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Smart Locks Market (Product Type - Deadbolts, Lever Handles, Padlocks, and Others; Technology - Bluetooth, and Wi-Fi; End User - Residential, Commercial, and Industrial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2020

  • Rep Id : ICT1437

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on the smart locks market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart locks market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart locks market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global smart locks market. According to the report, the global smart locks market is projected to grow at a CAGR of 12.23% over the forecast period of 2020-2026.


Market Insight

Smart locks are great not only for security but also for convenience, often allowing to forego keys entirely. These smart locks have an ability to communicate with Smartphone via Wi-Fi or Bluetooth, allowing to lock and unlock the door from anywhere. As additional functionalities are added to smart locks with technology continuing to develop and grow, that their uses would be increasing in the near future.


The growing smart home industry provides a significant growth opportunity for the smart locks market as this kind of automation enables users to be comfortable, live conveniently, and be secure. A smart lock is an integral part of the smart home. The demand for security solutions such as electronic smart locks and intruder alarms is increasing due to growing cases of burglary and robbery. The security solutions used in the residential and commercial sectors are in the growth stage. However, the security with respect to the internet is one of the major hindrances in the growth of the smart locks market.


Moreover, technological innovation provides a significant growth opportunity for the smart locks market. Smart locks range from sophisticated software-enabled capabilities to hardware improvements that can enhance smart locks’ appeal. Traditionally smart locks have also come with conventional keys now available in fully keyless that can be made operational by connecting a 9V battery, eliminating the need for customers to carry keys. Some other technologies include voice control, app integration, and geofencing.


Additionally, the growing adoption of smartphones and other connected devices is propelling the adoption of smart locks. There are various choices available commercially such as turning on lights when the door opens and a key that can interact via a free app. A single Smartphone application is able to control locks and other smart home devices simultaneously. Many smart locks offer a mobile app that allows locking and unlocking doors with a simple icon tap. Some offer a web app that controls things from desktop or laptop PC.


North America is the largest revenue making region for smart locks market owing to the presence of tech-savvy customers complimented by their high spending capacity. Furthermore, increasing security concerns, especially across residential and critical infrastructure applications, has resulted in increased adoption of smart locks in the North America region. Additionally, growing investments by key IoT providers are contributing to the growth of the market in this region.


Segment Covered

The report on the global smart locks market covers segments such as product type, technology, and end user. On the basis of product type, the sub-markets include deadbolts, lever handles, padlocks, and others. On the basis of technology, the sub-markets include bluetooth, and Wi-Fi. On the basis of end user, the sub-markets include residential, commercial, and industrial.


Companies Profiled:

The report provides profiles of the companies in the market such as Assa Abloy AB, Master Lock, Allegion plc, Spectrum Brands Holdings, Inc., dormakaba Holding AG, Onity Inc., Cansec Systems, Salto Systems, Gantner Electronic GmbH, and Miwa Lock Co Ltd.


Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart locks market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.

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