Smart Lock Market To Reach USD 5.1 Billion By 2027 | CAGR 16.6% – Forencis Research

Smart Lock Market- Global Industry Analysis and Forecast 2020 to 2027

Global Smart Lock Market: Key Highlights

  • According to the new market research report Smart Lock Market by Lock Type (Padlocks, Deadbolts, Lever Handles, Others), by Connectivity (Wi-Fi, Bluetooth, ZigBee, NFS, Others), by Application (Residential, Industrial, Commercial), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global Smart Lock Market is estimated to reach USD 5.1 Billion by 2027 at a CAGR of around 16.6% during the review period.
  • Smart lock is an electromechanical lock which is used to perform unlocking and locking operations on the door when they receive any authorized command from authorized electronic device such as smartphone.
  • Currently, Wi-Fi technology is the most popular technology in the world due to convenience, mobility, productivity, easy setup, and better expandability. 

Smart Lock MarketGlobal Smart Lock Market: Key Market Dynamics

  • Increasing usage of smartphones and enhanced specifications & advantages as compared with traditional locking system will drive the market during forecast period.
  • Moreover, IoT based security systems will become an opportunity for the smart lock market during projected years.
  • However, lack of awareness regarding advantages and uses of smart lock system will hinder the growth of the market during growth period.

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Global Smart Lock Market: Regional Overview

  • North America

North America region is expected to dominate the Smart Lock market during forecast period. Increasing adoption of wireless technologies, communication technologies, and early adoption of technological infrastructure will have impacted positively on the growth rate of the region. US and Canada will dominate the smart lock market in North America during next five years. Technology awareness and rising disposable income of consumers will grow the market in this region.

  • Asia-pacific

Asia-Pacific is expected to grow at faster rate during forecast period. Increasing manufacturing industries, huge population base, investment in R&D activities, and rising urbanization will grow the smart lock market in APAC region with highest CAGR. Increasing need for security due to rise in theft cases also increase the market in this region. China, India, Japan, and South Korea will drive the smart lock market in this region.

Global Smart Lock Market: Key Players Overview

  • ASSA ABLOY:

The company is one of the market leader in the provision of access solutions. The company offers the products which are related to openings, such as locks, doors, gates and entrance automation solutions. This also includes expertise in controlling identities with keys, cards, tags, mobile and biometric identity verification systems. The company operates in Europe, North America, South America, and Asia-Pacific. In the smart lock market, August Home, Yale, and Mul-T-Lock are the subsidiaries of the company. In 2017, the Yale expands smart lock options for Amazon Key. This smart locks are enabling householders across the US to enjoy the benefits of the Amazon Key Home Kit, including secure keyless access and the option to receive in-home deliveries.    

  • Spectrum Brands:

Spectrum Brands Holdings, a member of the Russell 1000 Index, is a global consumer products company offering a broad portfolio of leading brands focused on driving innovation and providing exceptional customer service. The Company is a leading supplier of residential locksets, residential builders’ hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden, home pest control products, and personal insect repellents. In smart lock market, Kwikset and Weiser are the subsidiaries of the Spectrum Brands. In June 2020, Kwikset launched Halo, Touch Wi-Fi Smart Lock for residential application.

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Published : 2020-09-15