The Latin America Smart Lock Market between 2021 and 2028 is predicted to see tremendous growth. Data Bridge Market Research’s study predicts that the market would grow from 2021 to 2028 at a CAGR of 11.9% and hit USD 610,404,800,000. As commercial office construction rises in Argentina, it is projected that the market for smart locks would expand in the region.
An authorised smart device may provide orders to a smart lock, a specific kind of electromechanical lock, to execute locking and unlocking actions on a door. The locking and unlocking operations are carried out by the smart lock using a wireless protocol and a cryptographic key.
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Latin America Smart Lock Market Dynamics
Drivers
Growth in Security Concerns
The widespread adoption of smart home devices has minimized the concerns because consumers want data privacy and security in their homes, provided by Latin America Smart Locks. The individuals must simply pair the Bluetooth or Wi-Fi device with a deadbolt to gain access with a phone tap or voice command. They improve security by utilizing advanced presence detection, durability, and alert systems. Easy access and quick authentication have become the norm. As a result, the consumers’ security concerns largely boost the overall market demand.
Opportunities
Awareness and Advent of Technologies
Furthermore, the growing consumer awareness regarding the benefits and convenience offered by these locks further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the rising Internet of Things (IoT) penetration along with the advent of the various technologies such as Machine Learning (ML) and Artificial Intelligence (AI) will further expand the future growth of the Latin America Smart Lock market.
COVID-19 Impact on Latin America Smart Lock Market
The recent outbreak of coronavirus had a huge impact on the Latin America Smart Lock market due to the restrictions imposed by various governments, the adoption of Latin America Smart Locks has increased. In the post-COVID-19 era, organizations are focusing on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), and cloud computing in the residential and commercial sectors to perform contactless operations.
This factor is expected to drive demand for app-based Latin America Smart Lock systems, which are expected to drive global adoption of Latin America Smart Locks. Furthermore, Latin America Smart Locks are used to provide security. The global Latin America Smart Lock market is expanding as a result of an increase in the use of security-related products such as digital and cloud-based locks in commercial, residential, and industrial settings.
Latin America Smart Lock Market Scope
Type
- Deadbolt
- Lever Handles
- Padlock
- Others
Communication Protocol
- Bluetooth
- Wi-Fi
- Others
Unlocking Mechanism
- Keypad
- Card Key
- Touch Based
- Key Fob
- Smartphone Based
Application
- Commercial
- Residential
- Industrial
- Government Institution
- Others
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Competitive Landscape and Latin America Smart Lock Market Share Analysis
The Latin America Smart Lock market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Latin America Smart Lock market.
Some of the major players operating in the Latin America Smart Lock market are-
- ASSA ABLOY (Sweden)
- Allegion plc (Ireland)
- dormakaba Group (Switzerland)
- Spectrum Brands Holdings, Inc. (U.S.)
- Salto Systems S.L. (Spain)
- Carrier (U.S.)
- Cansec Systems Ltd. (Canada)
- GANTNER Group (UAE)
- Master Lock Company LLC (U.S.)
- Master Lock Company LLC (U.S.)
- Samsung (South Korea)
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