The global market for smart locks is projected to reach $US2.8 billion by 2024, registering a compounded annual growth rate (CAGR) of 14.0 per cent, according to a new market study published by Global Industry Analysts Inc.
The United States represents the largest regional market for smart locks, accounting for an estimated 31.0 per cent share of the global total. The market is projected to reach $949.7 million by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 16.0 per cent over the analysis period.
Key players include Allegion, Assa Abloy, Cansec, dormakaba, Master Lock Company, Onity, SALTO Systems and others.
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