Smart Lock Market is projected to grow from buzai232's blog

According to Latest Report Published by Emergen Research, The Smart Lock Market Size is expected to reach USD 8.87 billion in 2028 at a CAGR of 15.0% during the forecast period. Increasing need for safety and security of property, personal items, and other valuable items, rising adoption of smart home automation systems, growing preference for smart locks in commercial and corporate buildings, and rapid advancements in the smart lock technology are key factors expected to drive market revenue growth over the forecast period.To get more news about smart home accessories, you can visit securamsys.com official website.

Smart locks are IoT-enable entry devices that do not require keys and help users remotely access door locks via smartphones and other smart devices. Smart locks use Wi-Fi, mobile applications, and voice assistants such as Alexa, Google Assistant and Siri to lock and unlock doors, grant access to guests, and send alert when doors remain opened or unlocked.

The latest study is inclusive of an in-depth analysis of the economic status of the global Smart Lock market and examines the most important regions constituting the global market. It further details on the most lucrative and growth-oriented regions, top market rivals, diversified product types, and a large number of end-use industries. Additionally, the study includes a detailed summary of the current market scenario, which is vastly impacted by the ongoing COVID-19 pandemic.Growing use of smart locks in hospitality sector to improve in-room security and to regulate access to authorized individuals in factories, airports, banks, and defense zones, among others are some other key factors fueling the revenue growth of the market.

Deadbolts segment is expected to account for largest revenue share in the global market between 2021 and 2028 owing to increasing demand for deadbolts in residential and commercial buildings as they offer enhanced security and durability. Rising adoption of touch-screen deadbolt and smart deadbolts owing to their easy installation and remote control is also contributing to the revenue growth of the segment.Biometric segment revenue is expected to register robust revenue CAGR over the forecast period owing to increasing adoption of biometric smart locks that offer palm, face, iris, voice, and fingerprint recognition in residential and commercial buildings. Revenue growth of this segment can also be attributed to growing demand for smart locks integrated with 3D biometric fingerprint sensors and robust security software that offer enhanced security and improved user convenience.

Wi-Fi segment revenue is expected to expand significantly during the forecast period owing to increasing advancement in Wi-Fi networks, improvement in remote control capabilities of Wi-Fi-enabled smart locks, and real-time alerts delivered by Wi-Fi-based smart locks that ensure higher level of security and safe smart home experience.

Residential segment is expected to account for a significant revenue share in the global market owing to increasing adoption of smart locks in smart residential buildings to address the growing concerns surrounding security and safety of residents, growing trend of smart homes, and rising investment to equip new residential infrastructure with smart windows, sensors, and other integrated security features.In May 2021, Assa Abloy AB, which is a Swedish lock maker, acquired Sure-Loc, which is a U.S.-based supplier of residential locks and related hardware. The acquisition is expected to bolster the former’s global position in the smart lock market.