RFID Locks Market to Reach $9.93 Billion

According to a new report, the global RFID locks industry generated $2.92 billion in 2019, and is projected to generate $9.93 billion by 2027, witnessing a CAGR of 19.4% from 2020 to 2027.

High utilization in the commercial and government sectors, surge in adoption of smartphones, and demand for access control systems with NFC drive the global RFID locks market. However, unaffordable prices of security solutions hinder the market growth. On the other hand, high development of smart homes presents new opportunities in the coming years.

Based on access device, the key cards segment accounted for the largest market share in 2019, held nearly half of the global RFID locks market, and is expected to maintain its leadership status during the forecast period. This is due to rise in the hospitality sector in emerging countries and development of advanced technologies. However, the wearables segment is expected to portray the fastest CAGR of 22.5% from 2020 to 2027, owing to offering of excellent consumer experience by providing security and comfort in access management systems to restricted areas or personalized services in hotels & resorts.