Smart locks are like the old-fashioned locks which need a lock and a key to work. .The sender sends the key to the receiver and once the key is received by recipient he/ she will be able to unlock the smart lock in the time formerly specified by the sender. Smart locks are capable to deny or grant access remotely through a mobile application.
Smart lock market is anticipated to observe growth in the near future, owing to the growing security and safety concerns. The heavy investments done by market players in R&D activities by market players and rising focus of society towards IoT is also anticipated to support market growth. Additionally, factors such as rising demand for portable security devices, emerging smart city projects and rising security threats is expected to stimulate growth. High durability, low installing cost and security from robbers and attackers in commercial and residential places will boost market growth. Moreover, increasing number of smartphones and rising acceptance of smart technology and integration of smart devices such as smartphones and tablets is predicted to open new opportunities for smart lock market during the forecast period. However, fear of privacy intrusion, fluctuating prices, high cost of devices and loss of smartphones, lack of awareness among end-user might hamper market growth.
On the basis of vertical the smart lock market is divided into commercial, residential and industrial. The residential vertical is expected to show notable growth in the predicted period. Owing to the applications of smart locks in both individual and condominiums houses the demand for the smart lock will propel in the estimated period. Due to the security concern and checking access to unauthorized person is the critical component for security of assets.
Global smart lock market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is predicted to have growth in smart lock market owing to the presence of developed countries such as US and Canada. Additionally, these regions are considered to be the most advance in terms of adopting technology. The region has a huge demand owing to the rise in the sales of security systems. Asia Pacific countries such as India, Japan and China are emerging market for smart lock market and are expected to stimulate market demand owing to the increasing focus of major players on targeting the smart lock to cater requirement of customers’ security in these markets. This is anticipated to stimulate market growth.
Major players of smart lock market include Allegion Plc, ASSA ABLOY AB, Spectrum Brands Holdings, Inc., Onity, Inc., Salto Systems S.L., Gantner Electronic GmbH, Cansec Systems Ltd., MIWA Lock Co. and Master Lock Company LLC among others.
The report segments the smart lock market is as follows:
Global Smart Lock Market: By Lock Type Analysis
- Padlocks
Lever Handles
- Deadbolt
- Other Locks
Global Smart Lock Market: By Technology Analysis
- Bluetooth
- Wi-Fi
- Others
Global Smart Lock Market: By Vertical Analysis
- Commercial
- Retail Stores and Malls
- Hospitality
- Corporate
- Healthcare
- Residential
- Condominium
- Individual Houses
- Industrial
- Oil & Gas
- Manufacturing
- Energy & Power
- Transportation & Logistics
Global Smart Lock Market: By Region Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
