RFID Locks Market worth USD 9,932.0 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "RFID Locks Market by Access Device (Key Cards, Mobile Phone, and Wearables), by End-Use (Residential, Hospitality, Automotive, Government, Retail, BFSI, and Others), by Region – Global Share and Forecast to 2027". The global RFID locks market size is expected to grow from USD 2,878.1 million in 2020 to USD 9,932.0 million by 2027, at a CAGR of 19.4%, during the forecast period 2021 to 2027. RFID technology plays a vital role in the residential, government, and other sectors. The security and safety of personal assets & information and law enforcement are the main concerns behind adopting RFID equipment in the government sector. Several government organizations and forensics departments use RFID locks in access control of sensitive centers of information, employee authentication, and others. Moreover, commercial sectors, especially banking & finance sectors & enterprises, have adopted the RFID locks technology for various applications, including network access and physical access, in an effort to provide security mechanisms and strong authentication. RFID locks are considered great for hotels, dormitory, commercial buildings, and hospitals. The rise in the adoption of RFID locks in commercial and government sectors is expected to provide lucrative growth opportunities for the RFID locks market.

Global RFID Locks Market Segmentation

The overall RFID locks market has been segmented into the access device, end-use, and region.

• By Access Device (Key Cards, Mobile Phone, and Wearables)
• By End-Use (Residential, Hospitality, Automotive, Government, Retail, BFSI, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Residential, by end-use, is estimated to hold the largest market share during the forecast period

The RFID locks market is categorized into residential, hospitality, automotive, government, retail, BFSI, and others by end-use. The residential segment accounted for the highest market revenue contributor of 22.9% in 2020. These keyless entry door locks and systems are widely used in residential homes, retail stores, schools, airports, warehouses, offices, hospitals, and other business or office buildings. The residential industry is anticipated to experience a significant growth rate during the forecast period, owing to an increase in investment in this sector across the world. Despite an inevitable economic slowdown & palpable uncertainty in the market, this pandemic has also reinforced the importance of home. Possibly, it is the only place where someone is safe and secured. People all over the world who are living in rented accommodation would prefer buying homes.

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North America accounts for the largest market share in RFID locks market in 2020

By regions, the global RFID locks market has been segmented as North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America has accounted for the largest market share with a revenue share of 34.7% in 2020. North America secures a significant share in the revenue of the market. This is attributed to the presence of countries such as the U.S. and Canada, where the governments are extending their involvement to promote the use of RFID locks in the residential sector. In addition, an increase in the adoption of smart locks and a rise in the sale of RFID locks devices in North America are expected to drive the growth of the RFID locks market. The RFID locks market has developed expressively as it is widely adopted by the hospitality and residential industry in North America.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategy of the leading companies operating in the RFID locks market. It also consists of the profiles of leading companies such as Godrej & Boyce Manufacturing Company Ltd, Assa Abloy Group, and Samsung Electronics Co Ltd, Honeywell International Inc., Dorma + Kaba Holdings AG, Allegion plc, MIWA Lock Co., OJMAR, S.A., Spectrum Brands, Inc., and Hettich Holding GmbH & Co. oHG.

Browse complete report: https://www.marketstatsville.com/rfid-locks-market

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