Acknowledging the kind of traction gained by this market, recently published a study report asserts the global Smart Locks Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of 18.4% during the review period (2022 to 2027).
Smart Locks Market Overview
Smart locks are electronic keyless locks that communicate with other installed electronic equipment in the home via Wi-Fi or Bluetooth connectivity. A particular electric key fob or a phone app with a smart lock installed can be used to open the locks. People can be given entry to the residence for a set period of time by receiving temporary keys from the user. In addition, smart lock technology is different and simpler to use than traditional approaches. Prior to smart locks, people used ID numbers, passwords, mechanical locks, code phrases, and paper slips, all of which required tedious maintenance and carried a significant risk of data loss or theft. IoT connectivity enables smart locks to communicate with a user's smartphone for access control. These qualities of It increases its market position and becomes distinctive, dependable, and user-friendly thanks to smart locks.
Who are the Major Players in Smart Locks Market?
The global Smart Locks includes Master Lock, Igloohome, Tapplock Corp, Janus International, Spectrum Brands, Hanman International, Kwikset, Allegion, Dog & Bone, ABUS, Yale, Assa Abloy
Recent Developments:
ASSA ABLOY scores twin wins for innovative use of NFC in Apple Wallet
2022-07-07- HID Global and Global Solutions were the winners of the 2022 NFC Innovation Awards in the Most Innovative Use of NFC Technology category. They stood out among 12 finalists with their innovative NFC-based access solutions in Apple Wallet.
HID Global was lauded for its contribution to making campus and office space access more convenient and secure. Thanks to the solution by HID Global, students and employees can save their credentials in Apple Wallet, gaining access to dorms, libraries, elevators, turnstiles, printers, office spaces, and more using just their iPhones or Apple Watches. The solution can be easily integrated into existing access control systems and is simple to manage. Furthermore, it takes advantage of the built-in security features of Apple devices to enhance safety in deployed spaces.
What are the major Applications, Types and Regions for Smart Locks Market?
Smart Locks Market is segmented based on the type, applications, companies and regions.
By Product Type, it is segmented into
- Bluetooth Padlock
- Bluetooth Door Lock
By Application it is segmented into
Smart Locks Market Regional Analysis
Compared to the adoption of other smart home products, smart lock adoption is still not very common in the United States. A recent research by the Consumer Technology Association (CTA) found that 83 million U.S. households, or nearly 69 percent, currently had at least one smart home device. Statistics like these emphasise the opportunity for market players by using the right marketing techniques. For example, the adoption of smart speakers is high in the nation, at a rate of 28%, although the adoption of smart locks is only 12%.
During the projected period, the smart lock market in APAC is anticipated to develop at the highest CAGR. The adoption of smart locks in APAC is anticipated to be fueled by the region's enormous population base, extensive continuing research and development (R&D) efforts, and growing urbanisation. Additionally, it is anticipated that there would be a strong demand for smart locks due to the rising crime and terrorism threat levels, as well as the low police-population ratio in APAC nations.
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
What is our Smart Locks Market report scope?
Reports Attributes
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Report Details
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Forecast Period 2022 to 2027 CAGR
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CAGR of 18.4% during the review period (2022 to 2027).
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By Type
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- Bluetooth Padlock
- Bluetooth Door Lock
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By Application
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By Companies
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Master Lock, Igloohome, Tapplock Corp, Janus International, Spectrum Brands, Hanman International, Kwikset, Allegion, Dog & Bone, ABUS, Yale, Assa Abloy
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Regions Covered
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•North America
•Europe
•Asia-Pacific
•Rest of the World
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Countries Covered
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•US
•Canada
•Germany
•France
•UK
•Italy
•Spain
•Rest of Europe
•China
•Japan
•India
•Australia
•South Korea
•Rest of Asia-Pacific
•Middle East & Africa
•Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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102
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Smart Locks Report
- Evaluate Smart Locks market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.
- Analyze the sales and distribution channels across geographies to enhance top-line revenues.
- Market share held by each application segment with respect to the market renumeration and sales estimates over the forecast timeline are stated in the report.
- Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Smart Locks market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.
- It further investigates the specifics that are positively impacting the profit graph of this business sphere.
- The study also elaborates the critical factors which will augment the commercial terrain of the Smart Locks market.
All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
Frequently Asked Questions
What is the study period of this market?
The Smart Locks Market is studied from 2017 - 2027.
What is the growth rate of Smart Locks Market?
The Smart Locks Market is growing at a CAGR of 18.4% over the next 5 years.
Who are the leading key players in Smart Locks Market?
Master Lock, Igloohome, Tapplock Corp, Janus International, Spectrum Brands, Hanman International, Kwikset, Allegion, Dog & Bone, ABUS, Yale, Assa Abloy
What regions does this Smart Locks Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Smart Locks Market?
Bluetooth Padlock, Bluetooth Door Lock
What are the significant Applications of Smart Locks Market?
Home, Commercial
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
