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25 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.

United statesAsia pacificSamsung electronics co ltdMaster lock companyAssa abloyOnity incAmadas incKaba holdingSpectrum brands holdings incAllegion plcLock coCansec systems ltdBlock marketGlobal industry trendsSmart lock market trendsMarket segmentation