DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Smart Lock Market Analysis By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise, Critical Infrastructure), And Segment Forecasts To 2024" report to their offering.
The global smart lock market size is anticipated to reach USD 24.20 billion by 2024. The increasing awareness regarding the secure home solutions and a steady rise in the portable connected smart devices adoption complemented by the Bring Your Own Device (BYOD) trend surfacing across emerging and developed economies are the key factors expected to impel the market growth over the forecast period.
Increasing need for dynamic unlocking mechanism is the prime factor anticipated to drive the market over the forecast period. Cloud-based lock management solutions and home access are expected to present considerable growth opportunities to this industry. Smartphones, tablets, key fobs are increasingly being integrated with access to various locking functions which is expected to further boost market growth. The rising use of technologies such as Near Field Communication (NFC), low-power Bluetooth, and ZigBee/Z-wave, for accessing locks is anticipated to make the growth prospects for this market very bullish.
However, the issues related to high R&D costs are expected to challenge the growth of the market. In addition, the surging adoption of inexpensive electromechanical door locks that provide enhanced security as compared to the customary mechanical locks is expected to pose challenge to the industry growth.
1. Methodology and Scope
2. Executive Summary
3. Smart Locks Industry Outlook
4. Smart Locks Product Outlook
5. Smart locks Application Outlook
6. Smart Locks Regional Outlook
7. Competitive Landscape
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