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Global Smart Locks Market 2023 Challenges, Industry Statistics, Technology Scouting, Future Growth And Forecast To 2032
Smart Locks Market
Smart Locks Market Size, Growth Rate, And Forecast:
The global smart locks market size grew from $2.14 billion in 2022 to $2.48 billion in 2023 at a compound annual growth rate (CAGR) of 15.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart locks market size is expected to grow to $4.21 billion in 2027 at a CAGR of 14.2%.
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Smart Locks Market Drivers:
An increase in the number of residential and commercial projects is expected to propel the growth of the smart locks market going forward. Residential projects refer to the buildings that are used for residential purposes and commercial projects refer to the buildings that are lent for business purposes. Smart locks are adopted by both commercial and residential projects as they provide safety by using different technologies.
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Smart Locks Market Segments:
By Product: Deadbolts, Commercial, Padlocks, Other Products
By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
By Authentication Method: Biometric, Pin Code, RFID Cards
By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Smart Locks Market.
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Smart Locks Market Key Players:
Major competitors in the smart locks market include Allegion PLC, Assa Abloy AB, August Home, Cansec Systems Ltd., Dorma + Kaba Holding AG, Gantner Electronic GmbH, HAVENLock.
The Business Research Company's "Global Smart Locks Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Smart Locks Market Include:
1. Executive Summary
2. Smart Locks Market Characteristics
3. Smart Locks Market Trends And Strategies
4. Smart Locks Market - Macro Economic Scenario
5. Smart Locks Market Size And Growth
……
26. Africa Smart Locks Market
27. Smart Locks Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Locks Market
29. Smart Locks Market Future Outlook and Potential Analysis
30. Appendix
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