Electronics Locks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
The Electronics Locks Market size is analyzed to grow at a CAGR of 19.6% during the forecast 2022-2027 to reach $2,175 Million by 2027. The Electronic lock, powered by electric or battery-operated is the best alternative to the conventional mechanical lock, integrated with additional automation features, including remote locking, RFID tag, and various other Biometrics Authentication solutions. The Electronics Locks Industry is majorly driven by the significant demand for security in various sectors, such as residences, industries and commercial locations. The need for robust and reliable access control for generating security, leads to the increasing demand for the wide range of cost-effective smart locks and Electromagnetic Locks. In addition, rapid innovations in electronics and semiconductor technologies, the rise of Internet of Things (IoT), along with the promising penetration of smartphones and GSM modem across the world are some of the major driving factors for the extensive gr...