As per this study the Global Smart Lock Market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2028 with a CAGR of XX%.
Smart lock is referred to as technology-enabled electromechanical lock that operates with wireless protocol and a cryptographic key. It uses a virtual key to lock and unlock the security gateways and doors. The access to smart lock is provided by means of sending secure signals through smartphones or biometric readers. It uses either Wi-Fi or Bluetooth connectivity for offering better security and convenience to the user.
The growing trend of home automation is one key factor driving market growth. Increasing need of home security solutions, growing penetration of IoT and rising demand of smartphones are some of the factors accelerating the market growth. Ongoing advancement for the development of innovative technologies is likely to foster the market growth in upcoming years. On the other hand, the high cost of device and lack of awareness in developing economies may act as a challenge for market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of smart lock.
The broad smart lock market has been sub-grouped into product type, technology and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product Type
- Lever Handle
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for smart lock in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Smart Lock Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the smart lock market include Assa Abloy Ab, August Home, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung Sds Co. Ltd., Schlage, Spectrum Brands, Inc., Unikey Technologies Inc., and Vivint, Inc. among others. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.