Smart locks – the lock technology consisting of locks that can be operated with the help of unconventional means such as remote control and provide the user with alerts and tracking data about who entered or left the locked premise, are increasing emerging as promising alternatives to conventional locks. The market has expanded at a promising pace in the past few years, in tandem with the development of mobile computing devices and telecommunication networks. The rising focus and investments into smart city infrastructure have also increased massively aided overall development of the global smart locks market.
With the increasing prevalence of crime rates day by day, people all across the world are more concerned about safety and security at a personal level. The global smart lock market is being driven by factors like technological advancement and the rise in the number of crime rates. Moreover, the extensive usage of smartphone in the past few years have also fueled the smart lock market.
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On the basis of geographical segmentation, the global smart locks market is categorized into the regions of North America, Asia Pacific, Middle East and Africa, Europe, and South America. Currently the market is dominated by North America and Europe. However, Asia Pacific may be anticipated to witness a rapid growth due to the emerging market especially in the emerging nations of India, Japan, South Korea and China.