The latest report titled Global Smart Lock Market contains an in-depth analysis of the fundamental parameters contributing to the global Smart Lock market scenario. This research report offers readers an in-depth interpretation of the dynamics of the Smart Lock market, including key drivers, opportunities, threats, and challenges. The report also briefly discusses key business strategies, supply-demand ratios, key regions, prominent market players, and offers a future outlook for the overall Smart Lock industry. The market research report is a prototype 360° overview of the global Smart Lock industry with estimated market value, share, growth trends, total revenue, competitive overview, prominent manufacturers and buyers, available product types, and end-use applications reveal.
At a CAGR of 15.0% during the projected period, the size of the worldwide smart lock market is anticipated to reach USD 8.87 billion in 2028. The 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 the major factors anticipated to propel market revenue growth over the forecast period. Additionally, there is an increasing need for safety and security of property, personal belongings, and other valuable items. Another major reason driving the market’s revenue growth is the expanding use of smart locks in the hospitality industry to enhance in-room security and to control access to authorised people in establishments like factories, airports, banks, and defence zones, among others.
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Smart locks are keyless entry devices with Internet of Things capabilities that allow users to remotely unlock doors using smartphones and other smart devices. Wi-Fi, mobile apps, and voice assistants like Alexa, Google Assistant, and Siri are all used by smart locks to lock and unlock doors, provide access to visitors, and send alerts when doors are left open or unlocked. A smart lock with advanced functionality has been created thanks to developments in artificial intelligence, machine learning, cloud-based apps, and IoT connectivity. Integrated access control systems offer regulated door control, user identification, and whole facility operation control.
The global Smart Lock industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Companies profiled in the global Smart Lock market:
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
Key Parameters Analyzed in This Section:
Product sales trends
Sales & distribution channels
The report also covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region, and robust presence of key players in the region.
Segments Covered in this report are:
Lock Type Outlook (Revenue, USD Billion; 2018–2028)
- Lever Handles
Authentication Method Outlook (Revenue, USD Billion; 2018–2028)
- Pin code
- RFID Cards
Communication Protocol Outlook (Revenue, USD Billion; 2018–2028)
Key reasons to buy the Global Smart Lock Market report:
The latest report comprehensively studies the global Smart Lock market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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