A smart lock is an electromechanical lock designed to lock and unlock doors from an authorized device over a wireless protocol. The doors can be unlocked by smartphones or special key fob, also the user can allow access to a third party by means of a virtual key. Certain smart locks include built-in Wi-Fi connection and monitoring features.

Increasing adoption of connected devices and increasing adoption smart homes are major factors driving growth of the global smart locks market. In addition, declining cost of internet services, growing implementation of technologies such as ZigBee, near field communication (NFC) etc. and rapid development in cloud infrastructure have further propelled demand for the smart locks in the global market. Moreover, technical features such as electronic key, ability to remotely monitor and control the device, and dynamic unlocking mechanism are some other factors fueling growth of the global smart locks market.

Security risk related to hacking of mobile phone or back-end cloud server remains a restraining factor for growth of the global smart lock market. In addition, dead phone, battery replacement, high R&D cost, and software security are some of the challenges faced by the global smart lock market. Increasing penetration of Internet of Things (IoT) and rising disposable income of individual in developing economies is expected to open opportunities for smart lock market.

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The global smart lock market is segmented on the basis of product type, technology, end-user, and region.
North America is expected to dominate smart lock market and is expected to register a CAGR of XX.X% during the forecast period. The market in Europe is expected to witness considerable growth during the forecast period. Among other regions, the market in Asia Pacific is expected to witness a significant growth over the forecast period owing to rapid development in building infrastructure.

Key players in the global smart lock market are ASSA ABLOY Group (Yale), UniKey Technologies Inc., August Home, Havenlock Inc., Spectrum Brands, Inc., Honeywell International Inc., Samsung SDS Co. Ltd., Cansec Systems, Vivint Inc., AT&T Intellectual Property, and Panasonic Corporation.

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