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The global smart lock market was valued at US$ 1.6 Billion in 2021.
We expect the global smart lock market to exhibit a CAGR of 21.8% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of cloud-based locking/unlocking system that enables the user to remotely access the locks through a virtual device and combat the risk of the coronavirus infection by minimizing human interaction.
The widespread demand for advanced home security solutions, such as smart locks, that can be monitored from any location and customized to restrict universal access is primarily driving the global smart lock market.
Based on the lock type, the global smart lock market can be segmented into deadbolts, lever handles, padlocks, and others. Currently, deadbolts hold the majority of the total market share.
Based on the communication protocol, the global smart lock market has been divided into Bluetooth, Wi-Fi, and others. Among these, Bluetooth currently exhibits a clear dominance in the market.
Based on the end-user, the global smart lock market can be categorized into commercial, residential, institution and government, and industrial. Currently, the residential sector accounts for the largest market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global smart lock market include Assa Abloy, Allegion Plc, Dorma+Kaba Holding AG, Spectrum Brands Holdings, Inc., Salto Systems S.L., Onity, Inc., Cansec Systems Ltd., Gantner Electronic GmbH, Master Lock Company LLC, MIWA Lock Co., Samsung Electronics Co., Ltd., Amadas Inc., Sentrilock, LLC, Avent Security, Dessmann, etc.
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