Smart Lock Market Expanding to Reach USD 8.87 Billion by 2028; Increasing demand for connected devices and integrated access control systems

The Global Smart Lock Market report is a detailed study of the different segments of the market, factors driving and restraining the growth of the market, and regional landscape based on the data gathered from both primary and secondary sources of data collection, along with the research methodology employed for analysis provided in the study. The market overview, SWOT analysis, and insights into the strategies adopted by key players operating in the Smart Lock market help understand the market forces and how those can be exploited to benefit from future opportunities.

smart lock market size is expected to reach USD 8.87 billion in 2028 at a CAGR of 15.0% during the forecast period, according to the latest report by Emergen Research. 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. Growing use of smart locks in hospitality sector to improve in-room security and to regulate access to authorized individuals in factories, airports, banks, and defense zones, among others are some other key factors fueling the revenue growth of the market.

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. 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. Increasing demand for these systems to create a convenient and safe smart home experience is a key factor expected to further fuel the revenue growth of the market. In addition, growing need for remote access to properties among homeowners due to increasing trend of shared living space has significantly boosted demand for smart lock and is expected to continue going ahead.

To Read Sample Report, click here@ https://www.emergenresearch.com/request-sample/733

In market segmentation by manufacturers, the report covers the following companies-
Assa Abloy AB, Allegion Plc., dormakaba Holding AG, Spectrum Brands Holdings, Inc., SALTO Systems, Onity, Inc., Samsung SDS, Panasonic Corporation, The Master Lock Company, and Godrej Group.

The research study gives a comprehensive analysis of the market with the help of several analytical tools and helps identify and capitalize on the growth prospects existing in the Smart Lock Market. It also offers accurate insights into the prevalent business strategies. The market overview gives growth estimations based on historical analysis and a detailed evaluation of the gross revenue, demand and supply dynamics, volume, market share, pricing structure, and profit margin for each market segment. The regional analysis takes into consideration the overall sales and CAGR to underline the leading companies in each regional market based on product types and product applications.

Key Highlights in 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.

The report provides an in-depth study of the product, application, and regional segments of the global Smart Lock industry. As part of the regional analysis, the report includes an assessment of the leading regions of North America, Europe, India, China, and the EMEA.

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

Click here to Get customization & check available discount for the report @ https://www.emergenresearch.com/request-for-customization/733

The report offers three types of Smart Locks and uses analytical tools like Porter’s Five Forces analysis, SWOT analysis, and both qualitative and quantitative assessment of the market. It estimates the market size in the forecast duration by studying its value, volume, market share, growth rate, and other market essentials. It gives extensive company profiles, wherein the analysts explain the expansion tactics adopted by market leaders, including both long- and short-term strategies, and other vital competitive factors of significant businesses in the global Smart Lock market.

View Exhaustive Market Research Report @ https://www.emergenresearch.com/industry-report/smart-lock-market

Reasons to buy this report:

It evaluates a comprehensive structure and overview of the Smart Lock Industry.

It provides accurate insights into critical factors like drivers and constraints, growth rate, value, volume, market share, and overall revenue.

It studies the growth prospects, challenges, drivers and restraints operating in the market.

It allows the reader to understand the Smart Lock market competition by assessing the top vendors, with elaborate company profiles, gross revenue, profit margin, import-export status, and global market share.

It brings to light the pricing structure, demand and supply dynamics, value chain analysis, SWOT analysis to support the formulation of lucrative business strategies.

It lists the data sources referred to during the study, detailed research methodology and other vital findings.

The Smart Lock Market report also includes an investment analysis and growth trend analysis to help readers maximize their return on investment. It highlights the growth opportunities existing in the global Smart Lock market segments. It offers an extensive investigation of the import-export status and the rates of production and consumption. The Smart Lock Market report also provides some of the essential market aspects to draw a forecast for the coming years based on the information derived as part of the historical analysis and an analysis of the current market scenario.

Latest Published Reports By Emergen Research:

Green Hydrogen Market, By Technology https://www.emergenresearch.com/industry-report/green-hydrogen-market

Top 10 Companies Offering Mass Notification Systems Solutions https://www.emergenresearch.com/blog/top-10-companies-offering-mass-notification-systems-solutions

Agricultural Robots Market Size https://www.emergenresearch.com/industry-report/agricultural-robots-market

Metaverse Market Share https://www.emergenresearch.com/press-release/global-metaverse-market

About Us:

At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

Tags: Smart Lock Market Size, Smart Lock Market Analysis, Smart Lock Market share See Campaign: https://www.emergenresearch.com/industry-report/smart-lock-market

Contact Information:

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: www.emergenresearch.com

Direct Line: +1 (604) 757-9756

E-mail: [email protected]

Visit for More Insights: https://www.emergenresearch.com/insights

Explore Our Custom Intelligence services | Growth Consulting Services

Tags:
Reportedtimes, PR-Wirein, iCN Internal Distribution, Research Newswire, English