Outlook on the Smart Locks Market in Asia Pacific to 2027- COVID-19 Impact and Analysis – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Asia-Pacific Smart Locks Market to 2027- COVID-19 Impact and Analysis by Type (Padlocks, Deadbolt, Lever Handle, and Others), Communication Technology (Wi-Fi, Bluetooth, NFC, and Others), Application (Residential, Commercial, and Industrial), and Country” report has been added to ResearchAndMarkets.com’s offering.

The Asia-Pacific Smart Locks market was valued at US$ 360.4 million in 2019 and is projected to reach US$ 1,188.2 million by 2027; it is expected to grow at a CAGR of 16.4% from 2020 to 2027.

Smart locks leverage IoT-based sensors in order to run keyless entry devices, which enables users to access doors remotely through a smartphone or any internet-connected device. As the US households are intended to equip smart locks during the forecast period, it generates huge opportunities for the smart locks manufacturers to offer them IoT based smart lock devices with more advanced features.

The home automation system is one of the developing fields among the residential sector, which is built to control and monitor the home systems within a home or a building. The system enables users to remotely monitor and control connected devices through the Internet. Several wireless technologies, such as ZigBee, Wi-Fi, and Bluetooth are widely used for building home automation systems. At present, most of the security systems are integrated with home automation systems since the rate of theft is surging progressively. Therefore, there is a need for a secured door lock system at home. With the help of wireless technologies used for home automation systems, a smart lock can be operated through voice, touch, and smartphone command, which makes the entry point of the home smarter and secure.

The overall Asia-Pacific Smart Locks market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Smart Locks market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

Market Dynamics

Drivers

• Rising Adoption of Smartphone
• Rise in Demand for Home Automation

Restraints

• Lack of Awareness Regarding The Benefits Offered By Smart Locks

Opportunities

• Growing Adoption of IoT in Security Systems

Future Trends

• Voice-Controlled Technology Integration in Smart Locks for Enhanced Capabilities

Companies Mentioned

• GANTNER Electronic GmbH
• Schlage
• Wyze Labs, Inc.
• Samsung
• Honeywell International Inc.
• AMADAS Inc

For more information about this report visit https://www.researchandmarkets.com/r/ysmtre

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