RFID Locks Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global RFID locks market attained a value of USD 4.95 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 19.40% to reach USD 29.15 Billion by 2034.

Growing Utilisation in the Hospitality Sector to Aid the RFID Locks Industry Growth

Based on application, the hospitality segment accounted for a considerable share of the global market. This segment extensively utilises key cards and is likely to provide ample opportunities for integrating latest technologies in the RFID locks industry to grow further. Meanwhile, the COVID-19 pandemic, which has had a severe impact on the growth of various industries worldwide, has provoked awareness among people to maintain minimum contact in public places. This factor is likely to boost the product demand in the long term.

Growing Shift towards Technology and Convenience, especially in Developing Regions, to Enhance the Market Growth of RFID Locks

Workplaces around the world are adopting RFID locks in their operations, including physical access or restrictions, computer access, and others to maintain security and accountability. In addition, RFID locks have been witnessing increased adoption in the residential and government sectors due to their integration with smartphone technology in the recent years. Thus, the increasing adoption of smartphones in developing countries of the Asia-Pacific, Latin America, and the Middle East and Africa is likely to boost the demand for RFID locks in the coming years.

RFID Locks: Market Segmentation

Radio-frequency identification lock, abbreviated as RFID lock, is an electronic lock technology that utilises the radio frequency as its key. It is a contactless alternative to conventional contactable card locks that uses specific frequency transmitted by smart chip embedded in the access device to identify the person with access permission.

Market Breakup by Access Device

• Key Cards
• Mobile Phones
• Wearables

Market Breakup by End Use

• Residential
• Hospitality
• Automotive
• Government
• Retail
• BFSI
• Others

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The report looks into the regional markets of RFID locks like North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa.

Increasing Adoption of Smartphones to Aid the Growth of the RFID Locks Industry

The global market for RFID locks is primarily driven by the increased adoption of smartphones all over the world. The subsequent additions to the features of smartphone are paving the way for its higher penetration in the day-to-day lives of its users. Likewise, a surge is being witnessed in the usage of advanced security devices in the commercial and government sectors. The strict policies of workplaces to restrict their offices to employees, the need to have government offices secured, and the rapid technological advancements, among others, are expected to augment the demand for RFID locks for entry-exit doorways. Moreover, the rising cases of crimes related to theft and burglary offer significant growth opportunities to the market for application in the residential sector. Apart from this, the rising awareness regarding social distancing and personal hygiene is expected to be another factor propelling the demand for contactless security systems, thus, aiding the market.

However, the use of smartphones in security devices is expected to lure hackers and criminals to attempt cyber-attacks to compromise the safety of various applications, which might hinder the demand for RFID locks. Nonetheless, subsequent changes in technology are expected to prevent any such compromises.

Key Industry Players in the Global RFID Locks Market

The report presents a detailed analysis of the following key players in the global RFID locks market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Assa Abloy AB
• Samsung Electronics Co. Ltd.
• dormakaba Group
• Godrej & Boyce Mfg. Co. Ltd
• MIWA Lock Co.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.