Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • April 2021 •
  • 106 pages •
  • Report ID: 5808082 •
  • Format: PDF
The global smart lock market reached a value of US$ 1.8 Billion in 2020. A smart lock is an electro-mechanical door lock system that performs the locking and unlocking function upon receiving commands from an authorized source. These commands are usually transmitted through smartphones, wearable devices or tablets using Wi-Fi or Bluetooth. Smart locks can be monitored from any location and customized to restrict universal access. Furthermore, they provide monitoring features such as access notifications through SMS and e-mail and video camera with recording capabilities to provide visuals of the person at the door. They also have features such as auto-locking options that automatically lock a door if left unlocked for a specific period and perimeter auto-locking that automatically locks the door if the user’s smartphone is outside the designated perimeter.

Increasing acceptance of advanced home security solutions and usage of smart devices are among the key factors driving the global market. A rising number of security threat incidents along with the development of smart cities have created the need for smart locks in both the residential and commercial sectors. Smart locks have high durability and low installation costs and provide a greater sense of security to the user. Consequently, they are rapidly replacing the traditional locking systems that included bulky locks with keys that are more prone to loss and theft. Additionally, owing to rising urbanization and disposable income along with robust growth of the IoT technology, people are more inclined toward smart-technology-based assistance for their daily life functioning. Furthermore, implementation of innovative technologies, such as cloud-based locking/unlocking that enables the user to access these locks through a virtual device remotely, is also expected to catalyze the market growth. Looking forward, the analyst expects the global smart lock market to exhibit strong growth during the next five years.

.

Report Coverage:
Historical, Current and Future Market Trends

Market Breakup by Lock Type:
Deadbolts
Lever Handles
Padlocks
Others

Market Breakup by Communication Protocol:
Bluetooth
Wi-Fi
Others

Market Breakup by End-User:
Commercial
Residential
Institution and Government
Industrial

Market Breakup by Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being 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., Sentrilock, LLC, Avent Security, Dessmann, etc.

Key Questions Answered in This Report:
How has the global smart lock market performed so far and how will it perform in the coming years?
What are the key regional markets in the global smart lock industry?
What has been the impact of COVID-19 on the global smart lock industry?
What is the breakup of the market based on the lock type?
What is the breakup of the market based on the communication protocol?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the global smart lock industry?
What are the key driving factors and challenges in the global smart lock industry?
What is the structure of the global smart lock industry and who are the key players?
What is the degree of competition in the global smart lock industry?