The global Smart Lock Market size is predicted to hit USD 8.13 billion by 2030 and is anticipated to register a CAGR of 19.5% from 2022 to 2030, based on a recent report by Grand View Research, Inc. Key factors driving the growth include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wi-Fi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.
The
user can send temporary keys to people, giving them home access within a
specified time. In addition, smart lock technology is easy to use and unique
compared to conventional methods. Smart pre-lock technology includes passwords,
ID codes, machine keys, paper clips, and code names which are tedious to take
care of and can potentially lead to theft or loss of data. Smart keys work on
an IoT connection, which synchronizes the user's smartphone to gain
control. This smart lock feature makes it reliable, unique, and easy to use and
strengthens its market presence.
During
the first couple of quarters of 2020, the COVID-19 pandemic slowed the pace of
new smart lock installations. During the last year, drastic changes such as
cross-border trade prohibitions, economic uncertainty, restrictive standards
necessitating temporary shutdowns of industrial facilities, and stay-at-home
orders for the general public produced a difficult situation for the industry.
Nonetheless, measures such as embedding touchless technologies into their
products, developing mobile apps for performing operations, and offering
products at lower pricing on the available modes have helped businesses
increase their ROI during these essential lockdown instances.
Related Press
Release@ Smart
Lock Market Report
Smart Lock Market Report Highlights
- The market
is driven by the increased global internet penetration, consumer awareness
about advanced security systems, and higher reliance on mobile
applications to make daily processes easier. Growing usage of smart locks
in residential security will propel the overall market over the forecast
period
- Based on the
type segment, the lever handle type of locks is anticipated to grow at the
highest CAGR of 22.4% from 2022 to 2030
- The
residential segment held the largest market share of 63.9% in 2021, while
the use of smart locks in the hospitality industry is poised to register
the highest CAGR of 24.2% during the forecast period
- North
America held the largest revenue share in 2021, owing to the advancements
in technology
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment