Press release
Smart Locks Industry Showing Impressive Growth during Forecast Period 2023-2032| Allegion PLC, Assa Abloy AB, August Home, Cansec Systems Ltd., Dorma + Kaba Holding AG
Smart Locks Market Outlook
The Business Research Company's Smart Locks Global Market Report 2023 identifies An increase in the number of residential and commercial projects as the major driver for the smart locks market's growth in the forecast period. 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.
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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Major competitors in the smart locks market are Allegion PLC, Assa Abloy AB, August Home, Cansec Systems Ltd., Dorma + Kaba Holding AG, Gantner Electronic GmbH, HAVENLock, Honeywell International Inc., Master Lock Company LLC, Onity Inc., Salto Systems, Samsung Electronics Co Ltd., Schlage, Spectrum Brands Holdings Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Yale Locks & Hardware (ASSA ABLOY AB), Avent Security, Goji, SDS Smart Locks, Mul-T-Lock, and Panasonic Corporation.
A key trend in the smart locks market includes Technological advancements. Major companies operating in the smart lock sector are focused on developing new technological solutions to meet consumer demand. For instance, in November 2022, Yale Home India, an India-based digital lock manufacturing company, launched the Yale YDM7220 BioSecure based on ioSecure technology. The Yale YDM7220 BioSecure is a smart lock system equipped with advanced technology that ensures that every touchpoint in your home receives regular cleaning and sanitization to reduce microbial contamination and the spread of diseases.
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https://www.thebusinessresearchcompany.com/report/smart-locks-global-market-report
The smart locks market is segmented -
• 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.
The Business Research Company's "Global Smart Locks Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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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