The North America Smart Locks market is projected to reach US$ 1,282.5 Mn by 2027 from US$ 529.7 Mn in 2019; it is expected to grow at a CAGR of 11.9% from 2020 to 2027.

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The proliferation of smartphones globally has significantly propelled the adoption of smart locks in recent years. This surge is attributed to the enhanced benefits smart locks offer, including user-friendly interfaces and greater convenience. The market for smart locks is further bolstered by increasing consumer awareness regarding home security solutions, continuous advancements in smart devices like smartphones, rising disposable incomes, and the expansion of internet services.

Smart locks integrate communication technologies such as Bluetooth, Wi-Fi, and NFC to provide users with comfort and ease of use. The growing reliance on smartphones in daily routines, particularly in emerging economies where a large number of users are acquiring these devices to streamline their lives, is a key factor contributing to the growth of the smart locks market, especially in the North America region, during the forecast period from 2020-2027.

However, the North American region, with its high concentration of manufacturing and technology companies, experienced a significant negative impact on its smart locks market growth due to the COVID-19 outbreak in 2020 and likely through 2021. The critical situation in the US during the pandemic was anticipated to adversely affect the market for several quarters.

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North America smart Locks Market Segmentation

North America Smart Locks Market, by Type

• Padlocks
• Deadbolt
• Lever Handle
•  Others

North America Smart Locks Market, by Communication Technology

• Wi-Fi
• Bluetooth
•  NFC
• Others

North America Smart Locks Market, by Application

• Residential
• Commercial
• Industrial

By Country

• US
• Canada
• Mexico

Company Profiles

• Havenlock Inc
• Honeywell International Inc
• August Home
• Wyze Labs, Inc.
• Samsung
• Honeywell International Inc.
• U-tech Group Inc
• Schlage
• Gantner Electronic GmbH

North America Smart Locks Strategic Insights

Strategic insights for the North America Smart Locks provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Smart Locks Regional Insights

The geographic scope of the North America Smart Locks refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights