According to the findings of a research report made available by Radiant Insights, Inc.; the global WiFi smart lock market is anticipated to witness a rapid growth during the forecast period i.e., from 2018 to 2022. This growth is attributed to the escalating demand for smart locks from the residential sector on account of rising safety concerns. Rapid development of technologies such as the Internet of Things (IoT) due to growing usage of smartphones, tablets, and other connected devices is also expected to drive the global market.
In addition, increased consumer disposable income levels in various developing regions is projected to be one of the key factors driving the WiFi smart locks market over the coming years. However, high costs associated with these devices and the fear among people regarding privacy intrusion due to lower awareness levels may have a negative impact on the product demand thereby restraining market development in near future.
On the other hand, factors such as high demand for portable security devices and the focus on smart city development by various government bodies across the globe are also projected to spur the global WiFi smart lock market growth during the forecast period. In addition, huge investments in research and development activities by major companies for technological and product innovations are also likely to have a positive impact on the market in the forthcoming years.
The report “Global WiFi Smart Lock Market Report and Forecast to 2022” is available now at https://www.radiantinsights.com/research/global-wifi-smart-lock-market-report-and-forecast-to-2022
The global WiFi smart lock market is categorized as per product type, application or enduser, and region. On the basis of product type, the market is categorized into padlocks, deadbolts, and others. On the basis of end user, the market is categorized into residential, commercial, and others. On the basis of region, the market is divided into Asia Pacific (China, Japan, and South Korea), North America (United States), and Europe (Germany and United Kingdom).
North America, particularly United States, is projected to be the major regional market for WiFi smart locks on account of the presence of several key players in this region. In addition, growing trend of integrating smartphone devices with smart locks along with a rise in demand for advanced and better home security solutions is expected to boost the regional market growth over the forecast period.
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WiFi smart lock market is likely to witness a substantial growth in the Asia Pacific region, particularly in China, over the next few years. Rise in demand for smart locks as a result of growing safety concerns and increased consumer disposable income is expected to boost the market development in the region. The Europe region is also estimated to witness considerable growth during the forecast period owing to constant technological and product developments. Extensive research and development activities in the field of smart locks can positively influence regional market expansion in near future.
Some of the pioneers operating in the global WiFi smart lock market include The AssaAbloy Group; Spectrum Brands Holdings, Inc.; Shenzhen Evertones Technology Co.,Ltd.;ZKS GROUP CO., Ltd.; and Allegion PLC. Novel product development is the key market strategy followed by most of these players in order to strengthen their industry position. For instance, Nest Labs recently launched its Nest x Yale Lock.ThisWi-Fi-enabled door lockcan be used remotely to lock or unlock doors or even to check if a door is left open.
Read more related reports by Radiant Insights:
• Chatbots Market- https://www.radiantinsights.com/research/2018-2025-chatbots-report
• Smart Airport Solutions Market- https://www.radiantinsights.com/research/2018-2025-smart-airport-solutions-report
About Radiant Insights, Inc
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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