Global procurement intelligence advisory firm, SpendEdge, has announced the release of their Smart Lock Market Intelligence Report, for the Electrical Components market is expected to grow by USD 915.69 million as we reach 2024.

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SpendEdge has announced the release of its Global Smart Lock Market Procurement Intelligence Report (Graphic: Business Wire)

SpendEdge has announced the release of its Global Smart Lock Market Procurement Intelligence Report (Graphic: Business Wire)

“Collaborations with global suppliers will also help buyers in cost-saving and ensure high-quality procurement in the forthcoming years in this dynamic market. Price forecasts are beneficial in purchase planning, especially when supplemented by the constant monitoring of price influencing factors. During the forecast period, the market expects a change of 3.25%-5.56%.” says senior procurement analyst at SpendEdge.

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  • Smart Lock Report Insights
  • The Smart Lock market is set to showcase a CAGR of around 9.57%
  • SpendEdge’s analysts expects that suppliers will have moderate bargaining power in this market
  • Holistic category management approach will help buyers

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  • Smart Lock Pricing Trends
  • The pressure from substitutes and a high level of threat from new entrants has resulted in the moderate bargaining power of suppliers.
  • Buyers should align their preferred pricing models for Smart Lock with the wider industry and identify the cost-saving potential.
  • Perpetual license, package pricing, and subscription based are the most widely adopted pricing models in the Smart Lock.

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Smart Lock Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist Smart Lock market growth during the next five years
  • Estimation of the Smart Lock market size
  • Predictions on upcoming trends and changes in supplier behavior
  • The growth of the Smart Lock market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of Smart Lock market vendors

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SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.

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