RFID stands for radio frequency identification technology. It is automatic technology that is used for transfer of radio signals and also for the detection of variety of objects such as vehicles, goods and assets. The RFID locks contain RFID reader and magnetic door locks for simpler use. It is used for locking and unlocking operations. The RFID locks enhance the locking operations and improve the hassle free operations. The RFID locks are integrated with the chip technology which is used for the transfer of data and enhancement of the operations. The RFID technology is used for the processing and can be operated with the electronic barcodes. The RFID locking systems involves the integrated circuit for modulating and demodulating. It has an antenna for receiving signals. It is simple electromechanical systems that are made of electromagnet.
Currently the global RFID locks market is observing vibrant growth on account of increasing demand for access control systems. The global RFID locks market is integrated with NFC technology. The increasing application of NFC technology for ticketing and payment options is also major reason for the growth of the market during the forecast period. Additionally, the increasing demand for the RFID enabled furniture locks across the globe is also driving the growth of RFID locks market during the forecast period. Moreover, the increasing adoption of smartphones is also expected to drive the growth of smart locks which in turn is expected to foster the growth of market during the forecast period.
RFID locks market is anticipated to record a CAGR of 18% over the forecast period. The market can be segmented on the basis of access device and application. On the basis of access device, the market can be segmented into wearable, key cards, mobile phones and key fobs. On the basis of application, it is sub-segmented into automotive, hospitality, manufacturing, aerospace & defense, residential, transportation & logistics, BFSI and retail. The increasing expansion of the hospitality sector leads to expansion of hotel chains and resturant. This is expected to increase the demand for the RFID locks systems.
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The growing demand for better locking solutions is expected to drive the overall RFID locks market during the forecast period. The advent of NFC technology in the various electronic devices is also major reason for the expansion of the market. Additionally, the growing demand for the bluetooth enabled door locks systems is also driving the overall market during the forecast period.
The increasing safety and security concern across the globe leads to high adoption of security solutions. This leads to increased adoption of RFID based locks systems. Additionally, the growing adoption of latest technologies and solutions in order to enhance the security is expected to fuel the market growth of the global RFID locks market.
The high prices associated with the RFID locks is expected to restrain the growth of the global RFID locks market during the forecast period. Additionally, low awareness among the consumers is also expected to hinder the market growth of the RFID locks.
Our-in depth analysis of the global RFID locks market includes the following segments:
On the basis of regional analysis, global RFID locks market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to be the leading region for overall market during the forecast period. It accounted nearly 40% of total market share during the forecast period. The highly developed residential sector in the region is expected to foster the growth of market during the forecast period. For instance according to US Census of Bureau, the newly owned household units in 2016 was 1206 units which increased to 1282 units in 2017. Asia-Pacific region is expected to be the fastest developing region for the RFID locks market during the forecast period. The increasing urbanization coupled with the infrastructural development in the region is expected to increase the demand for the RFID locks.
Global RFID locks market is further classified on the basis of region as follows:
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