RFID Locks Market — Driven by Increasing Smartphone Penetration Strikes Growth

Posted by RASHMI on June 21st, 2019

RFID locks are designed to perform unlocking and locking operations. Each access device contains the encoded data on the RFID chip. When the access device comes in the vicinity of the lock’s (reader’s antenna), the chip transmits the data, thus identifying the user. Enhanced security, compliance, audit trails, and efficiency are just a few of the reasons people are looking to deploy electronic security.

Since the 1970’s, RFID locks have progressed significantly when they were prominently used in the hospitality industry and relied upon holes that were pierced into the cards. The market for RFID locks is expected to grow at a CAGR of 16.9% during the forecast period 2018-2026. The market is expected to reach 16,450.6 Mn in 2026.

The RFID locks market is segmented in terms of access device and application. Based on access device, themarket is further bifurcated into key cards, mobile phones, wearables, and key fobs. In terms of application, the market is segmented into hospitality, automotive, aerospace & defense, residential, manufacturing, BFSI, retail, transportation & logistics, and others (governments & public utilities, healthcare, etc.).

Growth of the market is majorly due the increasing number of people opting for latest solutions and technologies available in the market, aiming at ensuring high levels of security and automation in the premises. Apart from this, interoperability of multiple devices with a high level of convergence would lead to greater market attraction. All these factors are expected to drive the RFID locks market during the forecast period.  

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However, low IT literacy is hampering large-scale acceptance by consumers and thus is a major concern restraining the market. Similarly, unaffordable prices of security solutions is restricting the potential customer base in regions such as Asia Pacific and MEA,thus limiting the growth of the RFID locks market. However, rapid development in terms of innovations, and growing adoption and awareness of having advanced security solutions among the population in emerging economies especially in China, India, and in Southeast Asian countries is anticipated to offer lucrative opportunities to the RFID lock market players in longterm.