RFID Locks Market Size, Industry Share and Total Revenue Growth Rate | Growing at a CAGR of 19.40% from 2020 to 2027.

RFID Locks Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

PORTLAND, OREGON, UNITED STATES, October 6, 2023 /EINPresswire.com/ -- Allied Market Research published a report on the RFID Locks Market by Access Device (Key Cards, Mobile Phone, and Wearables) and End User (Residential, Hospitality, Automotive, Government, Retail, BFSI, and Other): Global Opportunity Analysis and Industry Forecast, 2020–2027.

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.

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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.

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The research report presents a complete judgment of the RFID locks market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities

Competitive Analysis:

The RFID locks industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the global RFID locks market include,

Honeywell International Inc.
Godrej & Boyce Manufacturing Company Ltd
Assa Abloy Group
Samsung Electronics Co Ltd
Dormakaba Holdings AG
Allegion plc
Spectrum Brands, Inc.
MIWA Lock Co.
OJMAR, S.A.
Hettich Holding GmbH & Co. oHG

Top Impacting Factors:

The prominent factors that drive the growth of the RFID locks market size include high usage of RFID locks in commercial and government sectors, high adoption of smartphones, and high demand for access control systems with near field communication (NFC). However, unaffordable prices of security solutions restrict the market growth. Conversely, high development of smart home creates lucrative opportunities for the RFID locks market.

Research Methodology:

The research uses both primary and secondary research to assemble data on the various facets of the international RFID locks market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.

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Key Benefits for Stakeholders:

1) The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

2) This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.

3) Major countries in each region are mapped according to their revenue contribution to the global market.

4) Porter’s five forces analysis illustrates the potency of the buyers and the RFID locks market share of key vendors.

5) The report includes major RFID locks suppliers along with the company overview, business segments, product portfolio, and key strategic moves and development in the market.

About Us:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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Allied Market Research
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