Smart Lock Market Dynamics, Latest Scope, Top Key Players with Forecast Analysis 2027
The application of advanced technology in almost every domain is estimated to fuel the smart lock market in 2020. The consumer electronic devices reports are produced by Market Research Future, which contains market alternatives for progress. A USD 2 billion revenue by 2023 while expanding at a CAGR of 11% is forecasted for the global market.
The use of cloud services is reinforcing security solutions is estimated to spur the smart lock market share in the period ahead. Moreover, the upswing in acceptance of wireless cloud-based smart lock technology is further likely to create lucrative options for growth in the Smart Lock Market
Segmental Analysis
The segmental investigation of the smart lock market is segmented on the basis of communication protocol, products type, lock type, end-user, and region. Based on the type of the products, the market for smart lock is segmented into Wi-Fi-based smart lock, Bluetooth-based smart lock, and others. On the basis of locks type, the market for smart lock is segmented into deadbolt, padlocks and lever handles. Based on the end-users, the market for smart lock is segmented into residential, institution & government, commercial, industrial and others. Based on the regions, the market for smart lock is segmented into Europe, Asia Pacific, North America, and the rest of the regions. On the basis of communication protocol, the market for smart lock is segmented into WI -Fi, ZigBee, Z-Wave, Bluetooth, Thread, NFC, and others.
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Regional Outlook
Business geographical data for regions such as Asia Pacific, North America, Europe and the Rest of the World is being studied.
The smart lock market in Europe area is projected to see rapid growth in the years ahead. The Europe region commands the second largest share of the global smart lock market, due to the growing popularity of keyless entry into commercial and residential buildings, rapid technological developments and increased dependence on technologically advanced protection systems over conventional locking systems in this area.
In terms of market share North America is one of the world's leading regions. Market growth is driven primarily by increasing sales of security systems that drive large-scale business development. The smart lock market in this area is in enormous demand due to the increasing popularity of smart homes with smart locks installed in them, increased integration of technologically advanced solutions to enhance the protection of commercial and residential premises and high demand for biometric systems in government offices and other medium to large organizations for optimum use.
Whereas Asia Pacific countries such as Japan, China, and India are expected to be the largest smart lock market in the coming years due to the growing focus of various key players on targeting the smart lock in these markets to meet the security needs of customers. The market is also driven by a growing awareness of the benefits of technologically advanced security systems for both commercial and residential purposes, high demand for keyless locks as a result of increased criminal activity and property theft in urban areas and rapid infrastructural development in this region's emerging economies.
Competitive Dashboard
Some of the major players in the global smart lock market are The Assa Abloy Group (Sweden), Dormakaba Holding AG (Switzerland), Salto Systems S.L. (Spain), Spectrum Brands Holdings, Inc. (U.S.), Onity Inc. (U.S.), Allegion Plc (Ireland), Master Lock (U.S.), August, Inc. (U.S.), Cansec Systems Ltd. (Canada), Kwikset (U.S.), Haven Holidays (U.K), and among others.
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