In 2022, the global smart lock market is estimated to be valued at USD 2.1 billion, and reach USD 3.9 billion by 2027, registering a CAGR of 12.9% between 2022 and 2027. The increasing shooting, terrorist activities, and crime rate make people more concerned about security and drive the rapid adoption of home security systems. In general, a security system consists of different components, including motion sensors, smart lock indoor and outdoor cameras, smoke detectors, and carbon monoxide detectors. Among them, the smart lock is one of the key and basic devices.
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