In terms of revenue, the global RFID locks market was valued at US$ 3,585.11 million in 2019 and it is projected to reach US$ 8,779.61 million by 2027; it is expected to grow at a CAGR of 12.6% from 2020 to 2027.

Technological innovations, strong economy, and emerging technologies facilitate development of latest & convenient solutions for end-users. The scope of using advanced access solutions, such as RFID looks, is gaining high traction. The inclination toward procurement of electromechanical products over traditional locking systems has increased drastically, which is expected to continue and offer various growth opportunities to users of smart locking systems. Hence, the lock manufacturers are incorporating smart technology in their electronic locks to make it smart. Therefore, emergence of RFID locks, which can be accessed through smartphones is receiving high momentum. Smartphone use or voice command are a few better methods of opening/closing doors while omitting demand for key. Growth in smartphone penetration is expected to promote the use of RFID locks among target end-users.

Additionally, as a keycard reader has a potential to read locks from a few inches away, the RFID locks with key cards are increasingly being preferred by users. Furthermore, growing number of hotels in countries, such as the US, the UAE, and Saudi Arabia, is anticipated to fuel the adoption of RFID locks in hotel rooms at a rapid pace. The global consumer electronics market is strongly driven by the significant adoption of smartphones among people of all age groups. The developing countries in APAC, the MEA, and South America are experiencing a substantial rise in number of smartphone users owing to increasing availability of low-cost smartphones. Also, the Netherlands, Sweden, Australia, the US, Spain, Germany, the UK, and France are among the advanced economies where smartphone ownership is high owing to rising disposable income.

Overall size of the RFID locks market 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 RFID locks market with respect 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 involved in this 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 RFID locks market. Assa Abloy AB; Bai Fu Co., Ltd.; Digilock; Dormakaba Group; Euro-Locks SA NV; Godrej & Boyce manufacturing company limited; Onity Inc.; Samsung; and Senseon are among the key market players profiled during this market study.