According to Technavio, the Smart Lock Market is anticipated to expand by USD 2.32 billion, achieving a CAGR of 13.47% between 2023 and 2028. This market growth is driven by several key factors, including the global rise of smart cities, the integration of human-machine interfaces (HMI), and the expanding use of smart security systems in both residential and commercial settings. Smart locks are advanced security devices that replace traditional key-based systems, utilizing wireless connectivity like Bluetooth or WiFi to allow authorized smartphones to control and manage them remotely. These locks offer practical benefits such as keyless entry, remote locking and unlocking, activity monitoring, and seamless integration with smart homes, thereby enhancing both security and accessibility for residential and business users.

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