Industry Overview:

IMARC Group, a leading market research company, has recently releases report titled“Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”,” The study provides a detailed analysis of the industry, including the global smart lock market demand, Share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights    
                                                       

How big is the Smart Lock Market?

Report Attributes

Details

Market Size in 2022

US$ 1.9 Billion

Market Forecast in 2028

US$ 5.41 Billion

Growth rate (2023 to 2028)

CAGR of 19.8%

Base Year of the Analysis

2022

Forecast Period

2023-2028

What is Smart Lock?

A smart lock is an electronic lock that opens wirelessly with authorized user authentication. It is designed to perform locking and unlocking operations when it receives a prompt through an access card, biometric sensor, Bluetooth, electronic keypad, or Wi-FI from a registered mobile device. It is called a smart lock as it utilizes advanced technology and Internet communication to enable improved security from intruders and easier user access. It includes the physical lock, the key, a secure Bluetooth or Wi-Fi connection, and a mobile management app. It may also monitor access and send alerts in response to the different events it monitors and other crucial events related to the device’s status. It can be considered part of a smart home. Some smart locks have a built-in Wi-Fi connection that allows for monitoring features such as cameras or access notifications to show the individual requesting access.

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What are the growth prospects and trends in the Smart Lock industry?

The global market is majorly driven by the emergence of technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML). In line with this, the increasing popularity of smart homes is significantly contributing to the product demand. Furthermore, the rising awareness among consumers regarding the benefits and comfort the locks offer is positively influencing the market. Apart from this, the growing influx of companies with home automation technology is catalyzing the market. Moreover, the leading players focus on providing commercially viable products and developing strategies, including remote locking/opening doors, doors, and windows. This, in turn, is expected to create a positive outlook for the market. Besides, increasing security concerns are propelling smart lock adoption worldwide. Additionally, the widespread deployment of the product across the hospitality industry worldwide is providing a boost to the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Key Market Segmentation:

Lock Type:

Deadbolts
Lever Handles
Padlocks
Others

Communication Protocol:

Bluetooth
Wi-Fi
Others

End-User:

Commercial
Residential
Institution and Government
Industrial

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

Assa Abloy
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.
Sentrilock
LLC
Avent Security
Dessmann

Also Read Full Blog: Top smart lock companies in the world

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