The latest report by IMARC Group, titled “Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, provides an extensive analysis of the industry, including smart lock market share, size, trends, and growth opportunities.
The global smart lock market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028.
Smart Lock Market Overview:
A smart lock is an electronic lock system that offers keyless entry and remote-control capabilities, allowing users to lock and unlock doors using smartphones, key fobs, or biometric authentication methods. These innovative devices provide enhanced convenience, improved security, and seamless integration with smart home ecosystems.
Smart locking mechanisms seamlessly integrate with other smart home devices, enabling users to establish a connected ecosystem for remote monitoring and control of home access. The convenience and peace of mind offered by these smart locks have piqued substantial interest among homeowners worldwide.
These smart locks boast features like real-time surveillance, tamper notifications, and the capacity to grant temporary entry to guests, rendering them an enticing choice for residential properties. Furthermore, they provide functions such as access logs, user verification, and remote access management, streamlining the oversight of multiple entry points and elevating overall security measures.
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Global Smart Lock Market Trends:
The increasing focus on home automation and the Internet of Things (IoT) is one of the key factors driving the global smart lock market. With the rising need for convenient and secure access control solutions, the global smart lock market is experiencing rapid expansion. The market is also driven by the increasing demand for advanced security solutions and the growing adoption of smart home technology. Furthermore, the rising concerns regarding home security and the need for advanced access control solutions are driving the market growth.
Additionally, the ability to integrate smart locks with video doorbells and security cameras further enhances the overall security of homes. Another prominent trend in the global smart lock market is the increasing adoption in commercial and industrial sectors. Smart locks provide an efficient and convenient way to manage access to offices, hotels, and other commercial spaces. Moreover, advancements in wireless communication technologies, such as Bluetooth and Wi-Fi, are significantly contributing to the market growth.
These technologies enable seamless connectivity between smart locks and mobile devices, facilitating remote control and monitoring capabilities. Additionally, the integration of voice assistants, such as Amazon Alexa and Google Assistant, allows users to control smart locks through voice commands, further enhancing the user experience.
Competitive Landscape with Key Players:
- 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
Key Market Segmentation Breakup By:
Lock Type:
- Deadbolts
- Lever Handles
- Padlocks
- Others
Communication Protocol:
- Bluetooth
- Wi-Fi
- Others
End-User:
- Commercial
- Residential
- Institution and Government
- Industrial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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