Market overview

The Smart Lock Market is expected to reach a value of USD 2.67 Billion by 2023 from an estimated USD 1.28 Billion in 2017, growing at a CAGR of 13.11% during the forecast period from 2017 to 2023.

The Smart Lock market that can be operated remotely with a smartphone or other connected device is known as the "Smart Lock market." Compared to conventional mechanical locks, these Internet of Things (IoT) locks offer greater security, comfort, and control. Due to the rising popularity of connected devices and the desire for home automation, the market for smart locks is anticipated to expand quickly. The demand for improved security in residential and commercial properties is another factor driving the market. The market for smart locks is expanding as a result of the expansion of e-commerce and the acceptance of smart home technology. Region, end-use, and lock type are used to segment the market.

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How is the market progressing, geographically?

The Smart Lock Market is developing differently in each location, with some showing faster development rates than others. The main market for smart locks right now is North America, where many major players have considerable operations. The region is experiencing rapid expansion as a result of the growing use of smart home technology, the presence of many early adopters, and the wealthy consumer base.

Because of the rising popularity of smart home gadgets and the significant demand for home automation solutions, Europe is also experiencing rapid growth in the smart lock industry. The adoption of smart locks is being driven by the region's high concentration of technologically proficient nations.

The rapidly expanding economies of nations like China, India, and South Korea are likely to cause the Asia-Pacific area to grow at the fastest rate in the upcoming years. The number of middle-class consumers in the region is also rising quickly, which is fueling demand for smart home appliances like smart locks.

In addition, significant development is anticipated in the Middle East, Africa, and South America over the next few years due to these regions' expanding use of smart home technology and rising demand for home automation solutions.

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What is driving the market growth?

The growth of the global market for smart locks is being primarily influenced by the following factors:

Rising demand for home automation: As smart locks are a crucial part of home automation systems, the market for home automation systems is expanding as a result of the rising popularity of home automation solutions.
Use of smartphones has increased, which has made it simpler for customers to operate their smart locks remotely, fueling the market's expansion.
High purchasing power: As customers are more prepared to spend in high-tech security solutions for their homes and workplaces, the burgeoning middle class and rising purchasing power of consumers are driving the need for smart locks.
Growing security concern: As a result of their superior security over conventional mechanical locks, smart locks are becoming more and more popular as a result of rising crime rates and growing security concerns.
News Covered:

https://www.prnewswire.com/news-releases/smart-lock-market-worth-3-9-billion-by-2027--exclusive-report-by-marketsandmarkets-301513588.html

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