Smart Lock Market Share, Size, Trends and Growth Analysis by 2021-2028

The report titled “Global Smart Lock Market Share and Forecast to 2028” offered by Emergen Research offers a bird’s eye view of the market to present a projected growth rate of the industry in the coming years.

According to latest Updates, 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. 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.

Advancements in artificial intelligence, machine learning, cloud-based applications, and IoT connectivity have led to the development of smart lock with advanced features. Integrated access control systems provide regulated control over doors, user recognition, and full control over facility operations.

The research report is an investigative study of the Smart Lock market that offers crucial information pertaining to the market size and market share of the sector on a global scale. The research study presents an industry-wide summary of the Smart Lock market, including drivers, constraints, technological advancements, product developments, limitations, growth strategies, growth prospects, etc. among others.

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Smart locks are IoT-enable entry devices that do not require keys and help users remotely access door locks via smartphones and other smart devices. Smart locks use Wi-Fi, mobile applications, and voice assistants such as Alexa, Google Assistant and Siri to lock and unlock doors, grant access to guests, and send alert when doors remain opened or unlocked.

The report is further furnished with the latest happenings of the Smart Lock market pertaining to the impact of the COVID-19 pandemic on the industry. The report covers the analysis of the dynamic changes and disruptions caused by the pandemic and offers a comprehensive overview of the impact of the COVID-19 pandemic on the market and its key segments.

However, high costs associated with the deployment of smart locks and integrated access systems, growing concerns of reliability owing to increasing incidence of hacking and cyberattacks on connected systems, and lack of awareness about smart locks in developing countries are some key factors expected to hamper market revenue growth to a certain extent going ahead.

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Key Highlights from The Report

  • Deadbolts segment is expected to account for largest revenue share in the global market between 2021 and 2028 owing to increasing demand for deadbolts in residential and commercial buildings as they offer enhanced security and durability. Rising adoption of touch-screen deadbolt and smart deadbolts owing to their easy installation and remote control is also contributing to the revenue growth of the segment.
  • Biometric segment revenue is expected to register robust revenue CAGR over the forecast period owing to increasing adoption of biometric smart locks that offer palm, face, iris, voice, and fingerprint recognition in residential and commercial buildings. Revenue growth of this segment can also be attributed to growing demand for smart locks integrated with 3D biometric fingerprint sensors and robust security software that offer enhanced security and improved user convenience.
  • Wi-Fi segment revenue is expected to expand significantly during the forecast period owing to increasing advancement in Wi-Fi networks, improvement in remote control capabilities of Wi-Fi-enabled smart locks, and real-time alerts delivered by Wi-Fi-based smart locks that ensure higher level of security and safe smart home experience.
  • Residential segment is expected to account for a significant revenue share in the global market owing to increasing adoption of smart locks in smart residential buildings to address the growing concerns surrounding security and safety of residents, growing trend of smart homes, and rising investment to equip new residential infrastructure with smart windows, sensors, and other integrated security features.

The research carries out an in-depth analysis of the latest projects undertaken by the companies and also offers details on the viability of the projects. The report provides an extensive outlook of the industry with regard to the essential elements. The report also offers an industry-wide analysis based on detailed market segmentation.

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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

Key Regions Analyzed in the Report:

  • North America
    • Canada
    • S.
  • Europe
    • Germany
    • Italy
    • K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of APAC
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • A.E
    • Rest of Middle East & Africa

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