RFID Locks Market: Industry Outlook, Growth Prospects and Key Opportunities

Posted by Sakshi Mishra on December 31st, 2019

According to a new market report published by Transparency Market Research the global RFID locks market was valued at US$ 3,538.8 Mn in 2016 and is expected to expand at a CAGR of 16.9% from 2018 to 2026, reaching US$ 16,450.6 Mn by the end of the forecast period. According to the report, the global RFID locks market will continue to be influenced by a range of macro-economic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of about 19.1% throughout the forecast period.

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Rising security concerns among customersis driving the market

The need for enhanced security solutions has grown with increase in property crime, burglaries, and home invasions in the past few years. Due to the rise in crime, customers have become more concerned and are willing to adopt and invest in the latest, high-level security solutions and services that are readily available in the market in order to keep their property and families protected and secured. According to the U.S. Department of Justice, in 2015, an estimated 8,000,000 property crime offenses were recorded in the U.S. As per the U.S. Federal Bureau of Investigation (FBI), in 2014, property crimes resulted in losses valued at an estimated US$ 22 Mn. Apart from burglaries, other crimes (sexual offences, kidnappings, and homicides) have also increased globally.

Thus, due to a rise in the need for security solutions, people are now looking for different and more reliable door security options, such as RFID locks apart from other alternative solutions such as CCTV cameras and electronic alarm sensors installed at gates and elsewhere in the premises. This in turn is supporting the growth of the RFID locks market.