Smart locks are keyless locks that use Wi-Fi or Bluetooth connectivity to interact with other electronic devices installed at home. It can be operated with a specific electric fob or by installing the smart lock app on the phone. The technologies involved include using ID codes, passwords, mechanical locks, code words, and paper clips, which are hard to maintain and have a high possibility of data theft or loss. It works on IoT connectivity, synchronizing with the user’s smartphone to access control. Smart locks offer several customized entry and exit options through fingerprint, face unlocks, through our smartphones, or even gestures.
The latest report published by IMARC Group, titled “Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the smart lock market growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart lock market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028.
The COVID-19 pandemic has immensely affected businesses globally. However, it has positively impacted the adoption of smart locks due to the lockdown imposed by governments of different countries. Post pandemic, organizations are focusing on sophisticated technology, including artificial intelligence (AI), machine learning (ML), internet of things (IoT), and cloud computing, to perform contactless operations. This factor is anticipated to create a demand for app-based smart lock systems, which are predicted to drive the adoption of smart locks worldwide. In addition, the commercial and government sectors have started adopting smart locks to overcome concerns regarding the safety and security of the public and enterprises.
The global market is majorly driven by the rising penetration of the Internet of Things (IoT). In line with this, the advent of technologies, such as Machine Learning (ML) and Artificial Intelligence (AI), is accelerating the adoption of smart locks.
Furthermore, the increasing consumer awareness regarding the benefits and convenience offered by these locks is responsible for their increasing demand. Moreover, major market players are incorporating various innovative techniques in smart lock models, such as Wi-Fi-enabled locking or unlocking and Bluetooth-based (BLE) locking or unlocking using smartphones and other devices. Besides this, the influx of companies coming up with innovative home automation technologies is strengthening the smart lock demand. Additionally, the rising number of renovations and new construction activities across the globe are providing a boost to the market growth.
Competitive Landscape with Key Players:
- 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.
- Avent Security
Also Read Full Blog: Top smart lock companies in the world
Key Market Segmentation:
- Lever Handles
- Institution and Government
- Asia Pacific
- Middle East and Africa,
- Latin America.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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