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.
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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.
Global Smart Lock Market – Scope Of The Report
The following report provides forecast and analysis of the global smart lock market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of value (US$ Mn) and volume (‘000 Units), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global smart lock market along with several macro-economic indicators.
This newly published and insightful report on smart lock sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global smart lock market.
The report also comprises the study of current issues with end users and opportunities for smart lock. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of smart lock manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the smart lock market provided in the report adds to the credibility of this exhaustive research study.
Global Smart Lock Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the smart lock market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the smart lock market, which includes global GDP growth rate, various sector growth rate such as residential, hospitality, enterprise, infrastructure and others.
This report serves as an authentic resource of intelligence on the smart lock market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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