Smart lock is a new generation of lock, which operates through electromechanical key. The smart locks are designed to perform unlocking and locking of the door, when it receives the command through a wireless device. The smart lock market is emerging due to its convenience, reliability, and increase in number of smart cities in the developing as well as the developed region owing to rise in trend of smart homes. Smart locks are used in residential as well as banks, corporate offices, hospitals, and government offices.
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Improvement in lifestyle of the middle-class people is leading toward high demand for smart home appliances. Smart locks can connect to a smart phone via Bluetooth, which eases the process of locking and unlocking the door. People often loose the key somewhere or forget their key inside the house, which is a big issue. Smart locks are introduced to help avoid these types of issues in present as well as in the future. These locks are categorized into different products such as padlock, lever handle, deadbolts, and others. Smart padlocks are designed to open with the fingerprint or digital password, however, smart lever handles are designed to operate with a device, which is connected through Wi-Fi or Bluetooth.
Increase in rates of crime in smart and developing cities is pushing people toward the use of smart lock. Rise in penetration of new smart lock technologies amongst middle class people is anticipated to further augment the market growth
On the other hand, smart locks are expensive as compared to its counterparts. High price of smart locks acts as a barrier and limits target audience. As the functions for these locks are performed digitally, these locks are much more susceptible toward hacking and malware attacks.
The smart lock market is segmented based on its product type, technology, end user, and region. Based on product type, it is classified into padlock, lever handle, deadbolt and others. Based on technology, it is categorized into Wi-Fi and Bluetooth. Based on end user, it is bifurcated into commercial and residential. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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North America is dominating the market for smart lock in 2019 and is expected to maintain its dominance during the forecast period; however, Asia-Pacific is expected to gain significant momentum in the upcoming years. Some of the key players profiled in the report are Samsung, ASSA ABLOY, MIWA Lock Co., Allegion PLC, Spectrum brands Inc. , Master lock company LLC , Trionaxos technologies Sdn Bhd , August home, Be-Tech Asia Limited, Indiegogo Inc , Dessmann, Jiangmen Keyu Intelligence Co. ltd., Tenon group, Locstar Technology Co. Ltd, CANDY HOUSE, Inc., Fridaylabs, and others.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the smart lock market from 2018 to 2026 to identify the prevailing market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry. The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
- The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.
Key Market Segments
By Product Type
- Lever Handle
By End User
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