Smart Lock Market Size, Share and Trends Analysis Report By Product, By Application, By End Use, By Region And Segment Forecasts 2022 – 2031

Kenneth Research, in its repository of market research reports, has recently added a report on Smart Lock Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Smart Lock Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Lock Market products.

The Final Report will cover the impact analysis of COVID-19 on this industry:

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The Global Smart Lock Market was valued at USD 1.21 billion in 2016 and is projected to reach USD 3.71 billion by 2025, growing at a CAGR of 13.25% from 2017 to 2025.

A smart lock is an electromechanical lock which is designed to perform locking and unlocking operations on a door when it receives such instructions from an authorized device using a wireless protocol and a cryptographic key to execute the authorization process. Smart locks are able to grant or deny access remotely via a mobile app. Benefits of using a smart lock includes aEUR” increased convenience, improved security, increased connectivity, no more passive security, and some smart locks can have security camera installations.

Sample Infographics:

Market Dynamics:
1. Market Drivers
1.1 Rising adoption of IoT-based security systems
1.2 Increasing urban infrastructure in developing countries
1.3 Growing adoption of smartphones and other connected devices
1.4 Advanced features compared with traditional lock systems
1.5 Increasing security and safety concerns
2. Market Restraints
2.1 Cyber attack treats through smart devices
2.2 Costly solutions
2.3 Poor awareness among customers

Market Segmentation:
The Global Smart Lock Market is segmented on the communication protocol, lock type, vertical, and region.

1. Communication Protocol:
1.1 Zigbee
1.2 Bluetooth
1.3 Wi-Fi
1.4 Z-Wave
1.5 Thread
1.6 NFC

2. By Lock Type:
2.1 Padlocks
2.2 Lever Handles
2.3 Deadbolts
2.4 Knob locks

3. By Vertical:
3.1 Institution & Government
3.2 Commercial
3.3 Industrial Others
3.4 Residential
3.5 Others

4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. Allegion Plc
2. Gantner Electronic GmbH
4. Amadas Inc.
5. Samsung Electronics Co., Ltd.
6. Cansec Systems Ltd.
7. Dorma+Kaba Holding AG
8. MIWA Lock Co.
9. Dessmann
10. Spectrum Brands Holdings, Inc.
11. Haven Lock, Inc.
12. Master Lock Company LLC
13. Shenzhen Vians Electric Lock Co.,Ltd.
14. Salto Systems S.L.
15. Onity, Inc.

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

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Research study on the Global Smart Lock Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team

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