Worldwide $35+ Mn Smart Lock Market is Expected to Grow at a CAGR of over 11.8% During 2022-2028 | Vantage Market Research

WASHINGTON, April 07, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Smart Lock Market finds that the increase in integration of IoT-based security is expediting market growth. Primarily driven by rising internet penetration, the total Global Smart Lock Market is estimated to reach USD 3,639.5 Million by 2028.

The Global Market valued at a revenue of USD 1,863.8 Million in the year 2021, and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.8%.

Furthermore, the growing security concerns across the globe are also anticipated to augment the growth of the Global Smart Lock Market, states Vantage Market Research, in a report, titled “Smart Lock Market Size, Share & Trends Analysis Report by Lock Type (Deadbolt Locks, Lever Handles, Server locks & Latches, Knob Locks), by Communication Protocol (Bluetooth, WiFi, Z-Wave, Others), by Unlocking Mechanism (Keypad, Card Key, Touch Based, Key Fob), by Vertical (Commercial, Residential, Institutional & Government, Industrial), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

Please Check Out Our Free Sample Reports and Make a More Informed Decision:

Get Access to a Free Copy of Our Latest Sample Report @ https://www.vantagemarketresearch.com/smart-lock-market-1440/request-sample

(Sample reports are a great way to test our in-depth reports or study before you make a purchase)

• The newly updated, 140+ page reports provide an in-depth analysis of the COVID-19 virus and pandemic.
• Using industry data and interview with experts, you can learn about topics such as regional impact analysis, global forecast, competitive landscape analysis, size & share of regional markets.
• We offer these reports in PDF format so you can read them on your computer and print them out.
• Free sample includes, Industry Operating Conditions, Industry Market Size, Profitability Analysis, SWOT Analysis, Industry Major Players, Historical and Forecast, Growth Porter's 5 Forces Analysis, Revenue Forecasts, Industry Trends, Industry Financial Ratios.
• The report also presents the country-wise and region-wise analysis of the Vantage Market Research and includes a detailed analysis of the key factors affecting the growth of the market.
• Sample Report further sheds light on the Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis, to offer the readers an advantage over others.

Market Dynamics:

Increase in Integration of IoT-based Security to Fuel Global Smart Lock Market

The increasing integration of IoT-based security is expected to fuel the growth of the Smart Lock Market during the forecast period. Smart locks with IoT-enabled sensors allow users to access doors remotely, with the use of a smartphone or other internet-connected devices. Smart locks offer the ability to unlock the door without a key, from anywhere, as well as distribute virtual keys to visitors. Smart locks offer additional functionality such as automating processes, which include turning on the lights and adjusting thermostat when the door is unlocked, triggering the security system to record and send video if the door is unlocked from outside. This is done through its compatibility with other IoT devices, smart assistants, or smart home management systems. Additionally, it can also give and revoke remote access to visitors, by enabling the service providers to access the door only at specific times and can give unlimited access to important family members or friends. Thus, the various benefits offered with integration of IoT-based security are expected to support the growth of the market in near future.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Smart Lock market is predicted to grow at a CAGR of roughly 11.8% during the forecast period.
• The Smart Lock market was estimated to be worth roughly USD 1,863.8 Million in 2021 and is expected to reach USD 3,639.5 Million by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Smart Lock market.
  

Purchase This Premium Report Now @ https://www.vantagemarketresearch.com/buy-now/smart-lock-market-1440/0

Benefits of Purchasing Smart Lock Market Reports:

• Customer Satisfaction: Our team of experts assists you with all your research needs and optimizes your reports.
• Analyst Support: Before or after purchasing the report, ask a professional analyst to address your questions.
• Assured Quality: Focuses on accuracy and quality of reports.
• Incomparable Skills: Analysts provide in-depth insights into reports.

Smart Lock Market is Segmented as Follows:

• Lock Type
  • Deadbolt Locks
  • Lever Handles
  • Server locks & Latches
  • Knob Locks
  • Others
• Communication Protocol
  • Bluetooth
  • Wi-Fi
  • Z-Wave
  • Others
• Unlocking Mechanism
  • Keypad
  • Card Key
  • Touch Based
  • Key Fob
  • Smartphone Based
• Vertical
  • Commercial
  • Residential
  • Institutional & Government
  • Industrial
  • Transportation & Logistic
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

Rising Internet Penetration to Augment Market Growth

The increase in internet penetration along with smartphone adoption is anticipated to augment the growth of the Smart Lock Market within the estimated period. According to a report by GSMA, the number of mobile internet subscribers was projected to be 4.2 billion people globally in 2021 and is expected to reach 5.0 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 4.5%. Further, it estimated that the global coverage continues to grow, with 94% of the world’s population covered by mobile broadband networks and the biggest increases in coverage were estimated to be in Sub-Saharan Africa and the Pacific Islands. This has further resulted in increase in adoption of smart lock as all the applications used for controlling these locks are installed on these devices and need continuous internet connectivity for real-time updates. Additionally, the market players are focussing on implementing innovative techniques in smart lock models, such as Wi-Fi-enabled locking/unlocking or Bluetooth-based (BLE) locking/unlocking using smartphones and other devices which is also likely to fuel the demand for smart locks in the years to come.

