November 26, 2020

Smart Lock Market Forecast 2020 – 2027 Top Key Players Analysis

The market report analyses the market while considering various aspects of the market such as market size, market status, market trends, and forecast. The report also offers brief information on the competitors and specific growth opportunities while covering the key drivers of the market. The report has been categorized based on the different segments, including lock type, communication protocol, vertical, and regions.

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Leading Players in the Smart Lock Market:

The Smart Lock Market is fairly fragmented, and a number of global and regional players operating in the market are:

  • Assa Abloy AB
  • Allegion Plc
  • Dormakaba Holding AG
  • Spectrum Brands Holdings, Inc.
  • Salto Systems
  • Onity, Inc.
  • Cansec Systems Ltd.
  • GANTNER Electronic GmbH
  • Master Lock Company LLC
  • MIWA Lock Co.

Smart Lock Market drivers:

Some of the major factors that are driving the adoption of smart locks in the upcoming years include the emerging trend of the Internet of Things (IoT) and the growing adoption of smartphones and other connected devices. Moreover, the rising incidence of burglary and theft, coupled with the increasing security and privacy concerns among consumers across the world, has propelled the demand for smart home security devices, thus surging the growth of the smart lock market across the globe.

Smart lock also monitors access and send alerts for critical events regarding the status of the device. Several outstanding features, including ease of use, high security, high durability, and remote operating system of smart locks, are certain factors boosting the popularity of smart locks. Additionally, technological advancement in the security system and the launch of cloud-based locking management solutions and deployment of various technologies, including Near Field Communication (NFC), ZigBee, and Bluetooth Low Energy (BLE) for easy access of locking functions are increasing the sales of smart locks in the upcoming years. On the other hand, the high cost of smart locks and lack of customer awareness will hinder the growth of the market during the forecast period.

Smart Lock Market Segmentation:

According to the report published by GMI Research, titled “Smart Lock Market,” the industry is predicted to witness the highest CAGR during the forecast period. The segmentation of the market is as follows:

By Lock Type:

  • Deadbolts
  • Lever Handles
  • Padlocks
  • Others

By Communication Protocol:

  • Wi-Fi
  • Bluetooth
  • Others

By Vertical:

  • Commercial
  • Residential
  • Institution and Government
  • Industrial

By Region:

  • North America

o United States of America

o Canada

  • Asia Pacific

o China

o Japan

o India

o Rest of APAC

  • Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

  • RoW

o Brazil

o South Africa

o Saudi Arabia


o Rest of the world (remaining countries of the LAMEA region)

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GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, be it small and medium enterprises or large organization. Our research team helps the clients to understand the importance and impact of the market dynamics. We have a team of industry experts that provides unbiased insights on reports to best meet the specific needs of our clients. GMI Research’s analysts rely on secondary research to lay down the foundation of every report. We use both internal and external databases to cull out relevant information of the industry. Our main aim is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client, through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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