Smart Lock Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
A smart lock is an integral part of the truly smart, connected homes that offers safety, connectivity, convenience, and peace of mind to homeowners. Integration of keyless system in smart locks is one of the recent trends that strongly simplify the entry procedures. With penetration of smart cities across the globe and growing consumer interest towards new technologies, smart lock has been gaining rising demand for its ability to increase remote accessibility and boost connectivity. Most smart locks also offer mobile application that allows the homeowners to lock and unlock their doors with a simple icon tap. In addition, these digital locks eliminate the need for a physical sets of key, while improving security through intercom system and visual verification of the visitors. Replacement of traditional locks with digital ones in both residential and commercial space for preventing unauthorized access to personal and official belongings has been impacting the progress of smart lock market globally.
Smart Lock Market – Notable Developments
Other leading players operating in the smart lock market include Cansec System, Haven, Okidokeys, SDS, Smart Locking, Yale, SentriLock, Schlage, Goji, Aventsecurity, Salto Systems, Master Lock, and Onity.
Smart Lock Market Dynamics
Technological Advancements and Penetration of Smart Cities to Foster Smart Lock Market Growth
Implementation of innovative technologies in various fields and emergence of Internet of Things (IoT) are the primary factors driving smart lock market. With such technological advancements, intelligent and connected devices are gaining rising applications in personal as well as commercial settings. These devices incorporate connective technologies such as near-field communication, Bluetooth, Wi-Fi, infrared, and others that help synchronize with smart locks. While growing consumer interest towards smart homes continues to generate significant market revenue growth, rising adoption of wireless cloud-based smart lock technology in various company is expected to present lucrative opportunities for manufactures of smart locks.
North America to Lead Gains in Smart Lock Market with Rising Construction of Smart Homes
Smart lock market is likely to witness a significant growth in North America, on the back of presence of tech giants and well-established market players along with government efforts to increase the construction of intelligent homes. In addition to easy availability of skilled workforce to operate these devices, population in the developed countries are more inclined towards adoption of new and advanced technologies, which in turn boost expansion of smart lock market in North America.
Although the smart lock market is likely to maintain a positive outlook, high cost associated with purchase and deployment of these devices may have a negative impact on the market growth. Moreover, with the perception of the unreliability of such security devices, people are reluctant to purchase them, which remains a key challenge for smart lock manufactures.
Smart Lock Market Segmentation
On the basis of type, the smart lock market can be segmented into:
On the basis of communication protocol, the smart lock market can be segmented into:
On the basis of vertical, the smart lock market can be segmented into:
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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