Global RFID Locks Market Size, Share & Trends Analysis Report By Access Device, By Application (Hospitality, Transportation & Logistics, Residential, Automotive, BFSI, Retail, and Government & Others), By Regional Outlook and Forecast, 2023 - 2030

Global RFID Locks Market Size, Share & Trends Analysis Report By Access Device, By Application (Hospitality, Transportation & Logistics, Residential, Automotive, BFSI, Retail, and Government & Others), By Regional Outlook and Forecast, 2023 - 2030

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.

By Access Device Analysis

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.

By Application Analysis

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.

By Regional Analysis

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.

Recent Strategies Deployed in the Market

• Dec-2023: Honeywell International, Inc. signed an agreement with Carrier Global Corporation, a company known for heating, ventilation, air conditioning, refrigeration, and fire and security equipment. Through this acquisition Honeywell aims to acquire the security division of the carrier global corporation which enhance Honeywell's building automation capabilities by incorporating Carrier Global's advanced access and security solutions, electronic locking systems, and contactless mobile key solutions into its portfolio.
• Oct-2023: Assa Abloy AB completed the acquisition of Securitech Group Inc., a renowned manufacturer specializing in high-security mechanical and electronic door hardware products. Through this acquisition, Assa Abloy aims to enhance its position and capabilities in providing advanced security solutions tailored to the unique needs of these specific markets. This strategic move is geared towards reinforcing Assa Abloy's core product offerings in sectors such as education, critical infrastructure, government, behavioral health, and other high-security markets.
• Aug-2023: Salto Systems, S.L. has unveiled XS4 Mini Metal Model, a state-of-the-art solution designed to upgrade and modernize access control systems. XS4 Mini comes with an easy to install design and includes advanced features ranging from key card, key fob, RFID, Bluetooth LE and NFC compatibility.
• May-2023: Salto Systems, S.L. has launched Neoxx G3 electronic padlock, an advanced and versatile locking system. The SALTO Neoxx G3 is designed to deliver unmatched durability and reliability, ensuring the safety and security of property and valuables. Additionally, this padlock integrates RFID, Bluetooth LE, and NFC technologies, offering a cutting-edge keyless experience to user.
• Jun-2022: Assa Abloy AB has launched VingCard Novel, a cutting-edge smart door lock solution designed to adapt to evolving industry trends and meet long-term expectations. This innovative product comes equipped with RFID compatibility, Mobile Access capabilities, and compatibility with cloud-based access management systems.

List of Key Companies Profiled

• 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

Global RFID Locks Market Report Segmentation

By Access Device (Volume, Thousand Units, USD Billion, 2019-2030)

• Key Cards
• Mobile Phone
• Wearable & Others

By Application (Volume, Thousand Units, USD Billion, 2019-2030)

• Hospitality
• Transportation & Logistics
• Residential
• Automotive
• BFSI
• Retail
• Government & Others

By Geography (Volume, Thousand Units, USD Billion, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA