Smart Lock Market size to grow by USD 1.73 billion by 2027 | ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Corp. and more among the key companies - Technavio
NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The Smart Lock Market size is estimated to grow by USD 1.73 billion during 2022-2027, growing at a CAGR of 11.61%. The growing number of smart cities worldwide drives the smart lock market growth. Generally, smart cities are designed to leverage technology and data to improve the quality of life for their residents, which includes the adoption of smart locks that can help to ensure public and private safety. The increasing adoption of smart locks is also being driven by the growing use of Internet of Things (IoT) devices and other technologies. Hence, such factors drive the growth of the market during the forecast period. North America will contribute 36% to the growth of the global smart locks market during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) - View Sample report
The smart lock market report includes information on the product launches, sustainability, and prospects of leading vendors, including ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Global Corp., dorsetIndia.com, Honeywell International Inc., I Leaf Buildpro Pvt Ltd., iF International Forum Design GmbH, iLockey, Jainson Locks, Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., SOLITY Co Ltd., Spectrum Brands Holdings Inc., Tekno Electro Solutions Pvt Ltd, Vivint Inc., Yale India, Davcor Group Pty Ltd, Dormakaba Holding AG, and Allegion Public Ltd. Co.
Major Drivers & Challenges-
Lack of awareness among end-users challenges the growth of the smart lock market. Awareness can help people and organizations understand the security risks and threats that they could face and can help them take effective security measures in a cost-effective manner. To cater to this lack of awarenes, companies need to create awareness of upcoming technologies through trade fairs, seminars and webinars, and other promotional events. Hence, such challenges impede market growth during the forecast period.
The growing prevalence of biometric authentication in smart locks is an emerging smart lock market trend. Biometric technologies like fingerprint scanning and facial recognition are becoming increasingly popular in the global market. For instance, Latch offers facial recognition-capable smart locks that enable simple and secure access control. Furthermore, the market emphasizes enhancing user experience and bolstering the overall security of smart lock systems displayed in the incorporation of biometrics into smart locks. Hence, such trends fuel the growth of the smart lock market during the forecast period.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
Market Segmentation and geographical analysis
This smart lock market report extensively covers market segmentation by technology (WiFi, Bluetooth, Zigbee, and Z-wave), end-user (commercial and residential), and geography (North America, Europe, APAC, South America, and Middle Est and Africa).
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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