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/smart-lock-market-1440

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronic industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The report on Smart Lock Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

North America to Dominate the Global Smart Lock Market

North America has dominated the Global Smart Lock Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the high technology adoption and rising penetration of smart homes in the region. Furthermore, the high spending capacity of customers along with growing security concerns is also anticipated to encourage the adoption of smart locks.

Asia Pacific is expected to grow at a fastest CAGR during the forecast period. This is attributable to the rising number of residential and commercial projects in economies such as China and India owing to the growing population in the region. Additionally, the increase in penetration of smart homes as well as on-going smart city initiatives in developing countries is also expected to support the regional growth of the market in near future.

Do You Have Any Query or Specific Requirement? Ask to Our Industry Expert@ https://www.vantagemarketresearch.com/smart-lock-market-1440/inquiry-before-buying

(You may enquire a report quote OR available discount offers to our sales team before purchase.)

List of Prominent Players in the Smart Lock Market:

• ASSA ABLOY AB (Sweden)
• dormakaba Group (Switzerland)
• Spectrum Brands Inc. (US)
• SALTO Systems
• S.L. (Spain)
• Allegion plc (Ireland)
• Honeywell International Inc. (US)
• Dahua Technology Co. Ltd. (China)
• Samsung Electronics Co. Ltd. (South Korea)
• Vivint Inc. (US)
• ZKTECO CO. Ltd. (China)
  

Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on "Smart Lock Market Size, Share & Trends Analysis Report by Lock Type (Deadbolt Locks, Lever Handles, Server locks & Latches, Knob Locks), by Communication Protocol (Bluetooth, Wi-Fi, Z-Wave, Others), by Unlocking Mechanism (Keypad, Card Key, Touch Based, Key Fob), by Vertical (Commercial, Residential, Institutional & Government, Industrial), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/smart-lock-market-961586

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Smart Lock Market?
• How will the Smart Lock Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Smart Lock Market?
• What is the Smart Lock market drivers and restrictions?
• What will be the CAGR and size of the Smart Lock Market throughout the forecast period?        

Recent Developments:

November, 2021: SALTO launched the XS4 Original+, the next generation of the world’s most flexible and reliable smart locking solution that features a beautiful design with a sleek flat reader in two new colors. The new SALTO XS4 Original+ takes the trusted and proven flagship XS4 Original electronic lock product family and incorporates the latest technology to accommodate access control needs of both today and tomorrow.

This market titled “Smart Lock Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Customization of the Report:

The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

Download Free Sample Report Now @ https://www.vantagemarketresearch.com/smart-lock-market-1440/request-sample

Browse More Related Report:

• Electronic Shelf Label Market:- https://www.vantagemarketresearch.com/industry-report/electronic-shelf-label-market-1423
• Global 3D Printer Market:- https://www.vantagemarketresearch.com/industry-report/global-3d-printer-market-1405
• E-Waste Management Market:- https://www.vantagemarketresearch.com/industry-report/ewaste-management-market-1346
• Exoskeleton Market:- https://www.vantagemarketresearch.com/industry-report/exoskeleton-market-1250
• Top Companies in Smart Lock Market:- https://v-mr.biz/smart-lock-market
  

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.

Follow Us on LinkedIn: https://www.linkedin.com/company/vantage-market-research/

Follow Us on Twitter: https://twitter.com/vantagemarketr

Contact us

Eric Kunz

6218 Georgia Avenue NW Ste 1 - 564

Washington DC 20011-5125

United States Tel: +1 202 380 9727

Email: sales@vantagemarketresearch.com

Website: https://www.vantagemarketresearch.com/

Latest Vantage Market Research Press Releases @ https://www.vantagemarketresearch.com/insight/press-releases

Latest Vantage Market Research Blog @ https://www.vantagemarketresearch.com/insight/blogs

Blog:

• https://bwsc.kr/
• https://makitirapide.com/
• https://www.globalresearchwire.com/
• https://marketstrades.com/
• https://v-mr.biz/