Smart Lock Market Size 2022, Industry Outlook, Future Trends, Top Companies, Growth Analysis, Demands and Report By 2027

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Smart Lock Market Size 2022, Industry Outlook, Future Trends, Top Companies, Growth Analysis, Demands and Report By 2027
Smart Lock Market
The global Smart Lock market is majorly driven by the rising penetration of the Internet of Things (IoT).

Smart locks are keyless locks that use Wi-Fi or Bluetooth connectivity to interact with other electronic devices installed at home. It can be operated with a specific electric fob or by installing the smart lock app on the phone. The technologies involved include using ID codes, passwords, mechanical locks, code words, and paper clips, which are hard to maintain and have a high possibility of data theft or loss. It works on IoT connectivity, synchronizing with the user’s smartphone to access control. Smart locks offer several customized entry and exit options through fingerprint, face unlocks, through our smartphones, or even gestures.

 

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.

 

Covid Impact: 

 

The COVID-19 pandemic has immensely affected businesses globally. However, it has positively impacted the adoption of smart locks due to the lockdown imposed by governments of different countries. Post pandemic, organizations are focusing on sophisticated technology, including artificial intelligence (AI), machine learning (ML), internet of things (IoT), and cloud computing, to perform contactless operations. This factor is anticipated to create a demand for app-based smart lock systems, which are predicted to drive the adoption of smart locks worldwide. In addition, the commercial and government sectors have started adopting smart locks to overcome concerns regarding the safety and security of the public and enterprises.

 

Request Free Sample Report (Exclusive Offer on this report):  https://www.imarcgroup.com/smart-lock-market/requestsample

 

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.

 

Global Smart Lock Market Trends:

 

The global market is majorly driven by the rising penetration of the Internet of Things (IoT). In line with this, the advent of technologies, such as Machine Learning (ML) and Artificial Intelligence (AI), is accelerating the adoption of smart locks. Furthermore, the increasing consumer awareness regarding the benefits and convenience offered by these locks is responsible for their increasing demand. Moreover, major market players are incorporating various innovative techniques in smart lock models, such as Wi-Fi-enabled locking or unlocking and Bluetooth-based (BLE) locking or unlocking using smartphones and other devices. Besides this, the influx of companies coming up with innovative home automation technologies is strengthening the smart lock demand. Additionally, the rising number of renovations and new construction activities across the globe are providing a boost to the market growth.

 

Global Smart Lock Market 2022-2027 Analysis and Segmentation:

 

Competitive Landscape with Key Players:

 

  • 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.
  • Sentrilock
  • LLC
  • Avent Security
  • Dessmann

 

Market Breakup by Smart Lock Type:

 

  • Deadbolts
  • Lever Handles
  • Padlocks
  • Others

 

Market Breakup by Communication Protocol:

 

  • Bluetooth
  • Wi-Fi
  • Others

 

Market Breakup by End-User:

 

  • Commercial
  • Residential
  • Institution and Government
  • Industrial

 

Market Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

 

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

 

Note: 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.

 

Other Reports of IMARC Group:

 

 

About Us:

 

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

 

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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