According to the latest report by IMARC Group, titled “Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global smart lock market reached a value of US$ 1.8 Billion in 2020. Looking forward, IMARC Group expects the global smart lock market to exhibit strong growth during 2021-2026. Smart locks refer to electronic and mechanical locking devices that lock and unlock doors upon receiving instruction from an authorized source. They utilize a cryptographic key to verify and grant access to the user for a set period. The command and encrypted digital key are usually transmitted through mobile phones, tablets and wearable devices supporting Wi-Fi or Bluetooth connectivity. These door locks maintain a photo log of the people accessing the door with the help of a security camera. Users can also grant access to their homes to third parties by forwarding them a virtual key in the form of an email or text message.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Smart Lock Market Trends:
The increasing security threat across the residential and commercial sectors is one of the key factors driving the market. Owing to their various benefits such as durability and ease of installation, smart locks are gaining widespread acceptance among users. Also, the emerging trend of smart cities and homes across the globe is acting as a major growth-inducing factor. With an increase in the number of smart home projects, there is a growing inclination toward advanced home security solutions. Furthermore, product innovations such as cloud-based locking/unlocking systems that can be monitored remotely through a virtual device are further creating a positive outlook for the market. Rising disposable income, increasing penetration rate of the internet, rapid urbanization and enhanced dependency of people on smart technology-based assistance are some of the other factors contributing to the market growth.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 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
Breakup by Lock Type:
- Deadbolts
- Lever Handles
- Padlocks
- Others
Breakup by Communication Protocol:
- Bluetooth
- Wi-Fi
- Others
Breakup by End-User:
- Commercial
- Residential
- Institution and Government
- Industrial
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Key highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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.
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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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