The Global Smart Lock Market is projected to reach a value of over USD 5.1 billion by 2027 at a CAGR of around 16.6%.
Smart lock or electronic locks provide a way to replace keys or to add additional automation features, such as remote locking or unlocking. In other words, smart lock is an electronic and mechanical locking device that opens wirelessly with an authorized password or various gesture recognition system. Smart lock control doors from wherever you are with the help of IoT and Internet. With the use of different wireless technologies such as Bluetooth and Wi-Fi, the smart lock application and operation is fully controlled by smartphones. ASSA ABLOY, Spectrum brands Inc., and Allegion Plc will dominate the smart lock market during growth period.
Market Driver:
Growing demand for fast speed processors, high resolution displays, usage of various wireless technologies and wireless sensors, and usage of smartphone in different application will rise the smartphone market during forecast period. In 2019, there are about 3.2 Billion smartphones (about 44.8%) users are present in all over the world. In smart lock market, the smartphones can lock the smart lock as well as open the smart lock with the help of different code and wireless technology communication. As compared with traditional methodology, smartphone usage is beneficial for smart lock applications in terms of flexibility, accessibility, and security. Hence, rising usage of smartphone will drive the market during assessment period.
Market Restraint:
In today’s world, the traditional locking system market is quite huge than smart lock market. The residential, commercial, and industrial customers are also uses traditional locking system for their applications.
Source: Mul-T-Lock (An ASSA ABLOY Company)
According to the survey taken by Mul-T-Lock (An ASSA ABLOY Company), most of the end users are aware of the smart lock system but due to high price and availability, they are stick with traditional locking system which will hinder the smart lock market growth during forecast period.
The report on the wireless connectivity market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2020 |
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Lock Type, Connectivity, Application, and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Lock Market, by Lock Type
Smart Lock Market, by Connectivity
Smart Lock Market, by Application
Smart Lock Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Wireless Connectivity MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY