Electronic
locks can be deactivated or opened by authentication such as passwords and
passphrases, numerical codes, security tokens, RFID, and biometrics, among
others. Protecting valuable assets and places becomes a concern as the global
economic climate sours. Rigorous access control gives peace of mind, leading to
growing demand of electronic locks. Electronic lock is gradually becoming one
of the primary and cost-effective way to prevent unauthorized access.
Electronic
locks find application in luxury apartments, office projects, and government
projects. The electronic locks market can be segmented by end-use into
hospitality and professional segments. The hospitality segment includes hotels,
resorts, while the professional segment includes healthcare, government, education,
commercial and financial verticals. Players in the market are ensuring
electronic lock’s compatibility with technologies such as Wi-Fi or ZigBee,
Z-Wave or Bluetooth or NFC, online wireless, semi-online wireless, and data on
card to gain competitive advantage. The electronic locks market can be
segmented by type into mechatronic, electromechanical and digital categories.
Digital door locks are further segmented by type into biometrics and keypad
locks. On the basis of geography, the global electronic locks market can be
segmented as North America, Europe, Asia Pacific, Middle East and Africa and
Latin America. Increasing adoption of electronic locks in mature markets such
as Western Europe and the U.S. spurs the growth of electronic locks market. In the
coming years, Asia Pacific is expected to be the fastest growing electronic
locks market mainly driven by expanding sales in China.
Sales
channels are growing for electronic locks. Currently, real estate developers
are the key channel however, some manufacturers have started to use e-commerce
websites. Electronic locks for doors are configured to an access control
central command or a stand-alone system. Currently, traditional locks can also
be converted to stand-alone access control systems. Electronic locks enable
affordable upgrades and bring long service life, offsetting initial investment.
Electronic locks track the traffic to and from the site, recording when the
doors have been opened and by whom. Such features are driving the growth in
demand for electronic locks.
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The key
driver of electronic locks market growth is its high demand in the construction
industry; it creates a demand for new locks which are installed directly into
new buildings and also creates an additional demand for retrofit business due
to large amount of companies that move to new premises. Thus, electronic
security equipment such as electronic lock is further expected to find
potential opportunities in the construction industry. The alarming crime rates
and unethical practices globally are further fuelling the growth of electronic
locks market. High profit for electronic locks is attracting more suppliers in
the industry supply chain, leading to more severe pricing competition.
Declining prices and enhanced convenience is being featured in new electronic
lock models. Furthermore, growing popularity of access control systems is
anticipated to drive the electronic locks market over the coming years.
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