A smart lock can be defined as a mechanical and electrical locking device that has the ability to open wirelessly with authentication by authorized users. Smart locks allow homeowners to enter their homes or provide others access without the requirement for a traditional key. Smart locks allow users to use various other, more accessible objects such as a key fob or a smartphone in order to wirelessly verify and mechanically and unlock the door. Smart locks can be said to be an extension of home automation or home security. As a result, smart locks can be considered a part of the Internet of Things. Smart locks provide ease of use and works on either Wi-Fi, Bluetooth, or both. Smartphones are becoming an integral part of today’s lifestyles in emerging economies. As the usage of smartphones grows and more users acquire these electronic devices for everyday use, the market for mobile applications will also grow at a significant pace.
The global smart locks market was valued for US$ 434.4Mn in 2019 is expected to exhibit a CAGR of 18.8% during the forecast period.
Smart lock technology plays a vital role in the government, residential, and commercial sectors. The safety and security of personal assets & information and law enforcement are the major concerns behind the adoption of smart lock technology in the government sector. Various governments and forensics departments use smart locks in access control of sensitive centers of information, employee authentication, and others. Commercial sectors, especially banking & finance sectors & enterprises, have adopted smart lock technology for various applications including PC/network access and physical access in an effort to provide strong authentication and security mechanisms.
The growing trend of the Internet of Things (IoT), along with rising security and privacy concerns, has propelled the penetration of smart home security devices globally. Rising consumer awareness regarding the benefits of advanced security solutions is expected to positively influence product sales. Additionally, an increase in the number of smartphone users globally has resulted in the growing deployment of smart locks over the past few years owing to benefits such as convenience and easy user interface.
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