Electronic Latching Systems: Introduction
- An electronic latching system is a locking device which operates through electric current. Electronic latching systems are remotely controlled and monitored, both to lock and unlock the door.
- Electronic latching systems are connected to an access control system. Electronic latching systems have advantages such as transaction logging, where activity is recorded; key control, where keys can be removed and added without re-keying the lock cylinder; and fine access control, where place and time are factors.
- Electronic latching systems have solenoids, motors, and magnets, to actuate the lock by either supplying or removing power.
- Electronic latching systems operate on the basis of two mechanisms: preventing mechanism and operation mechanism.
- Electronic latching systems are activated and deactivated by authentication methods such as security tokens, passwords, numerical codes, passphrases, biometrics, and RFID.
- Electronic latching systems occupy less space and are more secure as compared to manual locks.
- The global electronic latching systems market is projected to expand at a rapid pace during the forecast period, owing to increased demand for electronic latching systems from end-users.
Global Electronic Latching Systems Market: Dynamics
Global Electronic Latching Systems Market: Key Drivers and Restraints
- Increasing demand for smart security systems due to rising trend of smart homes and smart cities plays an important role in augmenting the global electronic latching systems market.
- Rise in disposable income of consumers, increasing industrialization, and rapid urbanization are some of the major factors anticipated to boost the global electronic latching systems market in the next few years.
- Integration of advanced technologies, which includes face recognition and Bluetooth is a major factor anticipated to fuel the global electronic latching systems market in the next few years.
- Rise in number of smartphone users is also expected to propel the global electronic latching systems market during the forecast period.
- Electronic latching systems offer wireless connectivity, sends security alerts to the user on connected devices, and provides remote access. This is expected to boost the demand for electronic latching systems during the forecast period.
- Increasing need to enhance security solutions are estimated to contribute to the market growth in the upcoming years.
Lack of Awareness about Electronic Latching Systems to Hamper the Market
- High cost of electronic latching systems is the major factor expected to hinder the growth of the market in the next few years.
- Lack of awareness about availability and advantages of electronic latching systems is another major factor anticipated to hinder the market growth across the globe.
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North America to Hold Major Share of the Global Electronic Latching Systems Market
- In terms of region, the global electronic latching systems market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- North America dominated the global electronic latching systems market in 2018, accounting for a significant share due to technological advancement and presence of well-established manufacturers in the region, particularly in the U.S. The U.S. is a key market in North America due to the increasing number of smart homes which generates demand for electronic latching systems in the country.
- Furthermore, supportive regulatory infrastructure for the development of new diagnostic products will push the need for more electronic latching systems, which is expected to indirectly influence the demand for electronic latching systems in this region.
- The electronic latching systems market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing awareness, increased government initiatives, rise in disposable income of consumers, increasing industrialization and rapid urbanization, and high demand for advanced security solutions in the region.
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Global Electronic Latching Systems Market: Competitive Landscape
Key Players Operating in the Global Electronic Latching Systems Market
Several local, regional, and international players operating in the market manufacture electronic latching systems. Thus, the market is fairly fragmented and bargaining power of suppliers is low. The degree of competition among market players is also high. Rapid technological advancements have led to threat of substitution in the global electronic latching systems market. Key players operating in the global electronic latching systems market are:
- COMITRONIC - BTI
- EMKA Beschlagteile GmbH & Co. KG
- item Industrietechnik GmbH
- Rahrbach GmbH
- Southco Solutions
- TAI SAM CORPORATION
- Tec Tor
- Harper Engineering Company
- C.Ed. Schulte GmbH Zylinderschlossfabrik
Global Electronic Latching Systems Market: Research Scope
Global Electronic Latching Systems Market Segmentation, by Type
- Door Electronic Latching Systems
- Vehicle Electronic Latching Systems
Global Electronic Latching Systems Market Segmentation, by Authentication Method
- Security tokens
Global Electronic Latching Systems Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.