Smart Locks Market Analysis By Communication Technology, Application, Size and Outlook to 2027

According to our latest market study on “Global Smart Locks Market to 2027 – Analysis and Forecast by Type (Padlocks, Deadbolt, Lever Handle, Others); Communication Technology (Wi-Fi, Bluetooth, NFC, Others); Application (Residential, Commercial, Industrial); and Geography,” the market was valued at US$ 1.44billion in 2019 and is projected to reach US$ 4.10 billion by 2027; it is expected to grow at a CAGR of 14.2% from 2019 to 2027.The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Click HERE To get SAMPLE PDF Copy @ https://www.theinsightpartners.com/sample/TIPTE100001308/

The growing adoption of smartphones in developing markets creates new and exciting opportunities for various ongoing technological developments. The smartphone adoption has an enormous impact on the smart lock technology industry. The rising smartphone penetration is stimulating the growth of connected devices, which allow users to remotely access their door locks and operate with the help of several connected mobile applications. Previously, security managers had only a choice between PIN codes and smart cards; however, smartphones proliferation to the point of ubiquity has offered a new option to the manufacturers; access to smartphones is more secure than traditional keys. Smart locks provide wireless connectivity, which can send security alerts to the user on smartphones, allowing them to remotely monitor the system. Smart locks integrated with IoT sensors help to collect valuable information into smartphones; the whole system helps to reduce risks and possibilities of any burglary or theft. Hence, huge adoption of smartphone across all the regions is fueling the growth of the global smart locks market.

Top Companies Profiles

• Amadas, Inc.
• HAVENLock
• Honeywell International Inc.
• August Home
• SAMSUNG
• Vivint, Inc.
• Wyze Labs, Inc.
• U-tec Group Inc.
• Schlage
• GANTNER Electronic GmbH

IoT technology is increasing swiftly and is projected to comprise 18 billion connected devices by2022 worldwide. It comes in a broad spectrum of different ecosystems, with numerous requirements and capabilities. From the past few years, IoT has create da substantial impact on home security as it enables user to control their locks with the help of smartphone, from anywhere. Several manufacturers have embraced IoT and the desire for innovative smart home security to offer consumers with an advanced security for authorized and a guest user. Several businesses are introducing systems, which offer enhanced security systems in order to incorporate IoT in the overall smart home security environment. Smart locks leverage IoT-based sensors in order to run key less entry devices, which enables user to access doors remotely through a smartphone or any internet-connected device. Additionally, to remain competitive in the market, timely updates and advancements are made in the smart locks by the smart locks service providers to sustain in the market. For instance, Schlage introduced its new Schlage Encode Smart Wi-Fi Deadbolt, at the 2019 International Consumer Electronics Show that features built-in Wi-Fi connectivity.

The report segments the global smart locks market as follows:

By Type

• Padlocks
• Deadbolts
• Lever Handle
• Others

By Communication Technology

• Wi-Fi
• NFC
• Bluetooth
• Others

By Application

• Residential
• Commercial
• Industrial

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

• In 2020, Vivint Smart Home, Inc. and Mosaic Acquisition Corp. announced the completion of the previously announced transaction between Vivint and Mosaic, which results in Vivint becoming a publicly-traded company. The merger was valued at US$ 4.2 billion, including additional equity of $488 million.

• In 2019, Schlage’s new smart lock, the Schlage Encode Smart Wi-Fi Deadbolt, Brilliant’s Smart Home Control. This will provide the users with complete access control to lock and unlock their doors directly from any wall-mounted Brilliant Control or by utilizing voice commands through integration with Amazon Alexa.

Buy Latest Version of Report Available Now at Discounted Pricing @ https://www.theinsightpartners.com/buy/TIPTE100001308/

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:
The Insight Partners
Email: sales@theinsightpartners.com
Phone: +1-646-491-9876