Smart Lock Market (2019 - 2024) Analysis Report

Smart Lock Market Size, Share & Forecast Report:

Smart locks work by electromechanics, which adopts some procedures from both electrical engineering and mechanical engineering. When managing a keyless deadbolt lock, you send instructions on an authorized electronic device, such as a unique key fob or smartphone. A cryptographic key then executes the process. Hence, these smart locks, strangely enough, are one of the best entry points into home automation. They add function and trend to something every house.

According to our research report, the market size for Smart Lock is forecast to grow at a steady CAGR over the forecast period, reaching USD 2.67 billion in 2024 from USD 1.45 billion in 2019.

Recent Developments:

Companies now offer more flexible smart lock installations. Kwikset now provides retrofit options that eliminate the need to drill new holes.

Traditionally, smart locks have also come with conventional keys so that homeowners can gain access even if the power is out. But Lake Forest, Calif.-based manufacturer Kwikset now has a smart lock that can be made functional by connecting a 9V battery, ignoring the need for customers to carry keys.

Market Drivers and Restraints:

The demand for electromechanical products continues to grow as businesses and homeowners realize that combining innovative electronics with traditional mechanical locks can offer much better flexibility and security. Business owners, homeowners, apartment dwellers, and others can find a smart lock that will suit their security requirements which contribute to the rise of this market.

However, lack of awareness among end-user and fluctuating prices is expected to be a restraining factor for this market.

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Report Segmented as:

By Lock Type

• Deadbolts
• Lever Handles
• Padlocks
• Other Locks

By Communication Protocol

• Bluetooth
• Wifi
• Zigbee
• Thread
• NFC
• Other protocols

By Vertical

• Commercial
• Residential
• Institution and Government
• Industrial

Geographical Segmentation:

North America is registered as the largest market for smart locks owing to the demand for enhanced home security, increasing urbanization and demand for smart homes. Europe is likely to be the second prominent market after North America, owing to the vast tech-savvy population and growing urbanization.

Key market players

• Onity
• Master Lock
• Salto Systems
• Cansec Systems
• Allegion
• Honeywell
• Spectrum Brands
• Haven Lock
• UniKey Technologies

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level.

Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis of prime strategic activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

What else? Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

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