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Smart Lock Market Size is Expected to Reach USD 4351.3 Million in 2027

 

The Smart Lock Market Value is expected to record a valuation of USD 4351.3 Million by 2027, Registering to Accelerate at a 13.2% CAGR, According to the most recent study by Brandessence Market Research & Consulting Pvt Ltd.

The Global Smart Lock Market size was Valued at USD 1826.8 Million in 2020.

Increasing penetration of smartphones, rise in the number of criminal cases, and growing emergence of smart technologies such as 5G, Wi-Fi are anticipated to drive the growth of the Global Smart Lock Market.

The smart lock market is a fragmented, innovative, and competitive landscape. The increased manufacturing of smart locks globally, with low barriers to entry, thanks to limited investments in high-tech technology remain promising drivers of growth. The relatively low to medium investments in costs also open doors to new opportunities through collaborations, and acquisitions.

Key players in the market continue to focus on integrated lock systems with features to complement technologies like Bluetooth, Wi-Fi, and IoT advancements like smart homes. Some key players in the global smart home market are Allegion (Ireland), Salto Systems (Spain), Spectrum Brands (US), Cansec Systems (Canada), Onity (US), and Master Lock (US) among others.

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