North America RFID Locks Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Access Device, End-User

The North America RFID locks market is expected to grow from US$ 802.93 million in 2019 to US$ 1,654.37 million by 2027; it is estimated to grow at a CAGR of 10.2% from 2020 to 2027. Technological innovations, strong economy, and emerging technologies facilitates development of latest & convenient solutions for the end users. The scope of using advanced access solutions such as RFID looks is gaining high traction. The inclination towards procurement of electromechanical products over traditional locking systems has increased drastically; and is expected to continue and give various growth opportunities to the user of smart locking system. Ergonomic design, well-suited design, ADA compliant, universal, and adaptability are some of the features provided by the RFID locks which makes their adoption more among industries, especially hotels. Array of apartments, residential homes, small commercial buildings, schools, and other similar spaces are still using old-fashioned key-and-doorknob locks in their exterior and interior doors. With growing urbanization and rising demand for security, the business owners and homeowners getting inclined to smart locking systems. Therefore, the lock manufacturers are incorporating smart technology in their electronic locks to make it smart. Therefore, emergence of RFID locks that can be accessed through smartphones is receiving high momentum. Smartphone use or voice command are few better methods of opening/closing door while omitting demand for key. Growth in smartphone penetration is expected to promote the use of RFID locks among target end users.

The key cards segment led the North America RFID locks market based on access devices in 2019. The key cards are the most widely accepted access devices for RFID locks market players. The key cards facilitate the user to unlock doors, gates, panels, cabinets, or drawers with ease as the RFID readers read the authorization code embedded on the card. The RFID locks using key cards are much safer compared to other access devices as the card must be close to the RFID reader to transmit the embedded data. This enhances the security and has been attracting maximum RFID lock manufacturers and end users, which, in turn is catalyzing the growth of RFID locks market. Manufacturers such as Assa Abloy, Dormakaba Group, Godrej & Boyce, ShineACS Technology Limited, and Be-Tech Asia Limited are among the key manufacturers of RFID locks that unlock with key cards. The segment holds the largest market share in RFID locks market and is expected to continue dominating the market throughout the foreseeable future.

The overall North America RFID locks market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America RFID locks market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America RFID locks market. Some of the key companies operating in the North America RFID locks market are include Assa Abloy AB; Digilock (Security People, Inc.); Dormakaba Holding AG; Onity Inc.; Samsung Group and Senseon (Accuride International Inc.)