Worldwide $35+ Mn Smart Lock Market
July 20, 2022 09:34PM
Worldwide $35+ Mn Smart Lock Market

Vantage Market Research’s recent analysis of the Global Smart Lock Market finds that the increase in integration of IoT-based security is expediting market growth. Primarily driven by rising internet penetration, the total Global Smart Lock Market is estimated to reach USD 3,639.5 Million by 2028.To get more news about best smart lock with fingerprint, you can visit official website.

The Global Market valued at a revenue of USD 1,863.8 Million in the year 2021, and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.8%.The increasing integration of IoT-based security is expected to fuel the growth of the Smart Lock Market during the forecast period. Smart locks with IoT-enabled sensors allow users to access doors remotely, with the use of a smartphone or other internet-connected devices. Smart locks offer the ability to unlock the door without a key, from anywhere, as well as distribute virtual keys to visitors. Smart locks offer additional functionality such as automating processes, which include turning on the lights and adjusting thermostat when the door is unlocked, triggering the security system to record and send video if the door is unlocked from outside. This is done through its compatibility with other IoT devices, smart assistants, or smart home management systems. Additionally, it can also give and revoke remote access to visitors, by enabling the service providers to access the door only at specific times and can give unlimited access to important family members or friends. Thus, the various benefits offered with integration of IoT-based security are expected to support the growth of the market in near future.
The increase in internet penetration along with smartphone adoption is anticipated to augment the growth of the Smart Lock Market within the estimated period. According to a report by GSMA, the number of mobile internet subscribers was projected to be 4.2 billion people globally in 2021 and is expected to reach 5.0 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 4.5%. Further, it estimated that the global coverage continues to grow, with 94% of the world’s population covered by mobile broadband networks and the biggest increases in coverage were estimated to be in Sub-Saharan Africa and the Pacific Islands. This has further resulted in increase in adoption of smart lock as all the applications used for controlling these locks are installed on these devices and need continuous internet connectivity for real-time updates. Additionally, the market players are focussing on implementing innovative techniques in smart lock models, such as Wi-Fi-enabled locking/unlocking or Bluetooth-based (BLE) locking/unlocking using smartphones and other devices which is also likely to fuel the demand for smart locks in the years to come.

North America has dominated the Global Smart Lock Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the high technology adoption and rising penetration of smart homes in the region. Furthermore, the high spending capacity of customers along with growing security concerns is also anticipated to encourage the adoption of smart locks.

Asia Pacific is expected to grow at a fastest CAGR during the forecast period. This is attributable to the rising number of residential and commercial projects in economies such as China and India owing to the growing population in the region. Additionally, the increase in penetration of smart homes as well as on-going smart city initiatives in developing countries is also expected to support the regional growth of the market in near future.
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