFID Door Lock is easy to install a lock that allows the user to lock and unlock doors with ease. For ease of use, it will have an RFID reader/writer and a magnetic door lock. To unlock and lock the door, all the user will need is an RFID tag. When the door is locked, an LED will illuminate to alert the user. The module’s components are tiny and compact. Furthermore, the door lock is quick and straightforward to install. It is only an attachment so, it does not need the consumer to disassemble the door or doorframe. In the government, residential, and other industries, RFID technology is very important.

The use of RFID technology by the government sector is primarily motivated by the safety and security of personal assets and data, as well as law enforcement. Several government agencies and forensic departments utilize RFID locks to get network access to sensitive information centers, verify employee identity, and for other purposes. RFID door locks can be successful or useless in real-time operation. Personnel door entry systems are the most typical application of RFID in access control systems. Personal preference is for RFID locks to be used in hotels, hospitals, dormitories, and commercial facilities.

Global RFID Door Locks Market Overview

RFID locks are commonly used in commercial and government sectors, and smartphones are widely used. Commercial sectors, particularly banking and finance sectors and businesses, have implemented RFID locks innovation for a wide range of applications, such as PC/network access and physical access, to provide authentication methods and security protocols. Moreover, the user-friendly experience of mobile phones and their apps facilitates companies to give their product services directly to the customer side by allowing them to control the RFID door locks more efficiently and easily. This is the most prominent customer attraction, and it is anticipated to boost the smart lock user base, thereby contributing to the growth of the RFID Door Locks Market and the increasing requirement for access control systems with near-field interaction.

Furthermore, The rising global adoption of smart home architecture, which includes aspects such as remote access, voice control, and wireless integration, is promoting the use of RFID Door Locks in the residential sector. The sudden occurrence of the COVID-19 pandemic prompted the inclusion of strict lockdown restrictions in several countries, which pose a significant threat in RFID Door Lock import and export activities. The COVID-19 pandemic has had a major global impact on the automobile industries, manufacturing, transportation, and logistic support industries. Lockdowns in different countries have affected the global market throughout the projected period. Increasing adoption for NFC-enabled access control systems creates profitable opportunities for the market. The adoption of smartphones and the incorporation of their different features into everyday life are producing valuable opportunities for the growth of the Global RFID Door Locks Market.

Global RFID Door Locks Market Segmentation Analysis

The Global RFID Door Locks Market is Segmented on the basis of Product, Application, And Geography.

RFID Door Locks Market, By Product

• Key Cards• Mobile Phones• Wearables• Others

Based on Product, the market is segmented into Key Cards, Mobile Phones, Wearables, and Others. Mobile Phones are expected to rise the most during the forecasted period due to increased usage of smartphones, enhanced consumer experience, and being rapidly connected with RFID door locks.

RFID Door Locks Market, By Application

• Government Offices• Residential• Hospitality• Industrial Domains• Others

Based on Application, the market is segmented into Government Offices, Residential, Hospitality, Industrial Domains, and Others. The residential segment is expected to grow during the forecasted period owing to the growing smart home architectural style which includes remote access and network connection, and increasing demand for enhanced safety with a smart lock.

RFID Door Locks Market, By Geography

• North America• Europe• Asia-Pacific• Rest of the World

Based on Geography, the Global RFID Door Locks Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. North America has the highest growing segment of the Global RFID Door Locks Market. The market in North America is expected to grow considerably during the forecast period. The high adoption of advanced innovation, as well as the presence of major players in this region, are likely to provide adequate opportunities for market growth. The market in North America is estimated to hold the largest market share, whereas the APAC region is expected to provide substantial opportunities for the market and to grow at the highest CAGR during the forecasted period.

Key Players

The “Global RFID Door Locks Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are ASSA ABLOY Hospitality, Dormakaba, MIWA Lock, Samsung, Allegion, Godrej Locking Solutions and Systems, Hettich Hettlock, Lock State, Onity (by United Technologies), and SALTO Systems.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In January 2020, August Inc. (ASSA ABLOY) launched the Wi-Fi Smart Lock, which featured a brand-new compact design and built-in Wi-Fi connectivity.

• In January 2020, Linus, a smart lock, was introduced by Yale at CES 2020 in Las Vegas. Advanced software and the user-friendly Yale Access app operate the smart lock.

Report Scope

Research Methodology of Market Research:

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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