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.
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
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.
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.
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.
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.