Smart Door Lock Market Size
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The global smart lock market size was valued at usd 1 2 billion in 2019 and is expected to register a cagr of 18 5 from 2020 to 2027.
Smart door lock market size. Smart lock market was valued at usd 1 74 billion in 2019 and is projected to reach usd 4 41 billion by 2027 growing at a cagr of 13 25 from 2020 to 2027. For the forecast years. The report on smart door locks market offers in depth analysis on market trends drivers restraints opportunities etc. The growing trend of internet of things iot along with rising security and privacy concerns has propelled the penetration of smart home security devices globally.
The global smart door lock market is segmented on the basis of type application and geography. The global smart door lock market is divided by keypad smart door locks into magnetic stripe locks electromechanical door locks and electric strike locks. Among these locks the electromechanical door locks segment is anticipated to hold highest market size by the end of 2021 by expanding at a compound annual growth rate cagr of 26 43. The growing adoption of internet of things iot coupled with rising security and privacy concerns has propelled the penetration of smart home security devices globally.
More than 7 0 million units of smart locks were sold in 2019. 3 2020 at 5 28 a m. Press release smart door locks market 2020 share size types and applications evolving technology trends and industry analysis 2026 published. Smart door lock market scope.
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