Smart Locks Market to Witness Robust Expansion, Market Insights, Latest Analysis, Future Growth, Top Companies, SWOT Analysis, Forecast to 2027

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The “Global Smart Locks Market Analysis to 2027” is a specialized and in-depth study of the Smart Locks market with a special focus on the global market trend analysis. The smart locks market was valued at US$ 1.44 billion in 2019 and is projected to reach US$ 4.10 billion by 2027; it is expected to grow at a CAGR of 14.2% during 2020–2027. The increasing trend and implementation of the Internet of Things (IoT), and growing concern related to security and privacy are boosting the adoption of smart home security devices across the world. The escalating consumer awareness regarding the advantages of the advanced security solutions is anticipated to positively influence the product sales worldwide. Moreover, upsurge in the number of smartphone users worldwide is further boosting the deployment of smart locks in the last few years owing to enhanced benefits such as easy user interface and convenience to the users. The ever increasing awareness related to secure home solutions, the constant development of smart devices such as smartphones, rising disposable income of consumers, and booming internet services are some of the foremost factors driving the growth of the smart locks market. The “Global Smart Locks Market Analysis to 2027” is a specialized and in-depth study of the construction & manufacturing industry with a special focus on the global market trend analysis. The report aims to provide an overview of Smart Locks market with detailed market segmentation by battery type, connectivity, end-user and geography. The global Smart Locks market is expected to witness high growth during the forecast period.

New Report on “Smart Locks Market” makes a brilliant attempt to unveil key opportunities available in the global Smart Locks Industry to help players in achieving a strong market position.

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Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 pandemic on the global Smart Locks Market is included in the present report. The influence of the novel coronavirus pandemic on the growth of the Smart Locks Market is analyzed and depicted in the report.

Top Listed Players in this Report are:

AMADAS Inc.

August Home

HavenLock, Inc.

Honeywell International Inc.

Samsung

Vivint Smart Home, Inc.

Wyze Labs, Inc.

U-tec Group Inc.

Schlage

GANTNER Electronic GmbH

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 Type Based Insights:

Based on type, the smart locks market is segmented into padlocks, deadbolts, lever handle, and others. The standard padlocks are keyless, comprises an 8mm boron-hardened shackle that offers locking power from anywhere. The padlocks provided by the manufacturers are crafted with robust materials, severely tested, and certified, to simplify access control of the specific place. These padlocks are smart and powerful, which are manufactured in such a way that they offer tamper-resistant security, across many industries and are accessible from any smartphones. Initially, the padlocks were integrated with rotary or dial locks, but with technological advancement, the new wave of smart models were launched with enhanced features like fingerprint sensors. These smart padlocks are waterproof and are charged with a micro USB cable; once charged on standby, the battery will last for a month.

Application-Based Insights:

Based on application, the smart locks market is segmented into residential, commercial, and industrial. The rising concern among the population regarding their safety and security, is the main factor leading to the adoption of smart locks globally. The increasing number of local thefts is encouraging the masses to integrate smart locks in their houses, which permit an advanced security system. The users are progressively adopting and integrating its smart locks with the smartphone functionalities to keep them interconnected via the internet to receive notifications and continuously monitor the entries and exits.

The Global Smart Locks Market has been segmented as Follows:

Smart Locks Market –By Type

Padlocks

Deadbolts

Lever Handle

Others

Smart Locks Market –By Communication Technology

Wi-Fi

NFC

Bluetooth

Others

Smart Locks Market –By Application

Residential

Commercial

Industrial

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