RFID Locks Market is Projected to Increase at a CAGR of Around 14.3% During 2022 – 2032

The RFID Locks Market revenues were estimated at US$ 7.4 Bn in 2021 and is anticipated to grow at a CAGR of 14.3% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 32.9 Bn.

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.

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.