CHICAGO, Oct 20, 2023 – The Smart Lock Market is expected to grow to a value of USD 3.9 billion by 2027, according to a reputable market research and consulting agency called MarketsandMarkets. With an outstanding Compound Annual Growth Rate (CAGR) of 12.9% from 2022 to 2027, this prediction implies a substantial increase from its worth of USD 2.14 billion in 2022.
• Informational PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=82787906
Critical segments of the smart lock market are being developed, providing key insights for industry participants and stakeholders. The Product Type (Deadbolt, Lever Handle, Padlock, Others), Unlocking Mechanism (Keypad, App-based, Hybrid/Integrated, Traditional Key), Communication (Bluetooth, Wi-Fi, Zigbee, Others), and End-User (Residential, Commercial, Government, Others) segments are important subsectors. These segments offer a thorough overview of market dynamics and key elements influencing market growth.
Browse 169 market data Tables and 42 Figures spread through 188 Pages and in-depth TOC on “Smart Lock Industry – Global Forecast to 2027”.
View detailed Table of Content here – https://www.marketsandmarkets.com/Market-Reports/smart-lock-market-82787906.html
Numerous growth drivers are propelling the market, such as the rising requirement for convenient access control systems, the spike in the use of smart homes, and the rising need for innovative security solutions. Smart locks’ increasing popularity is mostly due to their better security features and easy interaction with smart home networks. Additionally, technological developments, the introduction of novel products, and growing consumer awareness all contribute to the market’s expansion.
The Smart Lock Market does, however, also confront some difficulties, including as high initial costs and worries about cybersecurity and data breaches. A proactive approach, industry cooperation, and ongoing security protocol improvements are required to overcome these obstacles.
A crucial role is played by major players in this changing market environment. Leading businesses in the market include ASSA ABLOY, Allegion plc, dormakaba Holding AG, and Spectrum Brands Holdings, Inc. To keep a competitive advantage and meet changing client needs, these players use tactics like product launches, acquisitions, collaborations, and alliances.
Scope of the Report
|
Report Metric |
Details |
|
Estimated Value |
USD 2.1 Billion in 2022 |
|
Projected Value |
USD 3.9 Billion by 2027 |
|
Growth Rate |
12.9% |
|
Market size available for years |
2023–2027 |
|
Base year considered |
2022 |
|
Forecast period |
2022-2027 |
|
Forecast units |
Value (USD Million/USD Billion) |
|
Segments covered |
By Type, Communication Protocol, Unlocking Mechanism, Vertical and Region |
|
Geographies covered |
North America, Asia Pacific, Europe, the Middle East, and the Rest of the World |
The Smart Lock Market’s growth trajectory emphasises how crucial it is to contemporary security systems. Smart locks are anticipated to be a key component in determining the future of security systems as technology develops and the demand for convenient and secure access increases.
Refer to the entire study “Smart Lock Market: Type, Unlocking Mechanism, Communication Protocol, and End-User – Global Forecast to 2027” available from MarketsandMarkets for a thorough knowledge of market trends and future predictions.
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