Intelligent Living Application Group Inc. ( ILAG ) shares are moving higher on Thursday after the company announced the launch of its smart lock.

What To Know: The new smart lock offers multiple authentication methods, remote access and a sleek design. The first batch has been shipped to the U.S. and will soon be available on Amazon.com.

“This launch not only expands our market reach but also reinforces our dedication to delivering high-quality, secure, and convenient home automation solutions,” said Bong Lau, CEO of Intelligent Living.

According to Technavio, the smart lock market is projected to jump from $2.63 billion in 2023 to $4.95 billion by 2030 with a compound annual growth rate of 13.5%. This surge is driven by increasing consumer demand for enhanced security and the integration of smart technologies into daily life. 

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ILAG Price Action: At the time of writing, Intelligent Living stock is trading 12.9% higher at 60 cents, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.