The Smart Lock Market is estimated to be valued at USD 2.1 billion in 2022 and reach USD 3.9 billion by 2027, registering a CAGR of 12.9% between 2022 and 2027.
One of the reasons the Smart Lock Market is growing is because it offers an alternative to traditional security measures, such as locks and keys. Smart locks can be used to eliminate the need for people to carry multiple pieces of security equipment with them. This makes them more convenient and easier to use.
Another reason the Smart Lock Market is growing is because it offers a variety of features that are not available in traditional locks. For example, some smart locks can be controlled using voice commands or QR codes. This allows users to access their homes even if they are not present.
Overall, the Smart Lock Market is projected to grow rapidly in the next few years due to its many benefits.
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The growing concern for security is a major factor driving the rapid adoption of smart locks. Since their inception, smart locks have evolved to provide efficient and user-friendly services. Their high efficiency and sophistication have led to their deployment in various premises to boost security. There is a growing need for identification and authentication in various premises such as individual houses, condominiums, hotels, retail stores, banks and financial institutions, corporate buildings, and commercial buildings.
The Smart lock Market is dominated by players such as ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), and Allegion plc (Ireland).
Smart Lock Market in APAC to hold the highest market share from 2022 to 2027
The Smart Lock Market in APAC is expected to grow at the highest CAGR during the forecast period. The vast population base, a large extent of ongoing research and development (R&D) activities, and increasing urbanization are expected to fuel the adoption of smart locks in APAC. Also, the growing terrorist threats and crime rates and a low police-population ratio in APAC countries are expected to create high demand for smart locks.
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