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Smart Lock Market Emerging Scenarios, Anticipated to Capture 1,175 Million USD by 2023
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The smart lock industry is anticipated to grow at a significant pace, owing to increase in security & privacy concerns, advancements in wireless communication technologies, rise in disposable income of consumers, the surge in urbanization, and the growth in need to establish connectivity across all the electronic equipment of the house.
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The global smart lock market is categorized based on the type of product into deadbolts, lever handles, padlocks, and others. Deadbolts segment generated a higher revenue in 2016 and is expected to dominate the market throughout the forecast period, owing to its strong and enhanced protection against forceful physical attacks.
Competitive Analysis of Prominent Players
-Schlage
-Honeywell International Inc.
-Panasonic Corporation
-Vivint, Inc.
-ASSA ABLOY AB
-UniKey Technologies Inc.
-Haven Lock, Inc.
-August Home
-Spectrum Brands, Inc.
-Samsung SDS Co. Ltd.
The commercial end-user segment led the smart lock market in 2016; however, the residential segment is expected to grow at the highest CAGR due to the rise in crime rates globally and ease of use as smart locks are enabled with features, such as motion detectors, remote door locking & unlocking, and remote door opening sensors with the phone app of the lock.
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According to the data released by the FBI regarding the crime statistics in 2015, in the U.S., the property crime rate was 2,487.0 offenses per 100,000 inhabitants and the violent crime rate increased by 3.1% compared to previous year.
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