RFID Lock Market Key Opportunities, Trends And Forecast 2024

A radio frequency identification (RFID) lock has electromagnetic fields that spontaneously identifies and tracks devices which are attached to objects. Rise in demand for access regulated systems with near filed communication (NFC) technology is expected to drive developments in the RFID lock market during the forecast period. NFC technology is a short- ranged wireless technology that is created on RFID and is specially designed for smartphones and other mobile devices. The link between the two NFC facilitated devices is recognized by fetching devices in the vicinity. A key factor responsible for the rising acceptance of NFC is its capacity to assimilate smart cards into mobile phone devices with the assistance of card simulation.

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This technology can also be used for ticketing and payment. NFC technology is widely used for the bond assignment functionality, where NFC compatible devices are used for unlocking the Bluetooth supported door or a RFID lock with the help of mobile phones or by touching a tag. Additionally, NFC technology helps in RFID communication among electronic locks with the assistance of NFC-ready mobile devices. Rise in demand for RFID-based furniture locks is expected to drive the demand for RFID locks. Growing popularity of RFID-based furniture locks lies in its capability of integrating into an employee’s symbol to get control of access privileges. The chips which are embedded in badges, bracelets, and transponders allow employees to gain entry into the organization’s departments by contact free-transmission.

By geography, the RFID lock market is segregated into North America, Europe, Asia Pacific, Middle-East & Africa, and Latin America. North America held the key share of the RFID lock market in 2015 and is anticipated to remain dominant during the forecast period. Rise in demand for technology in the residential sector is one of the key factors driving the RFID lock market in this region. Increasing demand for RFID locks combined with mobile access solutions is driving demand in North America. The U.S is one of the large markets for RFID locks in North America. Europe has a considerable share in the global RFID lock market owing to the increasing popularity of mobile connectivity. This is a growing opportunity for hotels to drive the demand for RFID locks by using mobile access solutions. Germany and France account for majority of the market share in this region. Asia Pacific is one of the fast growing regions for RFID locks and is projected to remain so over the forecast period. Adoption of RFID based locks is one of the major factors driving the RFID lock market in this region. China and Japan are likely to create more opportunities for the RFID lock market in this region. Middle East & Africa has an emerging RFID lock market due to the wide popularity of smart home devices used for residential purposes. Saudi Arabia is one of the large markets in the RFID locks market in this region. Latin America is an emerging region for this market.

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The RFID lock market is fragmented and competitive owing to the extensive presence of a large number of players. Global manufacturers are aiming to acquire local players in order to expand business. Manufacturers are adopting innovative technologies in order to expand their business worldwide. The key players in the RFID lock market are ASSA ABLOY Hospitality, MIWA Lock, Dormakaba, and Samsung. Some of the key vendors in the RFID lock market are Godrej Locking Solutions and Systems, Allegion, LockState, Onity, SALTO Systems, and Hettich Hettlock.

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