Global Smart Lock Market: Overview
Smart locks are automatic electromechanical locks which are built to perform the locking and unlocking functions on a door when it receives commands from an authorized device using wireless protocol and a cryptographic key to execute the authorization process. These locking devices open wirelessly with an authorized user’s authentication. By using a smartphone or a cryptographic key, the user can verify wirelessly and mechanically unlock or lock the door. Smart locks are a part of the internet of things (IoT). Locking and unlocking process can also be done using mobile apps and websites which allows the owner of the house to grant access to a third party by sending the virtual key by email or text message. These locks may use Bluetooth or WiFi connection to function and also work well with the smart doorbell.
Global Smart Lock Market: Growth Factors
Growing importance of high-end technology and increased urbanization leads to rising demand for smart homes and novel security systems which thereby boosts the market for smart locks. Low installation cost, high durability, and security from attacks or robbery incidents in residential and commercial places are expected to contribute to the growth of the market. The other factors driving the growth of smart lock market are increasing demand for smart home, increasing urbanization and security solutions. Increasing popularity of the advanced technology and integration of smart devices like tablets and smartphones is also driving the market for smart locks. Adoption of the keyless access devices is likely to get the market into the mainstream. Lack of awareness among end-user and the fluctuating prices is expected to a restraining factor for this market.
Global Smart Lock Market: Segmentation
Smart lock global market is mainly segmented on basis of lock type, vertical, communication protocol, and region. On basis of lock type, the market is segmented into padlocks, deadbolts, lever handles, fingerprint locks, remote locks and other locks (knob locks, rim latch locks). In terms of vertical, market is fragmented into residential, industrial, institution and government and commercial. Based on the communication protocol, the market is classified into Wi-Fi, Bluetooth and other protocols like a threat, Z-wave and NFC among others. By region, the market is divided into North America, Europe, APAC, Middle East and Africa and South America.
Global Smart Lock Market: Regional Analysis
North America is estimated to be the largest market holder for smart locks owing to the demand for enhanced home security, increasing urbanization and demand for smart homes. Penetration of the smartphones and technological advancements is also contributing to the growth of the smart lock market in this region. Europe is expected to be second leading region after North America, owing to the growing urbanization and huge tech-savvy population. Sophisticated keyless systems and integrated devices are responsible to drive the growth in Europe. The market in Asia-Pacific is growing significantly with the growing adoption and awareness of the smart homes.
Global Smart Lock Market: Competitive Players
Some of the major players in the global smart lock market are, Onity, Master Lock, Salto Systems, Cansec Systems, Allegion, ASSA ABLOY AB, Honeywell, Spectrum Brands, Haven Lock, Yale, UniKey Technologies and Samsung SDS Co. Ltd., among others.
Global Smart Lock Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- The UK
- France
- Germany
- The Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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