Global Radio Frequency Identification (RFID) Locks Market (2018-2024)

The growing incidence of property crimes and home invasions has fuelled the need for Radio Frequency Identification lock solutions for residential and other premises. Radio frequency identification (RFID) Locks is a non-contact technology that is widely used in industries for personnel tracking, access control, tollgate systems, and so forth.

Various enterprises are using Radio Frequency Identification locks of doors. The key cards used contain data encoded on RFID chip that is machine-readable. It plays a crucial part in computerized security systems. Radio frequency identification locks are great for hospitality, transportation & logistics, BFSI & retail, government & defense, and various other sectors. Several firms use RFID smart cards to open security doors and track the footfall of people in a building. Each card holds encoded data. These cards are programmable, easy to use, and ensure less incurred costs.

Global RFID Locks Market (2018-2024) | KBV Research

According to a recent report by KBV Research, one of the leading market research companies, the global market for RFID Locks is anticipated to attain a worth of $12.4 billion over the forecast year, growing at a CAGR of 15.4% during the course of their estimation period.

The potential factors of their utilization will swing the demand for these locks over the coming years. Furthermore, the adoption for smartphones is rising significantly because it is a relatively better channel for companies to approach their customers and offer products and services. The surging adoption of smartphones is certain to drive the growth of smart lock customer base. As a result, the market for RFID locks will gain prominent benefits.

RFID Door Locks

RFID door locks are becoming popular among house and hotel owners in past few years. Originally, these locks were introduced into the market for use in cars that contained remote entry systems. Over the time, these locks have been modified and developed to expand their user base across homes and hotels.

One of the prevailing advantages of radio frequency identification door lock is minimized requirement of carrying a key every time. There is also no requirement of keeping spare keys at home or other properties, which usually criminals come looking for inside the property. It can be hence concluded that these locks cut down the need for carrying or keeping keys, which in turn ensures the safety of users.

The growing competition within the hospitality sector is rising and several hotels are looking forward to newer and innovative ways of standing out in the market. From the perspective of infrastructure, this indicates that owners and designers are considering all aspects of the technology to highlight their guestroom offerings. Built-in surround sound systems and connectivity panels are gaining huge popularity, despite that, the focus on RFID door locking systems is now becoming more prominent.

The new-age RFID lock systems are one of the fastest changing sections of hotel designs. The use of this technology is coupled with the streamline style of the new locksets and is gathering traction of many designers. Door lock systems are one of the first items that a guest notices and the hospitality sector is keen for setting the standard expectation for their infrastructure.

Advantage of RFID locks over Mechanical Locks

Radio frequency identification locks are being offered as highly developed, modern technology. These locks operate differently in comparison to conventional lock systems. They can generate a line of communication between the user and the lock system.

Convenience: People tend to avoid carrying around a locker key while they attend an event. Be it general traveling in public, a key often causes discomfort and a sense of insecurity to people. However, with RFID locks, the need to carry key everywhere a person goes is eliminated.

Maintenance: In manual locks, someone has to look after keys, store them, and replace them when required. In radio frequency locks system, the users are expected to remember their own codes, and consequently, staff time and costs are reduced.

RFID Locks Market to reach a market size of $12.4 billion by 2024

Notification for low battery: Several locking systems are available in the market with the ability to notify the staff that the batteries in the locks are running low and need replacement. On an alternate note, these locks may emit a flashing code to alarm the user whenever there is a need for battery charge.

Conclusion

Radio frequency identification locks are being embraced by the end users and the market. It is ascertain that RFID lock systems will sustain their existence across the ecosphere all throughout the estimated years. With the ever-increasing demand of these systems, there is a strong force of pressure upon manufacturers to reduce the cost of these systems in the coming years.

Full Report: https://www.kbvresearch.com/rfid-locks-market/

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