Press release
Surging Adoption of Industry 4.0 Technologies to Propel Smart Lock Market to 4X Growth through 2029
The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Smart Lock Market in the upcoming years.Click here to Get Complete Synopsis of the Report - https://www.factmr.com/report/4669/smart-lock-market
The report introspects the supply chain, cost structure, and recent developments pertaining to the Smart Lock Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Smart Lock Market are thoroughly studied in the presented market study.
Heightened connectivity of smart devices with public, private, and residential infrastructure generating a simultaneous demand for smart locks.
For detailed insights on enhancing your product footprint, request for a sample here - https://www.factmr.com/connectus/sample?flag=S&rep_id=4669
Enhanced security, safety, and monitoring of properties for theft prevention is enabling the deployment of smart lock systems. The global smart locks market is projected to grow at a dexterous 16% CAGR through 2029. Countries across the world are leveraging advancement in infrastructural technology such as smart surveillance, enhanced sensors, and mobile control of security systems. Market players are heavily investing in research and development of smart slocks to increase convenience and enhance security.
For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=4669
Key Takeaways of Smart Lock Market Study
• On the back of product factors such as price, durability, and security, deadbolt type of smart locks will grow over 4X during the forecast period.
• On the back of consumer demands for smart hospitality and ease of access to services, the lever handle segment will register ~17% CAGR between 2019 and 2029.
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• Increased disposable income of millennial consumers is propelling the residential application segment to quadruple through 2029. Further, penetration of smart devices in developing economies will contribute significantly to the growth of the smart locks market in the coming decade.
• Critical infrastructure such as server rooms, and big data centres exhibit the highest growth rate of more than 19% from 2019 to 2029. Increasing digitization of business operations creates a surging demand for smart locks for critical IT infrastructures.
• Enterprise applications are set to offer growth opportunities on the back of early adoption by multinationals. The enterprise segment will grow at a stupendous 17% CAGR during the projection period.
Read More Trending and Similar Reports from Fact.MR – http://www.globenewswire.com/en/news-release/2020/03/09/1997228/0/en/MEMS-Sensor-Market-to-Reach-US-50-Bn-in-2027-Heightening-Prospects-of-Smart-Devices-and-EVs-Favor-Growth-Concludes-Fact-MR-in-a-New-Study.html
• Asia Pacific ( East Asia & South Asia & Oceania) will generate incremental dollar opportunities with stupendous 19% (East Asia) and 22%(South Asia & Oceania) CAGR during the projection period. Developing countries with skillful workforces are innovating disruptive smart lock technology.
Smart Features in Smart Locks- Key Growth Strategy
Market players are differentiating products based on features that increase security while at the same time enhance convenience. Smart locks that lock and unlock automatically by detecting the arrival of owners is an ideal example of innovative products. Facial recognition and fingerprint sensors increase product efficiency.
For comprehensive insights on this market adoption, ask an analyst here – https://www.factmr.com/connectus/sample?flag=AE&rep_id=4669
Mobile adaptability will continue to bolster growth for the smart locks market. Surging penetration of smart phones among consumers in developing countries paired with digitization of economies will impel the demand for smart locks during the forecast period. The competitive landscape is shaped by disruptive innovation and strategic development partnerships. Prevalence of products such as Google Home, Apple Homekit, and Amazon Smart home devices among consumers will have a rippling effect on the demand for smart locks compatible with these smart home platforms.
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