North America leads the RFID lock segment

Technavio analysts forecast the global RFID lock market to grow at a CAGR of nearly 17% during the forecast period, according to their latest report. Global RFID lock market to grow at a CAGR of nearly 17% during the forecast period 2016-2020.

Geographically, North America leads the RFID lock segment with a market share of almost 38% (2015 figures). With the customers in the region becoming more accepting towards new technologies, there is an increase in number of residential properties adopting the RFID-based locks to enhance home security. They are finding increased utility as they can be linked to the customer’s smart phone to monitor and operate the locks. While the residential sector is still finding traction in the market, the hospitality industry sees widespread use of this technology.