Electronics Locks | Overview and Key DevelopmentsPosted by Aparna P on September 13th, 2022  Locking systems have been in use since time immemorial to keep precious articles safe in Electronic locks are locking systems that utilize electric current to engage and disengage. Said electric supply is passed through on entry of an electronic passcode or proximity to a Bluetooth device. Some of these locks use magnetic energy to operate in beams and key systems.
Key Trends and Drivers
The industrial automation industry is an industrial sector on its own. To reduce the inefficiency of human labor and divert human efforts to planning, automation is being employed in industries. This has not only led to reduction in resource wastage but also in working hours.
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The global process automation market was valued at USD 76.83 billion in 2019 and is expected to reach USD 114.17 billion by 2025, at a CAGR of 7.23% over the forecast period 2020-2025. As per the global worker wages annual report, an estimated 2 trillion USD can be protected on by automating about 45% of current activities that are paid. These trends hold promise for the electronic locks market.
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