Smart Lock Market reaching nearly US$ 5.4 Bn
Global Smart Lock Market to reach USD 5.4 billion by 2027. Global Smart Lock Market is valued at approximately USD 1.38 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 21.4 % over the forecast period 2021-2027. Smart locks are simple to operate and can connect to Wi-Fi, Bluetooth, or both. Smartphones are becoming an increasingly important aspect of people’s lives in emerging markets. The market for mobile applications will increase at a large rate as the use of smartphones grows and more individuals purchase these electronic devices for everyday use. The increased need for smart locks is due to a rise in smart home adoption around the world, as well as an infusion of startups developing novel home automation technology. Industry participants concentrate on developing economically viable goods and innovative processes, such as remote locking and unlocking of doors, windows, and entrances. Furthermore, as the number of households with voice assistants continue to rise, manufacturers are connecting their products with these devices, allowing voice control of the locks. Customers are increasingly preferring innovative and convenient locking, thus such developments are predicted to gain a lot of popularity. Furthermore, throughout the projection period, an increasing number of new construction and renovation activities across North America and Asia Pacific are expected to generate significant market potential. In the medium term, rising raw material costs, along with the expanding presence of low-cost Asian suppliers in international markets, are projected to have an offsetting effect on the average selling price of smart locks. With the stabilisation of material costs, this tendency is expected to result in a sharp increase in price competitiveness. During the year 2020, IoT implementation to build touchless lock technologies has received enormous pace, as a result of which significant corporations are proposing solutions that require minimal human involvement. Kwikset released its expanded line of products with Microban SilverShield technology in March 2020, which helps to prevent bacterial growth on door hardware. However, security threats and system compromise may impede the market growth over the forecast years.To get more news about wifi Fingerprint Smart Door lock, you can visit securamsys.com official website.
The regional analysis of the Global Smart Lock Market is segmented for the key regions such as North America, Europe, Asia Pacific, Latin America, and Rest of the World (ROW). North America is the dominating region across the world in terms of market share due to high technology adoption and rising penetration of smart homes in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to significant increase in the number of residential and commercial projects regarding smart city across APAC.
The objective of the study is to define market sizes of different segments countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below: