According to the new research report titled “RFID locks Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 8,779.61 million by 2027, registering a CAGR of 12.6% from 2020 to 2027.
The global consumer electronics market is strongly stimulated due to the significant adoption of smartphones among people of all age groups. The developing countries in APAC, MEA, and South America are experiencing a substantial rise in the number of smartphone users owing to the growing availability of low-cost smartphones. Many locks are available with mobile access features. For instance, ViAge Technology—a provider of magnetic stripe & smart card applications—offers Esmart Mobile access locks. The lock combines PIN & RFID with BLE mobile access technology. Therefore, the growing penetration of smartphones is anticipated to boost the use of RFID locks among hospitality and other end users in coming years.
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Growing hospitality sector, especially hotel and tourism industry, across the different parts of the world is contributing toward the construction of new commercial buildings, including hotels. Rise in government funding to boost the hospitality sector and plans to make hotels with more number of rooms are directly driving the demand for RFID locks, thereby stimulating the market growth. Also, urbanization is among the major factors generating demand for advanced access solutions. As urbanization is resulting into added conurbations and more cities with above million inhabitants, demand for more advanced and sophisticated infrastructure solutions is expanding. This factor is further making substantial contribution toward the market growth. In addition, other factors, such as rise in demand for security, demographic change, emergence of dynamic technologies, and inflating prosperity in emerging economies driven by rising middle class level group, require advanced technological approaches. All the above-mentioned factors are projected to benefit both RFID locks manufacturers and tech giants to develop better version of access solutions keeping in mind safety & security.
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Additionally, as a keycard reader has a potential to read locks from a few inches away, the RFID locks with key cards are increasingly being preferred by users. Furthermore, growing number of hotels in countries, such as the US, the UAE, and Saudi Arabia, is anticipated to fuel the adoption of RFID locks in hotel rooms at a rapid pace. The global consumer electronics market is strongly driven by the significant adoption of smartphones among people of all age groups. The developing countries in APAC, the MEA, and South America are experiencing a substantial rise in number of smartphone users owing to increasing availability of low-cost smartphones. Also, the Netherlands, Sweden, Australia, the US, Spain, Germany, the UK, and France are among the advanced economies where smartphone ownership is high owing to rising disposable income.

Overall size of the RFID locks market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the RFID locks market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the RFID locks market. Assa Abloy AB; Bai Fu Co., Ltd.; Digilock; Dormakaba Group; Euro-Locks SA NV; Godrej & Boyce manufacturing company limited; Onity Inc.; Samsung; and Senseon are among the key market players profiled during this market study.
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The top five companies in the RFID locks market include Assa Abloy AB, Dormakaba Group, Godrej & Boyce Manufacturing Company Limited, Onity Inc., and Senseon. The above listing of key players is derived by considering multiple factors such as overall revenue, current RFID locks product portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global RFID locks market ecosystem, such as Bai Fu Co., Ltd., Digilock, Euro-Locks SA NV, and Samsung.
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