Smart Lock Market
Smart Lock Market By Type (Deadbolt, Lever Handles, Padlock), By Application (Residential, Hospitality, Enterprise, Critical Infrastructure)- Global Market Insights 2019 to 2029
Smart Locks Market to quadruple on back of Rampant Adoption of Advanced Technologies
Increased penetration of smart devices in residential and commercial property is giving strength to the growth of smart locks market during the forecast period.
The global smart lock market exhibits skyrocketing growth trajectory with a stupendous 15% CAGR between 2019 and 2029.
Advent of technologies such as the internet of things (IoT), machine learning (ML), and artificial intelligence (AI) is accelerating the mass-adoption of smart locks in the coming decade.
Consumer awareness about smart devices and the convenience they offer contributes significantly to the growth of the smart locks market. Shift in government focus on digitization of public and private sector infrastructure acts as a central driver for smart lock sales.
Residential Applications Poised to Offer Consistent Revenue
Residential applications of smart locks will continue to lead the application type segment with over 68% of the total market value share.
This spurt in growth can be attributed to early adopters in regions such as North America, and Europe. Prevalence of smart homes along with the presence of leading market players is strengthening residential adoption of smart locks.
Viability of prices and advancements in technology such as remote locking of windows, doors, and entrances is surging consumer adoption.
The residential segment will grow 2.7X through 2029. The highest growth is recorded in enterprise application of smart locks.
Increasing digitization of workforce and business operations acts as a fertile landscape for the smart lock market to grow over 3X during the forecast period.
Advantages such as enhanced security amid increasing need for data security is propelling the demand from enterprise applications of smart locks.
North America Leads Global Sales, South Asia & Oceania Offer Burgeoning Opportunities
North America accounts for a lion’s share of over 62% of the total market value. Developed countries such as the US drive sales in this region.
Increasing security concerns in residential, as well as, commercial properties is a major contributing factor to double digit growth of 14% during the projection period.
South Asia & Oceania offer the most remunerative growth opportunities on the back of booming digital economies and multiplying incomes of consumers. South Asia & Oceania are set to exhibit an astounding 22% CAGR through 2029.
Enhanced Security Features Shape Competition
Product innovation and integration of technology are two main drivers of growth for organizations. Advancements in material science and nano-sensor technology will create sustainable revenue streams for smart lock manufacturers.
The market is fragmented with the presence of many small and medium players who are experimenting with disruptive technology.
Hiring the right talent with advanced technical expertise is a top priority among smart lock manufacturers.
Companies are leveraging industry 4.0 manufacturing technologies to decrease the price of the final product and attract consumers.
Major players in the market that influence the competitive landscape are, but not limited to
- ASSA ABLOY AB
- 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
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Global Smart Lock Market: In-Depth Assessment on Key Segments
The global smart lock market is segmented on the basis of type, application and region.
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for smart lock has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous smart lock manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global smart lock market.
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