Frequently Asked Questions:
The global smart lock market also suffered from the COVID-19 pandemic, which resulted in a decline of over 4.6% in revenue generated in 2020. The pandemic has decreased ICT investment, especially in the Internet of Things (IoT), 5G technologies, and other emerging technologies.
North American region accounted for the highest share in the global smart lock market regarding value and volume.
The demand for IoT-based products, the rising demand for a top-notch security system for commercial, residential, and industrial buildings, and the increasing research and development activities to introduce the newest and technologically advanced smart lock systems for residential and commercial buildings are the key driving factors for the global smart lock market growth.
The deadbolt locks segment had a major share in 2021, with more than 30% of the market revenue. Besides, the lever handles segment is projected to witness the fastest growth.
Touch based segment had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period.