SMART LOCK Market Analysis And Value Forecast Snapshot By End-Use Industry 2019-2027

The Global Smart Lock Market is projected to reach a value of over USD 5.1 billion by 2027 at a CAGR of around 16.6%.

Smart lock or electronic locks provide a way to replace keys or to add additional automation features, such as remote locking or unlocking. In other words, smart lock is an electronic and mechanical locking device that opens wirelessly with an authorized password or various gesture recognition system. Smart lock control doors from wherever you are with the help of IoT and Internet. With the use of different wireless technologies such as Bluetooth and Wi-Fi, the smart lock application and operation is fully controlled by smartphones.  ASSA ABLOY, Spectrum brands Inc., and Allegion Plc will dominate the smart lock market during growth period.

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SMART LOCK Market: Drivers & Restraint

Market Driver:

  • Rising Usage of Smartphones

Growing demand for fast speed processors, high resolution displays, usage of various wireless technologies and wireless sensors, and usage of smartphone in different application will rise the smartphone market during forecast period. In 2019, there are about 3.2 Billion smartphones (about 44.8%) users are present in all over the world. In smart lock market, the smartphones can lock the smart lock as well as open the smart lock with the help of different code and wireless technology communication. As compared with traditional methodology, smartphone usage is beneficial for smart lock applications in terms of flexibility, accessibility, and security. Hence, rising usage of smartphone will drive the market during assessment period.

Market Restraint:

  • Lack of Awareness

In today’s world, the traditional locking system market is quite huge than smart lock market. The residential, commercial, and industrial customers are also uses traditional locking system for their applications.

Source:  Mul-T-Lock (An ASSA ABLOY Company)

According to the survey taken by Mul-T-Lock (An ASSA ABLOY Company), most of the end users are aware of the smart lock system but due to high price and availability, they are stick with traditional locking system which will hinder the smart lock market growth during forecast period.

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SMART LOCK Market: Key Segments

  • Segmentation based on lock type: Padlocks, Deadbolts, Lever Handles, and Others
  • Segmentation based on connectivity: Wi-Fi, Bluetooth, ZigBee, NFS, and Others
  • Segmentation based on application: Residential, Industrial, and Commercial
  • Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.

List of the leading companies operating in the Smart Lock Market include:

  • Allegion plc (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
    • August Home
    • Yale
    • Mul-T-Lock
  • Spectrum Brands, Inc.
    • Kwikset
    • Weiser
  • Avent Security
  • dormakaba Group
  • Salto Systems S.L.
  • Carrier
  • Cansec Systems Ltd
  • GANTNER Electronic GmbH
  • Master Lock Company LLC
  • MIWA Lock Co.
  • AMADAS Inc.
  • HavenLock, Inc.
  • Anviz Global Inc.

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Smart Lock Market by Region

·         Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)

·         North America (US, Canada, Mexico)

·         Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)

·         Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)

·         South America (Brazil, Argentina, Rest of South America)

Table of Content:

    1. Research Objectives
    2. Market Definition
    3. Research Scope
    4. Regional Coverage
    5. Research Timeline
    6. Assumptions
    7. Limitations
    1. Introduction
    2. Primary Research
      1. Key Industry Expert Insight
    3. Secondary Research
      1. Vital Data from Secondary Sources
    4. Market Size Estimation
    5. Data Validation & Triangulation
    1. Introduction
    2. Drivers
      1. Rising Usage of Smartphones
      2. Enhanced Specifications & Advantages as compared with Traditional Locking System
    3. Restraint
      1. Lack of Awareness
    4. Opportunities
      1. IoT Based Security Systems
    1. Introduction
      1. Power of Buyers
      2. Power of Suppliers
      3. Intensity of Competition
      4. Challenges of Substitutes
      5. Challenges of New Entrants
    2. Macro-Economic Indicators
  2. GLOBAL SMART LOCK MARKET BY LOCK TYPE, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Padlocks
    3. Deadbolts
    4. Lever Handles
    5. Others
  3. GLOBAL SMART LOCK MARKET BY CONNECTIVITY, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Wi-Fi
    3. Bluetooth
    4. ZigBee
    5. NFC
    6. Others (Thread, Z-Wave)
  4. GLOBAL SMART LOCK MARKET BY APPLICATION, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Residential
    3. Industrial
    4. Commercial
  5. GLOBAL SMART LOCK MARKET BY REGION, Market Size in USD Million (2019-2027)
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. France
      3. Italy
      4. UK
      5. Russia
      6. Switzerland
      7. Rest of Europe
    3. Asia-Pacific
      1. China
      2. India
      3. Japan
      4. Taiwan
      5. South Korea
      6. Rest of Asia-Pacific
    4. Middle East and Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East and Africa
    5. South America
      1. Brazil
      2. Argentina
      3. Rest of South America
    1. Introduction
    2. Market Ranking/Share Analysis of Key Companies
    3. Company Benchmarking
    1.  Allegion plc
      1. Company Overview
      2. Financial Overview
      3. Products/Solutions/Services Offered
      4. Key Developments
      5. SWOT Analysis
      1. August Home
      2. Yale
      3. Mul-T-Lock
    3. Spectrum Brands, Inc.
      1. Kwikset
      2. Weiser
    4. Avent Security
    5. dormakaba Group
    6. Salto Systems S.L.
    8. Carrier
    9. Cansec Systems Ltd
    10. GANTNER Electronic GmbH
    11. Master Lock Company LLC
    12. MIWA Lock Co.
    13. AMADAS Inc.
    14. HavenLock, Inc. 
    15. Anviz Global Inc.
    16. Other Key Companies
    1. Key Industry Expert Insights
    2. Primary Discussion Guide
    3. Customization Options

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