The latest report published by IMARC Group, titled “Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the smart lock market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. 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. Smart locks refer to electronic and mechanical locking devices that lock and unlock doors upon receiving instruction from an authorized source. They utilize a cryptographic key to verify and grant access to the user for a set period. The command and encrypted digital key are usually transmitted through mobile phones, tablets and wearable devices supporting Wi-Fi or Bluetooth connectivity. These door locks maintain a photo log of the people accessing the door with the help of a security camera. Users can also grant access to their homes to third parties by forwarding them a virtual key in the form of an email or text message.
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.
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Global Smart Lock Market Trends:
The increasing security threat across the residential and commercial sectors is one of the key factors driving the market. Owing to their various benefits such as durability and ease of installation, smart locks are gaining widespread acceptance among users. Also, the emerging trend of smart cities and homes across the globe is acting as a major growth-inducing factor. With an increase in the number of smart home projects, there is a growing inclination toward advanced home security solutions.
Furthermore, product innovations such as cloud-based locking/unlocking systems that can be monitored remotely through a virtual device are further creating a positive outlook for the market. Rising disposable income, increasing penetration rate of the internet, rapid urbanization and enhanced dependency of people on smart technology-based assistance are some of the other factors contributing to the market growth.
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Global Smart Lock Market 2022-2027 Analysis and Segmentation:
Some of the major players operating in the industry include:
- 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.
- Avent Security
Market Breakup by Lock Type:
- Lever Handles
Market Breakup by Communication Protocol:
Market Breakup by End-User:
- Institution and Government
Market Breakup by Region:
- Asia Pacific
- Middle East and Africa,
- Latin America.
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
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.
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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