Smart Lock - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Smart Lock Market is accounted for $1.84 billion in 2020 and is expected to reach $5.68 billion by 2028 growing at a CAGR of 15.1% during the forecast period. The rising adoption of smartphones and other connecting devices, growing security and safety concerns are driving the market growth. However, high cost and perception of unreliability are hampering the growth of the market.
A smart lock is an imperious gadget to secure homes against any unforeseen situations. It is one of the foremost trending devices which feature automation technology. It work on WiFi, Bluetooth, or Voice Assistance and is available in versatile shapes and sizes. A smart lock is an electro-mechanical door lock system that executes the locking and unlocking function upon receiving commands from an authorized source. These commands are generally communicate through smartphones, wearable devices or tablets using Wi-Fi or Bluetooth. It can be customized to restrict universal access and can be monitored from any location. Furthermore, they bestow monitoring features like email, video camera with recording capabilities to provide visuals of the person at the door and access notification through SMS. They also have features such as auto-locking options that mechanically lock a door if left unfastened for a specific period and perimeter auto-locking that mechanically locks the door if the user's smartphone is outside the selected perimeter.
Based on the communication protocol, the wireless fidelity (Wi-Fi) segment is going to have lucrative growth during the forecast period. Wi-Fi can be accessed through numerous devices, such as tablets, smart phones and personal computers. The growth of the market for Wi-Fi can be attributed to the factors such as wireless connectivity and high speed offered to smart lock system. Also, the increasing fostering of IoT, globally, is driving the growth of this market.
By geography, Asia Pacific is going to have high growth during the forecast period due to increased adoption of security systems as the countries in this region are the emerging economies with a growing number of manufacturing bases and increasing demand for connected security devices. Moreover, a huge population base, large number of research and development (R&D) activities, and increasing urbanization in APAC drive the adoption of smart locks in this region.
Some of the key players profiled in the Smart Lock Market include Allegion Plc, Amadas Inc., Assa Abloy, Avent Security, Cansec Systems Ltd, Dessmann , Dorma+Kaba Holding AG, Gantner Electronic GmbH, Master Lock Company LLC, MIWA Lock Co., Onity Inc, Salto Systems S.L., Samsung Electronics Co. Ltd, Sentrilock LLC, and Spectrum Brands Holdings Inc.
Lock Types Covered:
• Lever Handles
• Others Lock Types
• Casino Management
• Data Center Security
• Energy Security
• Physical Security
• Port Security
• App Based
• Biometric Smart Lock
• Bluetooth-Based Smart Lock
• Electronic Cipher Locks
• Face Recognition Door Locks
• Fingerprint Recognition Door Locks
• Magnetic Strip Door Locks
• Motion Sensor
• Pin Code
• Radio Frequency Identification (RFID)
• Remote Locks
• Touch Screen
• Wi-Fi-Based Smart Lock
Communication Protocols Covered:
• Wireless Fidelity (Wi-Fi)
• Others Communication Protocols
End Users Covered:
• Critical Infrastructures
• Institution and Government
Sales Channels Covered:
• Direct Sales
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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