Global Smart Lock Market Trends, Applications, Analysis, Growth, and Forecast to 2027
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May 2023
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Global Smart Lock Market Overview:
The global smart lock market was valued at US$ XXX.X million in 2016, and is expected to reach US$ X.X billion over the forecast period at a double-digit CAGR of XX.X%.
A smart lock is an electromechanical lock designed to lock and unlock doors from an authorized device over a wireless protocol. The doors can be unlocked by smartphones or special key fob, also the user can allow access to a third party by means of a virtual key. Certain smart locks include built-in Wi-Fi connection and monitoring features.
Increasing adoption of connected devices and increasing adoption smart homes are major factors driving the growth of the global smart locks market. In addition, declining cost of internet services, growing implementation of technologies such as ZigBee, near field communication (NFC) etc. and rapid development in cloud infrastructure have further propelled demand for the smart locks in the global market. Moreover, technical features such as electronic key, ability to remotely monitor and control the device, and dynamic unlocking mechanism are some other factors fueling the growth of the global smart locks market.
Security risk related to the hacking of mobile phone or back-end cloud server remains a restraining factor for the growth of the global smart lock market. In addition, dead phone, battery replacement, high R&D cost, and software security are some of the challenges faced by the global smart lock market. Increasing penetration of Internet of Things (IoT) and rising disposable income of individual in developing economies is expected to open opportunities for smart lock market.
North America is expected to dominate smart lock market and is expected to register a CAGR of XX.X% during the forecast period. The market in Europe is expected to witness considerable growth during the forecast period. Among other regions, the market in Asia Pacific is expected to witness a significant growth over the forecast period owing to rapid development in building infrastructure.
Global Smart Lock Market Segmentation:
Global smart lock market segmentation by product type:
- Deadbolts
- Lever handles
- Padlocks
- Others
 Global smart lock market segmentation by technology:
- Bluetooth
- Wi-Fi
Global smart lock market segmentation by end-user:
- Residential
- Commercial
- Hospitality
- Enterprise
Global smart lock market segmentation by region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn -
- ASSA ABLOY Group (Yale)
- UniKey Technologies Inc.
- August Home
- Havenlock Inc.
- Spectrum Brands, Inc.
- Honeywell International Inc.
- Samsung SDS Co. Ltd
- Cansec Systems
- Vivint Inc.
- AT&T Intellectual Property
- Panasonic Corporation
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