Global Smart Lock Market was valued at USD 1.2 billion in 2019 which is expected to reach USD 2.88 by 2027 at a CAGR 13.12%.
The report on the Global Smart Lock Market, as found on Qualiket Research website, is in- depth analysis of the market dynamics which are impacting both present market as well as the upcoming. The market dynamics are anticipated to provide lasting impression on the holistic growth of the target market. This report has been analysed well by adept market reviewers through the immense knowledge and the expertise in the subject. The analysis would bring along factors & figures to track the market would take over the forecast period of 2020-2027.
Smart lock offers ease of use and works on either on Wi-Fi, Bluetooth, or both. Increase in usage of smartphones is an integral part today’s lifestyle in developing economics. Rise in penetration of smartphones and more users acquire electronic devices for everyday use which is expected to drive the global smart lock market growth.
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Rise in investments in research and development activities by key competitors is the key driving factor which is expected to propel the global smart lock market growth. Furthermore, increase in adoption of advanced technologies like Internet of Things (IoT) which is expected to boost the growth of global smart lock market. Moreover, increase in number of smartphones and growing popularity of smart technology will have the positive impact on global smart lock market growth. Also, increase in awareness regarding security and safety concerns will fuel the smart lock market growth.
However, high cost of devices is the major restraining factor which is expected to hamper the growth of global smart lock market. Also, lack of awareness among customer will affect the global smart lock market growth.
Global Smart Lock Market is segmented into product type such as Padlocks, Lever Handles, Deadbolts, and Others, by technology such as Wi-Fi, and Bluetooth. Further, Global Smart Lock Market is segmented into end user such as Residential, and Commercial.
Also, Global Smart Lock Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Master Lock Company LLC, Gantner Electronic GmbH, Cansec Systems Ltd., Onity, Inc., Salto Systems S.L., Spectrum Brands Holdings, Inc., Dorma+Kaba Holding AG, Allegion Plc , and ASSA ABLOY AB
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