Smart Lock Market Share, Competitive Landscape and Forecast 2024

13^th March 2020 – "Smart Lock Market" 2024 Industry research report covers the industry overview with Marketplace Size, Share, Development, futuristic cost, earnings, demand and distribution data. Its wide study offers an analytical summary of the marketplace that can help to the new and existing player to take a significant decision.

The global Smart Lock Market is likely to reach USD 24.20 billion by 2024, with a CAGR of 60.1% by the completion of the prediction period. Over the past few years, smartphones have gained importance and have been designed as pocket-sized computers. Electronic access control has found a niche in commercial buildings, hotels, and apartment blocks. In addition to security, Smart Locks deliver convenient access control with voice commands and positive user experience.

The smart lock market is driven by the growing popularity of smart technology and surged use of smartphones. The key factors impeding smart lock adoption in the developing countries are its high purchasing costs and its high susceptibility to malware attacks.

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Main features of the report:

·         To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Smart Lock Market.

·         A complete backdrop analysis, which includes an assessment of the parent market

·         Important changes in market dynamics

·         Market segmentation up to the second or third level

·         To provide country level analysis of the market for segment by application, product type and sub-segments.

·         To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.

·         Track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Smart Lock Market.

·         Emerging niche segments and regional markets

·         An objective assessment of the trajectory of the industry.

Near Field Communication (NFC) and Power over Ethernet (PoE) are gaining immense focus and is now considered as a driving force in the next generation Internet. Today’s advanced technologies provide keyless control via a mobile app, biometric, pin code reader or remote control. Smart home is a major catalyst for the emergence of digital locks and associated products to seamlessly integrate convenient standalone access control. The marketers are striving to convince their customers that the power supply to their new digital device is dependable and convenient to replenish. Parks Associates in their recent survey stated that by the end of next year, one in four households in the U.S will purchase a smart lock. Moderate incomes and smaller houses are reaching a potential of adapting the cost sensitivity.

Emerging entrants have already demonstrated a huge growth traction in terms of its investments and research activities. Latch is a startup founded in 2013 and it recently funded $70 million in their smart lock project that eases the locking mechanism with the help of a magnetic key code or smartphone. Similarly, French startup HAVR has launched Lifi locks, a revolutionary system that has the ability to open doors by phone’s flashlight. Improving user experience and integrating smart locks into residential sectors will drive growth for smart locks. Amazon and UPS entered into a partnership to develop the Key app, which allows a delivery person to enter buildings and condos using the smart door lock system.

Major Companies operating in the industry are:

·         Samsung SDS Co. Ltd.,

·         Onity,

·         Salto Systems,

·         Master Lock,

·         Cansec Systems,

·         UniKey Technologies,

·         ASSA ABLOY AB,

·         Allegion,

·         Honeywell,

·         Haven Lock,

·         Yale,

·         Spectrum Brands

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