Smart Locks Market Share Expected to Reach USD 14,972.3 Million by 2030| Top Key players such as -Spectrum Brands, UniKey Technologies and Vivint.

According to the report published by Allied Market Research, The Smart Locks Market Share Expected to Reach USD 14,972.3 Million by 2030 | Top Key players such as -Spectrum Brands, UniKey Technologies and Vivint. The report provides a detailed analysis of these key players of the global digital educational publishing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

Increase in use of security-based products, rise in awareness, unique and easy-to-use technology, low battery requirements, increase in adoption of cloud-based mobile application, and device efficiency drive the growth of the global smart locks market. On the contrary, high initial cost and fear of privacy intrusion impede the growth of the market. However, geographic expansion of businesses and rapid changing business model are anticipated to pave the way for multiple opportunities in the industry.

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By product, the deadbolts segment accounted for more than half of the global smart locks market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the increase in the need to address connectivity, which compels various users to adopt smart deadbolt locks. The padlocks segment, however, would showcase the fastest CAGR of 21.3% by 2030. The report also includes an analysis of lever handles segments.

Based on technology, the Wi-Fi segment held the lion's share in 2020, contributing to more than three-fifths of the global smart locks market, and is expected to continue its lead during the forecast period. Advanced and reliable features of Wi-Fi-enabled systems such as a locking mechanism in the door which can be activated and deactivated automatically by smartphone using Wi-Fi technology within a specific range.

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By geography, North America garnered the major share in 2020, contributing to more than two-fifths of the global smart locks industry. This is attributed to increase penetration of IoT, rise in trend for smart homes, and rise in real estate, and hospitality areas. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 21.8% throughout the estimated period. This is owing to the increase in use of the internet, growing security concerns in government offices & research centers, and rise in construction activities in India and China which are likely to expand the smart locks market growth at the fastest rate.

This report gives an in-depth profile of some key market players in the smart locks market, which include August Home, SALTO Systems, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung SDS Co. Ltd., Schlage, Spectrum Brands, Inc., UniKey Technologies Inc., and Vivint, Inc. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.

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COVID-19 scenario

• Increase in adoption of smart locks during the pandemic affected the global smart locks market positively. Commercial and government sectors have adopted smart locks to overcome concerns regarding safety and security of the public and enterprises.

• As the world is getting back to normalcy, organizations are focusing on advanced technology such as machine learning (ML), artificial intelligence (AI), internet of things (IoT), and cloud computing across residential and commercial sectors to perform contactless operations. This is expected to boost the demand for smart locks in the market.

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