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Oct 27, 2023

Robust sales forecast for smart door lock market

In 2022, the global smart door lock market was valued at US$2.14 billion. The market is expected to grow to US$5.90 billion in 2028, at a compound annual growth rate (CAGR) of 18.45 percent over the forecast period. The market has witnessed a transformative shift in recent years, with the industry becoming increasingly fragmented. However, organized players have been steadily gaining market share due to their extensive product offerings, superior services, and enhanced brand visibility. This trend is expected to continue as consumers increasingly prioritize home security and contactless access control systems. 

With more individuals spending extended periods at home post pandemic, there has been a rapid adoption of touchless smart door lock technologies. Additionally, the shift to remote work and virtual learning prompted many to invest in smart door locks as part of their home automation systems. 

The market has experienced substantial growth, driven by factors like rapid urbanization and increased adoption in residential complexes. The rising concerns about security have further fueled the demand for smart door locks. Additionally, increased adoption of cloud computing is driving the market as it enables remote access and control of smart door locks through internet-connected devices like smartphones and tablets. The fingerprint lock is expected to experience the highest CAGR as this lock can scan and analyze an individual's unique fingerprint patterns. Each person's fingerprint is distinct, making it a reliable method of identification.  

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