Smart Locks Market, By Product Type, by Unlocking Mechanism, by Application and by Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

A smart lock is an electrical and mechanical lock system that performs locking and unlocking function when receive instructions from the authorized user. These instructions are transferred from smartphones, wearable devices and tablets using Wi-Fi or Bluetooth connection. Smart locks are used to provide notifications through SMS and e-mail and also provide image of the person at the door. Smart locks are an integral part of smart homes, which allow homeowners to enter their home without requiring traditional key. Many smart locks uses mobile apps or websites allow homeowners to grant access to third parties by sending a virtual key. Some smart locks come with a camera, which provides a picture of individuals accessing the door.

Market Dynamics

Growing adoption of smart home technologies is the factor driving growth of the global smart locks market during the forecast period. The smart home locks provides automation and access capabilities to users from smartphones, tablets, and other devices. Rise in lifestyle of urban households has increased the demand for smart locks devices to monitor homes. Smart locks are also providing security due to rising number of threats along with the development of smart cities in the residential and urban sectors. For instance, According to the Office of National Statistics, in 2019, there were around 687 domestic burglaries and 633 household thefts per 1,000 population in U.K. According to the same source, there was around a 7% increase in the number of police-recorded offenses involving knives and sharp objects. Thus, these factors are expected to drive growth of the global smart locks market during the forecast period.

Moreover, Owing to rising urbanization, disposable income and growth of IoT technology people are accepting smart based technologies for daily life functioning. Implementation of smart technology such as cloud based locking and unlocking allow the user to access locks through virtual device which in turn increases the demand of global smart locks market. For instance, companies such as August Home and Danalock International ApS are focusing on implementing latest technologies such as automatic unlocking mechanism and touch sensors in their products. .Therefore, advancements in technology are expected to boost the market growth over the forecast period.

Market Taxonomy

This report segments the global smart locks market on the basis of by product type, by unlocking mechanism, application and region. On the basis of product type, the global smart locks market is segmented into Deadbolt and Lever/Knob. On the basis of unlocking mechanism, global smart locks market is segmented into Keypad, Touch Screen, App Based and Hybrid/Integrated. On the basis of application, global smart locks market is segmented into Government, Commercial, Industrial and Residential. On the basis of region, global smart locks market is segmented into North America, Latin America, Europe, APAC, Middle East and Africa.

Key features of the study:

This report provides an in-depth analysis of the global smart locks market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2022-2028), considering 2021 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players

It profiles leading players in the global smart locks market based on the following parameters - regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans

Key companies covered in the global smart locks market includes

These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics

The global smart locks market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global smart locks market.

Detailed Segmentation:

Global Smart Locks Market, By Product Type:

Deadbolt

Lever/Knob

Global Smart Locks Market, By Unlocking Mechanism:

Keypad

Touch Screen

App Based

Hybrid/Integrated

Global Smart Locks Market, By Application:

Government

Commercial

Industrial

Residential

Global Smart Locks Market, By Region:

North America

Latin America

Europe

APAC

Middle East and Africa

Company Profiles

Apigy Inc. (Lockitron) *

Company Overview

Product Portfolio

Financial Performance

Key Strategies

Recent Developments

Future Plans

Schlage

Kwikset

Honeywell International Inc.

Havenlock Inc.

Panasonic Corporation

Samsung SDS Co., Ltd

Vivint, Inc.

August Home Inc.

Assa Abloy Group