The latest report by IMARC Group, titled “Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global smart lock market reached a value of US$
1.9 Billion in 2022. A smart lock is an electromechanical door lock system that performs unlocking and locking functions upon receiving specific commands from an authorized source. It uses a cryptographic key to grant access to the user for a set period. The encrypted digital key and command are transmitted through wearable devices, smartphones and tablets using Wi-Fi or Bluetooth. In addition, the smart lock maintains a photo log of the people accessing the door using a security camera.
Global Smart Lock Market Trends:
The market is primarily driven by the rising security threats across the residential and commercial sectors. Furthermore, smart locks are gaining widespread adoption among users due to their various benefits, such as durability and ease of installation. Moreover, the emerging trend of smart cities and homes across the globe is also contributing to the market growth. Besides this, product innovations, such as cloud-based locking/unlocking systems that can be monitored remotely through a virtual device, are also escalating the demand for smart locks. Other factors, such as rising disposable incomes, rapid urbanization, enhanced dependency of people on smart technology-based assistance, and increasing internet penetration rates, are expected to propel the market growth in the upcoming years. Looking forward, IMARC Group expects the market to grow at a CAGR of 19.8% during 2023-2028.
- Based on the lock type, the market has been divided into deadbolts, lever handles, padlocks and others.
- On the basis of the communication protocol, Bluetooth holds a clear dominance in the market, followed by Wi-Fi and others.
- Based on the end user, the market has been segregated into commercial, residential, institution and government, and industrial.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed, with some of the key players being Assa Abloy, Allegion Plc, Dorma+Kaba Holding AG, Spectrum Brands Holdings, Inc., Salto Systems S.L., Onity, Inc., Cansec Systems Ltd., Gantner Electronic GmbH, Master Lock Company LLC, MIWA Lock Co., Samsung Electronics Co., Ltd., Amadas Inc., Sentrilock, LLC, Avent Security and Dessmann Schliessanlagen GmbH.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal