Smart Locks Market by Product Type (Deadbolts, Lever Handles, Padlocks, and Others), Technology (Wi-Fi and Bluetooth), and End User (Residential and Commercial) Global Opportunity Analysis and Industry Forecast, 2021-2030.
Smart locks are keyless electronic locks, which use Wi-Fi or Bluetooth connectivity to interact with other devices. The locking and unlocking operations can be done either with a keyless fob or through smart lock app that is installed on the user’s smartphone. These operate when they receive instructions from authorized devices, either by a wireless protocol or cryptographic key to authenticate the authorization process. The basic idea behind smart lock technology is to use the IoT and internet connectivity to identify users and provide remote control & access to users using a digital interface. Smart lock technology provides advanced methodology over traditional key-based locks. This technology is used to secure commercial and residential properties from theft and burglaries. It works on both, Wi-Fi and Bluetooth, which makes it beneficial in a variety of crucial applications such as government office security, residential security, surveillance in offices & enterprises, and others.
There is increase in adoption of smart locks in commercial and government sectors to overcome the concerns regarding safety and security of the public and enterprises. The use of smart locks increases globally to maintain a secure and viable economy. In the commercial sector, companies have started to deploy enhanced technology to promote lower liabilities, increase employee accountability, strengthen compliances, and increase efficiencies. Furthermore, increase in use of smartphones across the globe fuels the adoption of smart locks. Smart lock mobile applications give real-time notifications. These allow customers to access their locks through a smartphone app and grant access to anyone, if required. Thus, increase in the trend of using app-based locks across various commercial and residential sectors is expected to drive the growth of the smart locks market in the upcoming years. However, cyber vulnerabilities are one of the major concerns among consumers regarding smart locks, which are expected to hamper the growth of the market.
The smart locks market is segmented into product type, technology, end user, and region. On the basis of product type, it is segmented into the deadbolts, lever handles, padlocks, and others. Further, the others segment includes footplate locks, rim latches, and wall mounted locks. On the basis of technology, it is bifurcated into Wi-Fi and Bluetooth. On the basis of end user, it is segregated in to residential and commercial. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the global smart locks market include August Home, SALTO Systems, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung SDS Co. Ltd., Schlage, Spectrum Brands, Inc., UniKey Technologies Inc., and Vivint, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which help to drive the growth of the market.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the smart locks market along with the current trends and future estimations to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the smart locks market size is provided.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the smart locks market.
The quantitative analysis of the smart locks market from 2020 to 2030 is provided to determine the smart locks market potential.
MARKET SEGMENTS
By Product
Deadbolts
Lever Handles
Padlocks
Others
By Technology
Bluetooth
Wi-Fi
By End User
Residential
Commercial
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South-Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
AUGUST HOME
HAVEN LOCK, INC.
HONEYWELL INTERNATIONAL INC.
PANASONIC CORPORATION
SALTO Systems
SAMSUNG SDS CO. LTD.
SCHLAGE
SPECTRUM BRANDS, INC.
UNIKEY TECHNOLOGIES INC.
VIVINT, INC.
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