The Smart Locks Global Market Report 2023 by The Business Research Company, provides smart locks market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Smart Locks Global Market Report 2023, the market size will grow from $2.14 billion in 2022 to $2.48 billion in 2023 at a compound annual growth rate (CAGR) of 15.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the smart locks is expected to grow to $4.21 billion in 2027 at a CAGR of 14.2%.
An increase in the number of residential and commercial projects is expected to propel the growth of the smart locks market going forward. Residential projects refer to the buildings that are used for residential purposes and commercial projects refer to the buildings that are lent for business purposes. Smart locks are adopted by both commercial and residential projects as they provide safety by using different technologies.
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The smart locks market is segmented:
1) By Product: Deadbolts, Commercial, Padlocks, Other Products
2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
3) By Authentication Method: Biometric, Pin Code, RFID Cards
4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications
Technological advancements are a key trend gaining popularity in the smart lock market. Major companies operating in the smart lock sector are focused on developing new technological solutions to meet consumer demand. For instance, in November 2022, Yale Home India, an India-based digital lock manufacturing company, launched the Yale YDM7220 BioSecure based on ioSecure technology. The Yale YDM7220 BioSecure is a smart lock system equipped with advanced technology that ensures that every touchpoint in your home receives regular cleaning and sanitization to reduce microbial contamination and the spread of diseases.
The smart locks market report table of contents includes:
1. Executive Summary
2. Smart Locks Market Characteristics
3. Smart Locks Market Trends And Strategies
4. Smart Locks Market – Macro Economic Scenario
5. Smart Locks Market Size And Growth
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26. Africa Smart Locks Market
27. Smart Locks Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Locks Market
29. Smart Locks Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Allegion PL
- Assa Abloy AB
- August Home
- Cansec Systems Ltd
- Dorma + Kaba Holding AG
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