Smart Lock Market Will Generate Record Revenue by 2028

The global smart lock market is anticipated to grow at a CAGR of 15.0% during the forecast period (2022-2028). The market growth is majorly attributable to the growing demand for smart locks all over the globe which is expected to continue in the future years. For instance, according to Bluetooth SIG Inc., the total shipments for Bluetooth devices for smart building applications including smart locks for doors, cameras, and others are projected to be around 451 million units by the end of 2024. In addition to this, the increasing adoption of innovative technologies such as Wi-Fi, IoT, fingerprint and facial recognition sensors, and others are also projected to be the key growth factors for the market.

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Some key players operating in the market include Assa Abloy AB, Dormakaba Group, and Spectrum Brands, Inc., among others. The market players are eyeing on strengthening their position in the market by adopting various strategies as mergers and acquisitions, partnerships, collaborations, new product launch and development in the existing product portfolio, and so on. For instance, in January 2020, August Inc. (ASSA ABLOY) announced the launch of the Wi-Fi Smart Lock, which sports a brand-new compact design and built-in Wi-Fi connection. The device comes in the size of a standard doorknob and is 45% smaller in volume and 20% slimmer than the August Smart Lock Pro. The new built-in Wi-Fi feature eliminates the need to pair it with an external bridge. Further, in September 2019, August Homes started developing smart door locks which efficiently works with voice assistance technology and are compatible with Google Assistant, Alexa, and Siri.

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Market Coverage

• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-

o By Lock Type
o By Communication Protocol
o By Application

• Regions covered-

o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape: Assa Abloy AB, Dormakaba Group, and Spectrum Brands, Inc., among others.

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Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Smart Lock Market Report by Segment

By Lock Type

• Deadbolt Locks
• Lever Handles
• Server Locks and Latches
• Knob Locks
• Others

By Communication Protocol

• Wi-Fi
• Bluetooth
• Z-Wave
• Others

By Application

• Residential
• Commercial

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Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.

This release was published on openPR.