Smart lock is an
electronic locking system using wireless and advance technology for doors
locking and unlocking operations. It is considered to be the important part of
the smart home. It operates through the instructions received from an
authorized device using a wireless protocol and a cryptographic key to execute
the authorization process. Smartlocks also operates using smartphones, it
required mobile application connected with the physical lock. It allows users
to grant access to a third party by the means of a virtual key. This key can be
sent to the recipient smartphone over standard messaging protocols such as
e-mail or SMS. CAGR of 13.05% between 2018 and 2024. The market is mainly
driven by the increasing demand for applications such as residential and
commercial. Increasing investments in new infrastructure developments and an
increase in GDP of China and India are increasing the demand for Smart Lock
market. The regions covered in this report are North America, Europe,
Asia-Pacific and Rest of the World. The market is mainly driven by the
increasing incidences of crime globally. Rising security and safety concerns
coupled with increasing awareness of security devices are expected to drive the
smart lock market. Due to the high technological adoption in developed
countries like U.S., Canada, and France among others. The increasing demand
mainly from the developing regions like Middle East & Africa, Asia-Pacific,
and South American countries are also driving the market. The emerging markets
such as India, China, Brazil, Southeast Asia, and Japan are expected to change
the trends and dynamics of the market in the future. The high cost of the smart
lock may hamper the demand for the smart lock.
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