Global Smart Lock Market Overview:
A smart lock is an electromechanical keyless lock installed in a particular space that uses Wi-Fi or Bluetooth connectivity to unlock the space on-site as well as remotely. It is an extension of home security solutions that leverages Internet of Things (IoT) technology. The user utilizes their smartphone or a key fob to wirelessly verify and mechanically unlock the door, without requiring a traditional key. With a smart lock, the property can be monitored effectively with a variety of features and customizations, like temporal access and timed access. In addition, it offers several entry and exit options, including fingerprints, face unlocks, voice commands, gestures, or apps that allow users to log in via their smartphones. There are many advantages of using smart locks, including easier operation, versatility, remote access, and enhanced home security.
The latest report published by IMARC Group, titled “Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the smart lock market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart lock market reached a value of US$ 1.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4.9 Billion by 2027, exhibiting at a CAGR of 21.8% during 2022-2027.
The COVID-19 pandemic has had a huge impact on the market. The initial phase of the pandemic hindered the growth of the market due to the imposed lockdowns, economic instability, restrictions in cross-border trade and shutdowns of manufacturing activities. However, as the number of COVID-19 cases are decreasing, the market is facing a positive growth opportunity due to the increasing adoption of smart locks across residential and commercial sectors to perform contactless operation via app-based smart lock systems. Also, numerous organizations are focusing on advanced technologies, such as artificial intelligence (AI), internet of things (IoT), cloud computing and machine learning (ML), thereby impacting the market growth positively.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Smart Lock Market Trends:
The market is primarily driven by the escalating need for enhanced security measures for protection against rivalry, thefts and burglary. This can be attributed to the development of smart cities requiring a modernized locking platform to help regulate the security of residences or commercial spaces.
In addition to this, the paradigm shift in the mode of business operations from onsite to cloud-based remote operations from extended geographical areas are creating lucrative growth opportunities for the market.
Moreover, the increasing penetration of smart devices and apps that manage the locking and unlocking procedures are also acting as a significant growth-inducing factor. In line with this, the rapid utilization of wireless connected technologies in micro-electromechanical systems fostering IoT communication is further providing an impetus to the market. Some of the other factors contributing to the market growth include continual product innovations, such as Wi-Fi and Bluetooth-based locking-unlocking, and the inflating disposable incomes of the masses.
Global Smart Lock Market 2022-2027 Analysis and Segmentation:
Some of the major players operating in the industry include:
- Assa Abloy
- Allegion Plc
- Dorma+Kaba Holding AG
- Spectrum Brands Holdings, Inc.
- Salto Systems S.L.
- Onity, Inc.
- Cansec Systems Ltd.
- Gantner Electronic GmbH
- Master Lock Company LLC
- MIWA Lock Co.
- Samsung Electronics Co., Ltd.
- Amadas Inc.
- Avent Security
By Lock Type:
- Lever Handles
Breakup by Communication Protocol:
- Institution and Government
Breakup by Region:
- Asia Pacific
- Middle East and Africa,
- Latin America.
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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