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

Company Landscape
The smart lock market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

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. 

Market Dynamics

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 awareness, 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.

Key Trends-

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

Competitive Analysis

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).

• The WiFi segment will be significant during the forecast period. This technology offers customers seamless connectivity and increased convenience. Also, Wi-Fi-enabled smart locks are gaining popularity as smart home solutions become more widely used. For instance, players like the Schlage Encode Smart WiFi Deadbolt and the August WiFi Smart Lock are popular options on the market in focus. Hence, such factors boost the segment during the forecast period.
• A number of well-established North American firms drive the regional market growth. For instance, market players like August Home provide an array of smart lock systems with cutting-edge capabilities like voice assistant integration and remote access control. Manufacturers are being pushed to improve their product lines and implement reliable cybersecurity measures as a result of the government's emphasis on data security and privacy. Hence, such factors boost the regional market growth during the forecast period. 

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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

13 Appendix

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SOURCE Technavio