Smart Lock Market Estimated to Experience a Hike in Growth by 2021-2031 | August Home, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporations

New York, According to a new market research report published by Global Insight Services Smart Lock Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

Smart Lock is a security feature that allows users to unlock their devices without having to enter a passcode. Instead, the device can be unlocked using a fingerprint, iris scan, or facial recognition. This feature is designed to make it easier for users to unlock their devices, while still providing a high level of security.

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Key Trends

Some key trends in Smart Lock technology include the use of biometrics, the incorporation of WiFi and Bluetooth, and the use of mobile apps.

Biometrics, or the use of unique physical characteristics to identify individuals, is becoming an increasingly popular way to secure smart locks. This can include fingerprint scanners, iris scanners, or even voice recognition. The advantage of biometrics is that it is very difficult to replicate someone else's biometrics, so it provides a high level of security.

WiFi and Bluetooth are also being used more frequently in smart locks. WiFi can be used to connect the lock to the internet, which allows for remote access and monitoring. Bluetooth can be used to connect the lock to a mobile app, which allows the user to control the lock with their phone.

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Key Drivers

The key drivers of the smart lock market include the need for enhanced security, the need for convenience, and the need for energy efficiency.

The need for enhanced security is driven by the increasing number of break-ins and burglaries happening around the world. Smart locks offer a higher level of security than traditional locks, as they are more difficult to pick and are often equipped with features such as fingerprint recognition or facial recognition.

The need for convenience is driven by the increasing number of people who are leading busy lifestyles. Smart locks offer the convenience of not having to carry around a key, as they can be unlocked using a smartphone or a biometric reader.

Market Segments

The Smart Lock Market is segmented into product type, technology, end user, and region. On the basis of product type, it is segmented into deadbolts, lever handles, padlocks, and others. Further, the others segment includes footplate locks, rim latches, and wall mounted locks. On the basis of technology, it is bifurcated into Wi-Fi and Bluetooth. On the basis of end user, it is segregated in to residential and commercial. Region-wise the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.

Key Players

The Smart Lock Market includes players such as August Home, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporations, Salto Systems, Samsung Co. Ltd., Schlage, Spectrum Brands, Inc., Unikey Technologies Inc. and Vivint, Inc.

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Reasons to buy Smart Lock Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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