Smart Lock Market by Key Players, Application and Regional Outlook, 2024Posted by Ryan Shaw on January 27th, 2020 The global Smart Lock Market size is expected to reach USD 24.20 billion by 2024, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 60.1% during the forecast period. Rising awareness about smart home solutions, surging demand for portable connected smart devices, and growing preference for dynamic keyless locking/unlocking mechanisms are some of the primary factors fostering the growth of the smart lock market. Governments across the globe are increasingly focusing on their efforts to enhance the adoption of smart homes in their respective regions. Proliferation of wireless communication technologies coupled with growing awareness regarding connected devices is expected to propel the market over the forecast period. Moreover, rising material costs and increasing prominence of Asian suppliers in international markets are projected to have an offsetting impact on the average sale price in short term. Growing adoption of smart lock technology for non-residential applications is anticipated to provide a fillip to the market. For example, the hospitality industry has started adopting smart locks in response to growing concerns among customers regarding security during overseas stays. Hotels are, particularly, installing smart locks in order to enhance their brand image. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/smart-lock-market Further Key Findings from the Report Suggest:
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