Global Smart Lock Market size was valued at US$ 1.87 Bn. in 2021 and the total Smart Lock revenue is expected to grow at 12.6 % through 2022 to 2029, reaching nearly US$ 4.83 Bn.
Market Overview
Maximize Market Research accomplished the qualitative and quantitative Market report named Smart Lock Market, this Market report consists of macro analysis with accurate illustrations, and graphs with simple to grasp language. This helps users to understand the key points and overall aspects of the industry within the forecast period.
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Market Scope
Smart Lock Market is rapidly growing during the forecast period so the MMR report is carved using history, consumer habits, Market volatility.
Smart Lock Market report delivers an in-depth analysis of the Market structure along with estimations of the various segments their sub-segments.
The report explores the Smart Lock Market segments by Type, Specialty, Application, End-Users and Region. As the Smart Lock Market is growing rapidly for that we integrated data from Market participants regions may consist of (North America, Asia Pacific, Europe, Middle East Africa, and South America).
Research is conducted using tools that are used to analyze the threats and opportunities in the forecasted period by SWOT and PORTER’S five forces to understand the underlying factors affecting the industry.
Segmentation
The segment for deadbolts had the largest market share in terms of lock type in 2021. The expansion of this market is being driven by the expanding applications in different industries and simplicity of installation. One of the most popular styles of exterior home locks is the deadbolt. The expansion of this market is being driven by its low installation costs, excellent durability, and efficient defence against intense incursions or attacks in residential, commercial, and other verticals. Additionally, industry giants like Kwikset are expanding their selection of high-tech deadbolts with integrated features like low battery warning, one-touch locking, and personalised user codes, drawing in a sizable user base.
The smart lock market for the Bluetooth communication protocol segment had the biggest market share in 2021, according to communication protocol. Users can only control their Bluetooth smart locks if they are close to their residences due to the 300-foot maximum range of these devices. It is a practical technology that may be applied to a variety of tasks, such as access control, jewellery storage, and asset security. It is a very economical smart lock with a setup that offers convenience and security to customers. During the anticipated timeframe, this aspect is driving up demand for smart locks.
The Touch Based section of the smart lock industry has the fastest growing unlocking mechanism in terms of unlocking method. The touch-based unlocking system for smart locks uses fingerprint recognition technology. It is quick and simple to identify and authenticate persons using their fingerprints. Modern home security systems can benefit greatly from biometric authentication, which is also a trend that is rising with the smart home movement.
Residential smart lock sales accounted for 65.7% of market revenue in 2021, according to Vertical, making it the market leader. The market expansion is primarily explained by the expanding global adoption of smart homes as well as the rise in new construction and renovation projects in the industry over the course of the projected year. The usage of smart locks in the domestic market is also anticipated to increase as advanced security technologies like door and window opening sensors, motion detectors, and remote door locking/unlocking become more affordable.
Key Players
• ASSA ABLOY (Sweden)
• Allegion plc (Ireland)
• dormakaba Group (Switzerland)
• Spectrum Brands Holdings, Inc. (U.S.)
• Salto Systems S.L. (Spain)
• Carrier (U.S.)
• Cansec Systems Ltd. (Canada)
• GANTNER Group (UAE)
• Master Lock Company LLC (U.S.)
• Master Lock Company LLC (U.S.)
• Samsung (South Korea)
• SentriLock, (U.S.)
• Avent Security (Vietnam)
• DESSMANN Schliessanlagen GmbH (Singapore)
• Haven Lock, Inc., (U.S.)
• Dahua Technology Co., Ltd (China)
Market Regional Analysis
Competitive analysis of the regional Market gives insides to newcomers about the competition present in the Market with their revenue, technological advancements, developments, mergers and acquisitions, alliances and Marketing tactics.
The regional Market size was estimated precisely using a bottom-up approach to collect microelements that affect Market growth. Smart Lock Market report consists of macro analysis which helps users to understand the key points overall aspects of the industry, this report is carved using historical data, consumer habits, Market volatility, competition, and others.
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Key Questions answered in the Smart Lock Market Report are:
- What is Market?
- What is the forecast period of the Market?
- What is the competitive scenario of the Market?
- Which region held the largest Market share in the Market?
- What are the opportunities for the Market?
- What factors are affecting the Market growth?
- Who are the key players of the Market?
- Which company held the largest share in the Market?
Key offerings:
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis by Smart Lock Market#
- Landscape- Leading key players and other prominent key players.
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