Smart Locks Market: Development in Telecommunications Technology to Drive Demand

A new market research report by Transparency Market Research, titled “Smart Locks Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”, presents a detailed analysis of the global smart locks market. The market is analyzed in terms of its key products, future prospects, top regions, current position, and numerous other factors. The opportunities, threats, weaknesses, and strengths of the market for smart locks have been evaluated by stakeholders and data has also been encapsulated from both internal as well as enternal sources for the compilation of this study.

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Smart locks refer to the locks that can be remotely operated or can also be operated with the help of other unconventional means. The market for smart locks is on the rise since the past few years as they have become as promising substitutes to traditional locks. The increasing security presented by smart locks owing to the fact that the virtual keys of smart locks can’t be duplicated is also a key factor fuelling the growth of the market. Furthermore, owing to a number of limitations related with the usage of conventional locks, the smart locks industry is in the process of developing electronically operated smart locks, thus positively impacting the overall growth of the market.

The increasing employment of smart locks in commercial, industrial, and residential applications will also drive the growth of the global smart locks market. The market is also gaining impetus from the development in the telecommunications technology. The increasing convenience provided by smart locks owing to that fact that they can be unlocked by utilizing the smartphone of the user instead of a key has also contributed to the growth of the global smart locks market.

The report further states that the increasing backing provided by governments globally in order to introduce the smart city infrastructure will also support the utilization of smart locks, thus stimulating market growth. However, the increasing risks associated with the usage of smartphones such as the danger of the phone getting hacked or stolen have come up as prime factors working in favor of the growth of the smart locks market.

Geographically, the report states that the global smart locks market is led by Europe and North America and amongst these the latter outpaced the former in 2015. On the other hand, the growth of this market will also been seen in Asia Pacific owing to the presence of infrastructure and technology needed for enabling extensive utilization of smart locks in this region.

The prime companies dominant in the global smart locks market are Comcast, AT&T Intellectual Property, HAVEN, Lowe’s Companies, Inc., UniKey Technologies, Inc., and Yale Real Living, among others.

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