By jahanzaib The global smart lock market size is expected to reach USD 8.87 billion in 2028 at a CAGR of 15.0% during the forecast period, according to the latest report by Emergen Research. Increasing need for safety and security of property, personal items, and other valuable items, rising adoption of smart home automation systems, growing preference for smart locks in commercial and corporate buildings, and rapid advancements in the smart lock technology are key factors expected to drive market revenue growth over the forecast period. Growing use of smart locks in hospitality sector to improve in-room security and to regulate access to authorized individuals in factories, airports, banks, and defense zones, among others are some other key factors fueling the revenue growth of the market.
The report considers COVID-19 as a key contributor of the dynamically altered market scenario. The report covers a comprehensive impact analysis of the global health crisis on the overall growth of the market. Furthermore, the report covers the current and future impact of the COVID-19 crisis on the market and its key segments. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.
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Key companies operating in the Smart Lock market include:
Assa Abloy AB, Allegion plc, dormakaba Holding AG, Spectrum Brands Holdings, Inc., SALTO Systems, Onity Inc., Samsung SDS, Panasonic Corporation, The Master Lock Company, and Godrej Group
Key market aspects studied in the report:
Market Scope: The report explains the scope of various commercial possibilities in the global Smart Lock market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Key Benefits of the Report:
- Comprehensive analysis of the competitive scenario and its changing dynamics
- Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
- In-depth 8-year analysis of the Global Smart Lock Market
- Critical understanding of the key market segments
- Comprehensive analysis of the drivers, restraints, trends, and opportunities
- Detailed regional analysis and extensive company profiling
- Extensive assessment of current and emerging trends of the market
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Smart Lock Market Segmentation:
- Lock Type Outlook (Revenue, USD Billion; 2018–2028)
- Lever Handles
- Deadbolts
- Padlocks
- Others
- Authentication Method Outlook (Revenue, USD Billion; 2018–2028)
- Pin code
- Biometric
- RFID Cards
- Communication Protocol Outlook (Revenue, USD Billion; 2018–2028)
- Wi-Fi
- Bluetooth
- Others
Smart Lock Market Segmentation by Regions:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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