The global smart lock market size is expected to reach USD 8.87 billion in 2028 at a CAGR of 15.0% during the forecast period, according to the latest report by Emergen Research. Increasing need for safety and security of property, personal items, and other valuable items, rising adoption of smart home automation systems, growing preference for smart locks in commercial and corporate buildings, and rapid advancements in the smart lock technology are key factors expected to drive market revenue growth over the forecast period.
Growing use of smart locks in hospitality sector to improve in-room security and to regulate access to authorized individuals in factories, airports, banks, and defense zones, among others are some other key factors fueling the revenue growth of the market.
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Smart locks are IoT-enable entry devices that do not require keys and help users remotely access door locks via smartphones and other smart devices. Smart locks use Wi-Fi, mobile applications, and voice assistants such as Alexa, Google Assistant and Siri to lock and unlock doors, grant access to guests, and send alert when doors remain opened or unlocked.
Advancements in artificial intelligence, machine learning, cloud-based applications, and IoT connectivity have led to the development of smart lock with advanced features. Integrated access control systems provide regulated control over doors, user recognition, and full control over facility operations.
The competitive landscape of the report has been formulated by considering all the vital parameters such as company profiling, market share, recent developments and advancements, gross margins, product portfolio, revenue generation, financial standing, market position, and expansion plans. The report also discusses in detail the recent mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, agreements, corporate and government deals, and partnerships, among others. The report also sheds light on the recent technological developments and product advancements in the Smart Lock market.
Furthermore, the report provides details about the new players entering the market, and entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.
Key players involved:
Assa Abloy AB, Allegion Plc., dormakaba Holding AG, Spectrum Brands Holdings, Inc., SALTO Systems, Onity, Inc., Samsung SDS, Panasonic Corporation, The Master Lock Company, and Godrej Group.
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Key Highlights in the Report:
Deadbolts segment is expected to account for largest revenue share in the global market between 2021 and 2028 owing to increasing demand for deadbolts in residential and commercial buildings as they offer enhanced security and durability.
Rising adoption of touch-screen deadbolt and smart deadbolts owing to their easy installation and remote control is also contributing to the revenue growth of the segment.
Biometric segment revenue is expected to register robust revenue CAGR over the forecast period owing to increasing adoption of biometric smart locks that offer palm, face, iris, voice, and fingerprint recognition in residential and commercial buildings.
Revenue growth of this segment can also be attributed to growing demand for smart locks integrated with 3D biometric fingerprint sensors and robust security software that offer enhanced security and improved user convenience.
Regional Analysis:
Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
Emergen Research has segmented the global smart lock market on the basis of lock type, authentication method, communication protocol, application outlook, and region:
Lock Type Outlook (Revenue, USD Billion; 2018-2028)
Lever Handles
Deadbolts
Padlocks
Others
Authentication Method Outlook (Revenue, USD Billion; 2018-2028)
Pin Code
Biometric
RFID Cards
Communication Protocol Outlook (Revenue, USD Billion; 2018-2028)
Wi-Fi
Bluetooth
Others
Application Outlook (Revenue, USD Billion; 2018-2028)
Residential
Commercial
Industrial
Institutional & Government
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Market Taxonomy:
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Data Sources
Chapter 2:
Executive Summary
Business trends
Regional trends
Product trends
End-use trends
Chapter 3:
Industry Insights
Industry segmentation
Industry landscape
Vendor matrix
Technological and innovation landscape
Chapter 4:
Regional Landscape
Chapter 5:
Company Profile
Business Overview
Financial Data
Product Landscape
Strategic Outlook
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