Smart Lock Market to Reach US$ 5.4 Billion by 2028 | CAGR of 19.8%

Industry Overview:

A smart lock is an electromechanical device that performs unlocking and locking operations after receiving commands from an authorized device. It can be accessed via smartphones using advanced technologies such as Wi-Fi, Zigbee, and Bluetooth. It utilizes a remote protocol and a cryptographic key to execute the authorization process, which assists in monitoring from any location and customization to restrict universal access. Besides, it has high durability and low installation costs and provides a greater sense of security to the user as it comes with a range of customization capabilities that can offer users secure entry and exit options and keep the property locked with fingerprint and electronic passwords. As a result, it is extensively utilized in residential, commercial, and industrial buildings.

The global smart lock market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028.

Browse a Detailed Summary of Research Report with TOC: https://www.imarcgroup.com/smart-lock-market

Competitive Landscape with Key Players:

• Assa Abloy
• Allegion Plc
• Dorma+Kaba Holding AG
• Spectrum Brands Holdings, Inc.
• Salto Systems S.L.
• Onity, Inc.
• Cansec Systems Ltd.
• Gantner Electronic GmbH
• Master Lock Company LLC
• MIWA Lock Co.
• Samsung Electronics Co., Ltd.
• Amadas Inc.
• Sentrilock
• LLC
• Avent Security
• Dessmann

Also, Read Top Companies in the Smart Lock Industry: https://www.imarcgroup.com/smart-locks-companies


Industry Growth:

The global market is primarily driven by increasing security concerns in the residential and commercial sectors. Moreover, the widespread integration of artificial intelligence (AI), machine learning (ML), and cloud computing in the manufacturing of smart locks for improving the efficiency of applications, including fraud detection, credit scoring, and speech recognition, is contributing to the market. Additionally, the growing awareness among consumers about the benefit and comfort offered by smart locks is acting as another growth-inducing factor. Apart from this, the penetration of smartphones is stimulating the growth of connected devices, enabling users to remotely access their door locks and unlock the doors using numerous connected mobile apps, which in turn is providing impetus to the market.

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Furthermore, the increasing adoption of smart locks by numerous sectors, including medical, media, telecom, automobile, food, and beverage, is further catalyzing the demand. Besides, numerous major companies are focussing on developing commercially viable products and advanced strategies, including remote locking or opening of doors and windows, gaining widespread prominence worldwide. Along with this, rising investments by the government and leading players in several smart city projects are creating a positive market outlook. Other factors, including inflating disposable income levels of the masses, growing integration of biometric technologies into smart locks, and continuous technological developments to provide cost-effective and time-saving IT solutions, are also influencing the market.

Key Segmentation:

Breakup by Smart Lock Type:

• Deadbolts
• Lever Handles
• Padlocks
• Others

Breakup by Communication Protocol:

• Bluetooth
• Wi-Fi
• Others

Breakup by End-User:

• Commercial
• Residential
• Institution and Government
• Industrial

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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