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According to the latest report by IMARC Group, titled
“Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global smart lock market reached a value of US$ 1.8 Billion in 2020. Smart locks refer to electronic and mechanical locking devices that lock and unlock doors upon receiving instruction from an authorized source. They utilize a cryptographic key to verify and grant access to the user for a set period. The command and encrypted digital key are usually transmitted through mobile phones, tablets and wearable devices supporting Wi-Fi or Bluetooth connectivity. These door locks maintain a photo log of the people accessing the door with the help of a security camera. Users can also grant access to their homes to third parties by forwarding them a virtual key in the form of an email or text message.