The latest market report published by Credence Research, Inc. is “Global Smart Lock Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Smart Lock Market generated revenue of around USD 1982.4 million in 2021 and is anticipated to grow a CAGR of over 12.5% during the forecast period from 2022 to 2028 to reach around USD 4018.89 million in 2028.
The smart lock is an electromechanical lock designed to perform locking and unlocking operations on a door when instructed by an authorized device. The instructions use a wireless protocol and a cryptographic key to execute the authorization process. Moreover, it monitors access and sends alerts for the various events it monitors and other critical events concerning the device’s status. The increasing adoption of smart devices such as smartphones, the rise of IoT-based security solutions, the expansion of home monitoring from a remote location, and an increase in consumer awareness about security systems drive the global smart lock market growth. Increased urbanization and demand for home automation are expected to drive further market growth. Smart lock privacy and security concerns also impede the market’s expansion. However, market players introducing smart security systems and growth in the IoT industry provide significant market opportunities.
Browse Global Smart Locks Market report-https://www.credenceresearch.com/report/smart-lock-market
The global smart lock market is bifurcated into Lock Type, Communication Protocol, Unlocking Mechanism, Vertical, and Geography. Based on lock type, the market is divided into deadbolt locks, lever handles, server locks & latches, knob locks, and others. Based on the communication protocol, the global market is segmented into bluetooth, WiFi, Z-wave, and others. Based on the unlocking mechanism, the market is categorized into the keypad, card key, touch-based, key fob, and smartphone-based. Based on the vertical, the market is categorized into commercial, residential, institutional & government, transportation & logistic, and industrial. The market is categorized geographically into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
North America dominated the smart lock market in 2021 due to the high demand for smart locks from commercial and residential applications. Other factors driving market growth in the region include advancements in technological infrastructure, rising awareness, and increased IoT-based security solutions.
Why to Buy This Report-
- The report examines the global smart lock market by segment, current trends, drivers, restraints, opportunities, challenges, and market dynamics from 2016 to 2020, with 2021 as the base year and 2022-2028 as the projected period.
- The report includes information on the competitive landscape, such as how the market’s key players operate at the global, regional, and country levels.
- In-depth analysis of the global smart lock market segmentation by lock type, communication protocol, unlocking mechanism, and vertical.
- The report contains comprehensive and authentic data for all factors, including CAGR, consumer purchasing trends, supply and demand, and import-export statistics.
- The smart lock market report includes global, regional, and country-level market analysis, key market trends, major players analysis, market growth strategies, and key application areas.
The Global Smart Locks Market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|By Lock Type (2016–2028; US$ Mn)|
|By Vertical (2016–2028; US$ Mn)|
|By Communication Protocol (2016–2028; US$ Mn)|
|By Unlocking Mechanism (2016–2028; US$ Mn)|
|By Geography Segment (2016–2028; US$ Mn)|