The global smart lock market size is expected to reach USD 8.87 billion in 2028 at a CAGR of 15.0% during the forecast period, according to the latest report by Emergen Research. Increasing need for safety and security of property, personal items, and other valuable items, rising adoption of smart home automation systems, growing preference for smart locks in commercial and corporate buildings, and rapid advancements in the smart lock technology are key factors expected to drive market revenue growth over the forecast period. Growing use of smart locks in hospitality sector to improve in-room security and to regulate access to authorized individuals in factories, airports, banks, and defense zones, among others are some other key factors fueling the revenue growth of the market.
The primary aim of the report is to offer market overview, product scope, growth prospects, and risks. The report also offers in depth information about each player in the global Smart Lock market along with its global standing, financial status, product launch, business expansion plans among others. The market players are focused on developing various strategies such as partnerships, mergers and acquisitions, joint ventures, product launches, and research and development investments.
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Top competitors of the Smart Lock Market profiled in the report include:
Assa Abloy AB, Allegion Plc., dormakaba Holding AG, Spectrum Brands Holdings, Inc., SALTO Systems, Onity, Inc., Samsung SDS, Panasonic Corporation, The Master Lock Company, and Godrej Group.
The research provides answers to the following key questions:
- What will be the growth rate of the Smart Lock market for the forecast period, 2018 to 2028? What will be the market size and the share occupied by the prominent vendors by the estimated period?
- What are challenges and threats faced by the prominent vendors operating in the Smart Lock market?
- Who are the prominent vendors and what has been their business strategy so far to maintain a competitive edge over their competitors?
- What are the past, present and emerging trends likely to influence the growth rate of the Smart Lock market for the forecast period, 2018 to 2028?
- What are the opportunities prominent vendors can bank on to generate more profits during the estimated period?
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SCOPE OF THE REPORT
The study draws a forecast of the growth of the Smart Lock market by evaluating the market size, share, demand, trends, and gross revenue of the industry. It also focuses on the positions of the major companies against the competitive landscape and their individual share in the global market. The report segments the industry based on product type, application and end-use. It highlights the recent trends and technological developments in the sector that will potentially influence the industry. The research offers a detailed outlook of the trends observed in the market, the contributing factors, major stakeholders, key companies and prime areas that exhibit a potential for growth.
For the purpose of this report, Emergen Research has segmented the global smart lock market on the basis of lock type, authentication method, communication protocol, application outlook, and region:
Lock Type Outlook (Revenue, USD Billion; 2018-2028)
- Lever Handles
- Deadbolts
- Padlocks
- Others
Authentication Method Outlook (Revenue, USD Billion; 2018-2028)
- Pin Code
- Biometric
- RFID Cards
Communication Protocol Outlook (Revenue, USD Billion; 2018-2028)
- Wi-Fi
- Bluetooth
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Residential
- Commercial
- Industrial
- Institutional Government
In market segmentation by geographical regions, the report has analysed the following regions-
North America
Europe
Asia-Pacific
Middle East and Africa
Latin America
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