According to a recently published analytical report by Future Market Insights, the global market for RFID locks is expected to generate sales of US$7.4 billion in 2022. The market is anticipated to increase by 14.1% through 2033, reaching a valuation of US$ 36393.0 million. The greatest revenue-generating sector is predicted to be mobile phones, with an absolute dollar opportunity of 17.4% from 2023 to 2033.

The rise in property crime, break-ins, and burglaries over the past several years has led to a steady growth in the need for RFID lock solutions in the home and other sectors. A stronger channel for businesses to reach out to consumers and deliver their goods and services straight into the customers’ hands by enabling them to operate the door locks more simply is being provided by the growing penetration of smartphones and its user-friendly experiences.

Additionally, the characteristics of RFID locks make them a perfect option for authentication mechanisms in many applications and sectors. For instance, members can utilize them to get access to gyms, healthcare, and educational facilities. Additionally, RFID locks provide a large number of benefits over mechanical locks. This offers integrated expandable access, keyless entrance, ease of use, configuration flexibility, and availability of mobile access.

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Rising adoption of smartphones, widespread use of RFID locks in government and commercial settings, and high demand for NFC-enabled access control solutions. However, the market’s expansion is constrained by the high cost of security systems. The market for RFID locks, on the other hand, benefits largely from the rapid advancement of smart homes. RFID locks are becoming more popular in the residential sector attributable to the widespread usage of smart home designs that incorporates features like voice control, remote access, and seamless communication.

“During the projected period, RFID Locks business trends will profit from the rising smartphone use, broad usage of RFID locks in public and commercial spaces, and faster development of smart homes, in the years to come.” comments a Future Market Insights analyst.

Competitive Landscape

The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the RFID Locks Market are focused on R&D to produce innovative technological solutions.

In February 2021, A 6G smart lock product offering from Digilock (Security People, Inc.) was introduced with a cloud-based network security system. The 6G locks from Digilock are still wireless for simple installation on new construction, retrofits, and upgrades.
Key Companies Covered

ASSA ABLOY AB
Bai Fu Co., Ltd.
Digilock
Dormakaba Group
Euro-Locks SA NV
Godrej & Boyce Manufacturing Company Limited
Onity Inc.
Samsung
SenseOn