Industry Overview:
IMARC Group, a leading market research company, has recently releases report titled“Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”,” The study provides a detailed analysis of the industry, including the global smart lock market growth, Share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Smart Lock Market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.9 Billion |
| Market Forecast in 2028 | US$ 5.41 Billion |
| Growth rate (2023 to 2028) | CAGR of 19.8% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is Smart Lock?
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.
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What are the growth prospects and trends in the Smart Lock industry?
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.
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.
What is included in market segmentation?
The report has segmented the market into the following categories:
Table of Contents
Key Market Segmentation:
Lock Type:
- Deadbolts
- Lever Handles
- Padlocks
- Others
Communication Protocol:
- Bluetooth
- Wi-Fi
- Others
End-User:
- Commercial
- Residential
- Institution and Government
- Industrial
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
- 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
Also Read Full Blog: Top smart lock companies in the world
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