Dublin, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The "Global Smart Lock Market, Size, Forecast 2022-2027, Industry Trends, Growth, Insight, Impact of COVID-19, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
Global Smart Lock Market will be US$ 5.80 Billion by 2027. Today's world is an innovative world we live in, and smart technology significantly contributes to it. For decades, the world has been advancing towards automation, boosting the smart lock industry. With time, technological advancement has led to smart access to everyday objects through the Internet, solving daily life problems and bringing ease. Remarkably, the proposed development of the smart lock has network connectivity, devised to perform locking and unlocking functions on a door when it receives a signal to send and receive data.
The Growing Market for Smart Locks Is Projected to Expand with A CAGR of 16.7% During 2021-2027:
Over the years, people have adopted smart lock systems with advanced security features embedded in their smart homes and consider it a value-added service for a better quality of living. Hence, the demand for smart locks has increased significantly in developed regions globally. In addition, the increasing use of smartphones and other smart devices are also propelling the smart lock market growth. Remarkably, the above factors further encourage electronic lock vendors to innovate their locking solutions, accelerating the development of the smart lock industry.
Backed by Rising Adoption in Residential Applications Deadbolt Segment Market Continues to Grow:
In our report, based on the type, the market is divided into the deadbolt, lever handles, padlock, and others. The deadbolt segment is anticipated to cover the enormous smart lock market share due to the rising demand for smart locks across residential buildings. Nevertheless, owing to the increasing integration of connectivity technologies such as Bluetooth, Zigbee, and others, the other components, such as lever handles and padlock, are set to grow substantially during the forecast period.
Extending Adoption of Face, Iris, and Fingerprint Recognition Fosters Growth of Biometric Door Locks Segment:
The market is classified into pin code, biometric, and RFID cards based on the product. The biometric door locks segment is envisioned to capture a significant share in the industry. The market evolution is attributable to the rising adoption of biometric applications such as face recognition, palm recognition, iris recognition, and fingerprint recognition. The pin code and RFID card segments are predicted to exhibit a substantial growth rate due to the rising enactment of Wi-Fi connecting technology.
Increasing Investment by Start-ups to Launch Bluetooth-enabled Locks Drives the Segment:
The market is categorized as Wi-Fi and Bluetooth based on the connecting technology. The increasing investment by start-ups launching door locks enabled with Bluetooth technology is expected to hold the maximum share for the Bluetooth segment. Moreover, the Wi-Fi segment is projected to keep progressing with considerable growth owing to the rising adoption of cloud-based home automation applications across residential buildings rate during the forecast period.
The Residential Market Cusps for a Major Shift for Smart Locks as Technology Gains Traction:
The smart lock market is divided into residential, hospitality, enterprise, critical infrastructures, and others based on the application. Electronic access control was once the sole preserve of commercial buildings. Besides, now smart locks are quickly found a niche in hospitality. Moreover, it's rare to find large hospitalities that still use mechanical keys. In addition, electronic access control has also become a fixture in critical infrastructures blocks, though typically only at main entrances with intercom systems. As per our analysis, the residential segment is expected to hold the largest share during the projected period.
Type - Market has been covered from 4 viewpoints:
- Deadbolt
- Lever Handles
- Padlock
- Others
Product Type - Market has been covered from 3 viewpoints:
- Pin Code
- Biometric
- RFID Cards
Technology - Market has been covered from 3 viewpoints:
- Wi-Fi
- Bluetooth
- Others
Application - Market has been covered from 5 viewpoints:
- Residential
- Hospitality
- Enterprise
- Critical Infrastructures
- Others
Regions - Market has been covered from 4 viewpoints:
- North America
- Europe
- Asia - Pacific
- ROW
Company Insights:
- Overview
- Recent Development
- Revenue
Company Analysis:
- Assa Abloy
- Allegion Plc
- DormaKaba Holding AG,
- Spectrum Brands
- Samsung Electronics Co Ltd
- Avent Security
- Fortune Brands Inc.
- Amadas Inc.
- Panasonic Corp.
- Midea Group
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
5. Global Smart Lock Market
6. Market Share - Global Smart Lock Market
7. Type - Global Smart Lock Market
8. Product Type - Global Smart Lock Market
9. Technology - Global Smart Lock Market
10. Application - Global Smart Lock Market
11. Regions - Global Smart Lock Market
12. Merger & Acquisitions
13. Porters Five Forces
14. Company Analysis
Companies Mentioned
- Assa Abloy
- Allegion Plc
- DormaKaba Holding AG,
- Spectrum Brands
- Samsung Electronics Co Ltd
- Avent Security
- Fortune Brands Inc.
- Amadas Inc.
- Panasonic Corp.
- Midea Group
For more information about this report visit https://www.researchandmarkets.com/r/xswz16
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