Europe is among the major consumers of smart lock market. The rise of new investors in the region after the decline of Europe debt crisis has offered substantial opportunities for the market growth. Additionally, consumers in the region also possess the technical expertise required to operate these devices and are more inclined to adopt new and advanced technologies. Strong local manufacturing of the products and technology, the abundance of low-cost labor and raw materials, and the increasing construction of broadband infrastructure contribute to the rapid growth in the Asia Pacific smart lock industry. Various economies in the region including China and India are at the forefront of the industrial boom. This is leading to the increase in the disposable income of the general population owing to which consumers are now able to purchase high-end and advanced technologies.
Smart Lock Market size is escalated by rising construction of smart homes and the rising penetration of home automation security systems. Economies including China and India are experiencing heavy investments in the development of the urban locations for residential and commercial purposes owing to the decline in the labor and raw materials and the rising rate of urbanization.
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BSFI is expected to be the largest adopter of the smart lock market size over the forecast timespan. Banks pose high risks of security breaches due to a large flow of cash. These devices enable a high degree of protection for these institutions. For instance, strict parking controls, low spaces, and heavy parking regulations in Taiwan are promoting the smart lock industry. Chunghwa Telecom has developed an NB-IoT-powered device that can be used to prevent unauthorized parking.
Smart Lock Market size is anticipated to grow owing to the rising security concerns amongst consumers and the rising proliferation of home automation systems. Thefts and burglaries have risen significantly in the recent years. For instance, in 2016, an estimated 2.5 million home invasions and property thefts were registered in the U.S. with an average estimated loss of USD 2,230 per break-in. This has fueled the demand for smart locks and has led consumers to transition away from traditional lock systems owing to the higher security and convenience that these systems provide. Additionally, these detect tampering and alert the users and the authorities discretely before a property break-in occurs, allowing higher rates of arrests of the guilty parties.
The residential end-user segment is anticipated to lead the smart lock market owing to the rising consumer awareness and the rising demand for home automation solutions that provide higher security and convenience. The commercial segment holds the largest market share as locations such as banks, government agencies, and places containing large financial and physical assets, require multiple layers of protection against thefts.
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