The global smart lock market size is expected to reach USD 8.87 billion in 2028 at a CAGR of 15.0% during the forecast period, according to the latest report by Emergen Research. Increasing need for safety and security of property, personal items, and other valuable items, rising adoption of smart home automation systems, growing preference for smart locks in commercial and corporate buildings, and rapid advancements in the smart lock technology are key factors expected to drive market revenue growth over the forecast period. Growing use of smart locks in hospitality sector to improve in-room security and to regulate access to authorized individuals in factories, airports, banks, and defense zones, among others are some other key factors fueling the revenue growth of the market.
Smart locks are IoT-enable entry devices that do not require keys and help users remotely access door locks via smartphones and other smart devices. Smart locks use Wi-Fi, mobile applications, and voice assistants such as Alexa, Google Assistant and Siri to lock and unlock doors, grant access to guests, and send alert when doors remain opened or unlocked. Advancements in artificial intelligence, machine learning, cloud-based applications, and IoT connectivity have led to the development of smart lock with advanced features.
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Integrated access control systems provide regulated control over doors, user recognition, and full control over facility operations. Increasing demand for these systems to create a convenient and safe smart home experience is a key factor expected to further fuel the revenue growth of the market. In addition, growing need for remote access to properties among homeowners due to increasing trend of shared living space has significantly boosted demand for smart lock and is expected to continue going ahead.
However, high costs associated with the deployment of smart locks and integrated access systems, growing concerns of reliability owing to increasing incidence of hacking and cyberattacks on connected systems, and lack of awareness about smart locks in developing countries are some key factors expected to hamper market revenue growth to a certain extent going ahead.
Market Scope:
One of the report’s central components is the broad Smart Lock Market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report.
Key players involved:
Assa Abloy AB, Allegion Plc., dormakaba Holding AG, Spectrum Brands Holdings, Inc., SALTO Systems, Onity, Inc., Samsung SDS, Panasonic Corporation, The Master Lock Company, and Godrej Group.
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Emergen Research has segmented the global smart lock market on the basis of lock type, authentication method, communication protocol, application outlook, and region:
Lock Type Outlook (Revenue, USD Billion; 2018-2028)
Lever Handles
Deadbolts
Padlocks
Others
Authentication Method Outlook (Revenue, USD Billion; 2018-2028)
Pin Code
Biometric
RFID Cards
Communication Protocol Outlook (Revenue, USD Billion; 2018-2028)
Wi-Fi
Bluetooth
Others
Application Outlook (Revenue, USD Billion; 2018-2028)
Residential
Commercial
Industrial
Institutional & Government
Regional Analysis:
Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
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Radical Highlights of the Smart Lock Market Report:
Comprehensive overview of the Smart Lock market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the Smart Lock market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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