Smart Locks Market Size to Surpass $6.1 Billion by 2026
According to a new report published by Polaris Market Research, the global smart locks market is anticipated to reach $6.1 billion by 2026.
The report, “Smart Locks Market [By Product Outlook (Lever Handle, Padlock, Deadbolt, Others); By End-Use Outlook (Home, Commercial, Hospitality, Government, Others), By Regions]: Market Size & Forecast, 2017 – 2026” gives an insight into current market dynamics and provides analysis on future market growth. Increasing adoption of smart homes in both developed and developing economies and growing need for more secured locking mechanism has pushed the market for smart locks. There has been a significant growth in the adoption of smartphones and other handheld devices, which act as an interface to control these locks. Smart locks allow its users to connect through smart phones, with the help of advance connectivity technology such as near field communication (NFC), Bluetooth and ZigBee/Z-Wave. There is also a considerable increase in the compact IoT gadgets or connected gadgets adoption. All of these factors will drive the market over the forecast period.