The Electronics Locks Market has expanded its application across parking lots, luxury apartments, gyms, metro platforms, office projects, shopping malls and other organizations. Electronic lock is a smart lock, which is used to keep track of customer footfalls for the sake of security.
Basically, the smart locks are of various kinds such as fingerprint lock or biometric door lock, digital lock and others. Based on the end-use application, the market of electronics lock is segmented as hospitality and professional segments. Coming to hospitality segment it includes hotels and resorts, whereas professional segment includes government, health-care, education, commercial and financial verticals. Electronic lock manufacturers are preferring the technologies such as Wi-Fi or ZigBee, Z-Wave or Bluetooth or NFC, online wireless, semi-online wireless.
Growing adoption of electronic locks among public and private places such as shopping malls, metro platforms, gyms and parking lots is the key growth factor for the Electronics Locks Market. The major key growth driver of this market is the high demand for smart locks in construction industry. Increasing alarming crime rates and unethical practices are further fueling the growth of this market.
However, high cost of electronic door locks when compared to normal lock systems is the major factor that hinders the installation of smart lock systems. Additionally, the trend of using electronic alarm sensors and CCTV cameras in residential premises acts as the key restrain for the smart locks market growth. But, growing popularity of access control systems is anticipated to drive the electronic locks market over the coming years.
North America is leading the Electronics Locks Market by holding the largest market share. North America is registering significant growth rate followed by Europe, due to increasing adoption of electronics lock systems across various end user applications. Asia-Pacific is expected to register fastest growth because of expanding sales in emerging economies like China followed by India, over the forecast period.
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