RFID Locks Market growing at a CAGR of 19.40% from 2020 to 2027

The global RFID locks market size was $2.92 billion in 2019, and is expected to reach $9.93 billion by 2027, growing at a CAGR of 19.40% from 2020 to 2027.

Radio frequency identification (RFID) technology turns mobile devices into readers of RFID tags that are attached to physical objects. RFID along with the mobile technology can create several applications for process management improvement. RFID technology is used in the context of physical mobile interaction, which enables mobile devices with embedded micro RFID readers to read RFID tags. The high usage of mobile phone and penetration of its numerous features in day-to-day activity are providing lucrative opportunity for the RFID locks market growth. Several mobile applications provide users with a convenient experience due to plenty of technological advancements available in the market.

The constantly evolving electronics and wearables technology majorly drives the growth of the RFID locks market. RFID wearables, such as wristbands or rings, fobs, and dongles, carry a RFID chip that allows them to interact with RFID readers. RFID wearables offer great opportunity to create a sense of comfort and awareness for customers. Wearable technology with RFID offers better consumer experience with providing security and comfort in access management system to restricted areas or personalized services in hotels & resorts.