India RFID Lock Market Size By Type (Access Control, Locker Lock), By Application (Hospitality, Government Offices), And Forecast

India RFID Lock Market Size And Forecast

India RFID Lock Market size was valued at USD 815.4 Million in 2022 and is projected to reach USD 3115.1 Million by 2030, growing at a CAGR of 18.24% from 2024 to 2030.

RFID (Radio-Frequency Identification) locks are quickly becoming an essential aspect of this continuously changing landscape, especially in the residential market. By meeting the expectations of contemporary homeowners for easy access without compromising safety, RFID locks have significantly increased home security. The India RFID Lock Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

India RFID Lock Market Definition

A tool designed to limit access using RFID technology is an RFID lock. The two essential components of it are an RFID reader and RFID tags. Cards or keychains usually have these tags, which offer precise identification information. When an RFID tag is presented to the reader, the lock system detects it and, depending on previously specified permissions, either grants or denies access. Additionally, RFID, also known as radio frequency identification, is a simple and inexpensive technology that enables wireless data transmission. This technology hasn’t been applied commonly in the industry because industrial organizations didn’t previously standardize their practices. RFID technology outperforms other networks in terms of efficiency and security.

India Rfid Lock Market Overview

The popularity of smart home technology is currently growing as a result of a number of alluring features like remote access, voice command functionality, and seamless connection. RFID (Radio-Frequency Identification) locks are quickly becoming an essential aspect of this continuously changing landscape, especially in the residential market. By meeting the expectations of contemporary homeowners for easy access without compromising safety, RFID locks have significantly increased home security. The ability to remotely control and monitor house entry, typically using smartphone apps, is nothing short of revolutionary. It makes it possible for locals to grant access to reliable people even when they are not there. The usage of voice command technology, sometimes through virtual assistants like Alexa from Amazon or Assistant from Google, gives still another level of convenience. Homeowners may effortlessly lock and unlock doors using voice commands.

The popularity of RFID locks goes far beyond use in the house. Numerous businesses understand the value of better security systems, including those in hospitality, government, education, and commercial structures. To meet these security requirements, RFID locks that provide thorough access control and exhaustive audit trails are essential. In addition, RFID technology has proven flexible in a wide range of applications other than office administration. It is essential for streamlining retail checkout procedures, enhancing parking garage gate control effectiveness, and optimizing supply chain inventory. RFID is crucial in many businesses because of its ability to track goods fast and precisely, restrict access, and speed up transactions.

The market for RFID locks faces significant challenges due to the high cost of high-security solutions. Prospective adopters still have a lot of questions about affordability, and they need to carefully weigh the benefits of wider adoption against the costs. The India RFID Lock Market is expanding, nevertheless, because of the growing demand for smart homes. RFID locks are anticipated to become more common as more homes adopt smart technology to boost security and convenience. Modern living requirements are perfectly met by their integration with smart home ecosystems, which enables remote access and control via smartphones.

India RFID Lock Market Segmentation Analysis

The India RFID Lock Market is segmented on the basis of Type and Application.

India RFID Lock Market, By Type

• Access Control
• Locker Lock
• Others

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Based on Type, the market is divided into Access Control, Locker Lock, And Others. Access Control accounted for the largest market share of 28.13% in 2022, with a market value of USD 422.19 Million and is projected to grow at the highest CAGR of 16.73% during the forecast period. Locker Lock was the second-largest market in 2022, valued at USD 422.19 Million in 2022; it is projected to grow at a CAGR of 20.46%.

India RFID Lock Market, By Application

• Key Cards
• Wearables
• Mobile Phones
• Others

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Based on Application, the market is divided into Key Cards, Wearables, Mobile Phones, and Others. Key Cards accounted for the largest market share of 45.98% in 2022, with a market value of USD 374.93 Million, and is projected to grow at a CAGR of 17.09% during the forecast period. Mobile Phones were the second-largest market in 2022, valued at USD 210.27 Million in 2022; it is projected to grow at a CAGR of 19.04%.

Key Players

The “India RFID Lock Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ASSA ABLOY, Dormakaba Group, Samsung, Allegion Plc, Godrej Locking Solutions and Systems, Dolphy India Pvt Ltd., Lavana Locks, Gantner Electronic GmbH, SALTO SYSTEMS SL.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• May 2021, RFID wristbands for hotels have ID&C approval from ASSA ABLOY. ASSA ABLOY Global Solutions, a producer of hotel access control systems, accepted ID&C as an authorized distributor of RFID wristbands. ID&C is a well-known provider of RFID credentials.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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