Smart Lock Market size was valued at US$ 1.87 Bn. in 2021 and the total Smart Lock revenue is expected to grow at 12.6 % through 2022 to 2029, reaching nearly US$ 4.83 Bn.
Smart Lock Market Overview
The Smart Lock market is covered in detail in the Maximize Market research report. The report focuses on emerging market trends and key growth factors in order to help market participants spot possibilities in the Smart Lock market. The report includes a thorough analysis of the Smart Lock market, as well as market financials such as market size from 2015 to 2020, with 2020 serving as the base year and forecast years 2022-2029. The Maximize Market Research report, categorizes the Smart Lock industry by product type, application areas, and geographies, covers the market's breadth and segments.
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Smart Lock Market Scope
The research estimates the size of the Smart Lock market in terms of value and volume. It includes a thorough analysis of the market's major drivers, restraints, and opportunities. Through Porter's five forces analysis, the study examines the major elements that contribute to the growth of the Smart Lock market. Furthermore, the Smart Lock market participants have been profiled, with a particular emphasis on their product offers.
Market Dynamics:
The smart lock is the newest style that is dominating the hospitality industry. After the Covid-19 pandemic, the smart lock market became increasingly popular as more consumers and companies converted to digital transactions. The use of mobile apps for check-in has made life much simpler for both hotel staff and guests. In hotels, wireless electronic door locks make it simpler to secure rooms, boost staff productivity, and enhance guest security. For every significant lock manufacturer in the hospitality industry, smart locks make up the majority of sales. With more than 5 million rooms in the US, smartphone lock usage is rising. Acceptance by everyone will take time. During the anticipated period, market growth has been fueled by the accelerating rate of technological innovation in the hotel sector.
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Segmentation:
The segment for deadbolts had the largest market share in terms of lock type in 2021. The growth of this market is being driven by the expanding applications in numerous industries and simplicity of installation. One of the most popular styles of exterior house locks is the deadbolt. The growth of this market is being driven by its low installation costs, excellent durability, and efficient defence against intense incursions or attacks in residential, commercial, and other verticals. Additionally, industry leaders like Kwikset are expanding their selection of high-tech deadbolts with integrated features like low battery warning, one-touch locking, and personalised user codes, drawing in a sizable user base.
The smart lock market for the Bluetooth communication protocol segment had the largest market share in 2021, according to communication protocol. Users can only operate their Bluetooth smart locks if they are close to their homes due to the 300-foot maximum range of these devices. It is a practical technology that can be applied to a variety of tasks, such as access control, jewellery storage, and asset security. It is a very affordable smart lock with a configuration that offers convenience and security to customers. During the anticipated period, this factor is driving up demand for smart locks.
Key Players:
• ASSA ABLOY (Sweden)
• Allegion plc (Ireland)
• dormakaba Group (Switzerland)
• Spectrum Brands Holdings, Inc. (U.S.)
• Salto Systems S.L. (Spain)
• Carrier (U.S.)
• Cansec Systems Ltd. (Canada)
• GANTNER Group (UAE)
• Master Lock Company LLC (U.S.)
• Master Lock Company LLC (U.S.)
• Samsung (South Korea)
• SentriLock, (U.S.)
• Avent Security (Vietnam)
• DESSMANN Schliessanlagen GmbH (Singapore)
• Haven Lock, Inc., (U.S.)
• Dahua Technology Co., Ltd (China)
Regional Analysis
The research report gives a detailed analysis of the Smart Lock market that is divided into regions. The report includes an evaluation of regional market participants operating in the market, as well as findings pertinent to the target Smart Lock market. On a regional and country-by-country basis, the study evaluates the market in North America, Latin America, Europe, Asia Pacific (APAC), Africa, and the Middle East. Each region's market is thoroughly researched, allowing for the discovery of regional market trends, constraints, and growth potential.
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Key Questions answered in the Smart Lock Market Report are:
- What is Smart Lock Market?
- What is the forecast period of the Smart Lock Market?
- What is the competitive scenario of the Smart Lock market?
- Which region held the largest market share in the Smart Lock Market?
- What are the opportunities for the Smart Lock Market?
- What factors are affecting the Smart Lock market growth?
- Who are the key players of the Smart Lock market?
- Which company held the largest share in the Smart Lock market?
- What will be the CAGR of the Smart Lock market during the forecast period?
- What key trends are likely to emerge in the Smart Lock market in the coming years?
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