Here Are The Latest Development In Smart Lock Market You Should Know


The global smart lock market is expected to grow at a CAGR of 14.60% during the forecast period. Based on end-user, the global smart lock market has been segmented into residential and others. The growth of the residential segment is driven by increasing smartphone penetration across the world. As per the latest market research report published by Technavio, the global smart lock market size has the potential to grow by USD 8.62 billion during 2019-2023. Get the free sample report below for the detailed information.
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One of the major reasons for the growth of the global smart lock market is the increasing rate of burglaries, especially in urban areas. The latest generation of smart locks offers features such as facial recognition, voice activation, geofencing, and autolocking. The increasing concerns about home security are expected to drive the demand for smart locks by residential end-users during the forecast period. 
There is an increasing demand for Wi-Fi-enabled smart locks and vendors are trying to capitalize on this demand by expanding their product offerings. Smart lock vendors are working on the development of smart locks that can connect with other home devices such as smoke alarms and smart doorbells through intermediaries such as Amazon Alexa, Apple HomeKit, and Google assistant. Hence, the global smart lock market by the residential segment is expected to grow rapidly during the forecast period.

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