NEW
YORK, June 26, 2024 /PRNewswire/ -- The global
smart lock market size is estimated to grow by USD 2.31 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of almost
13.47% during the forecast period. Growing number of smart cities
worldwide is driving market growth, with a trend towards
integration with voice assistants and smart home ecosystems.
However, growing security and privacy threat in smart locks poses a
challenge. Key market players include Allegion Public Ltd. Co.,
ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Global Corp., Davcor
Group Pty Ltd., Dormakaba Holding AG, 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., and Yale India.
![Technavio has announced its latest market research report titled Global Smart lock market 2024-2028 Technavio has announced its latest market research report titled Global Smart lock market 2024-2028](https://mma.prnewswire.com/media/2447463/Technavio_Smart_lock_market.jpg)
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Technology (WiFi,
Bluetooth, Zigbee, and Z-wave), End-user (Commercial and
Residential), and Geography (North America, Europe, APAC, South
America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Allegion Public Ltd.
Co., ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Global Corp., Davcor
Group Pty Ltd., Dormakaba Holding AG, 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., and Yale India
|
Key Market Trends Fueling Growth
The integration of smart locks with voice assistants and smart
home ecosystems is a significant trend in the global smart lock
market. This feature allows users to control their locks using
basic voice commands, enhancing accessibility and convenience.
Additionally, automation and synchronization with other connected
devices, such as lights, thermostats, and security systems, are
made possible. This trend is expected to drive market growth by
creating a seamless user experience within commercial and
residential buildings.
The Smart Lock market is experiencing significant growth with
homes and businesses adopting this technology for enhanced
security. Smart Homes are a trend, and smart locks are an essential
component. Biometric authentication, such as fingerprint
recognition, is becoming popular. Google and Apple are key players
in this market. Smart locks can be controlled through apps,
allowing remote access and convenience. Some smart locks use
Bluetooth technology for connectivity. They can also be integrated
with other home automation systems. Smart locks offer convenience,
security, and compatibility with various devices. The future of
smart locks lies in advanced features like voice recognition and
facial recognition.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global smart lock market confronts security concerns as
potential vulnerabilities in these devices may allow unauthorized
access or data interception. Weak encryption techniques and
outdated firmware pose significant risks. To mitigate these
threats, manufacturers must prioritize robust security measures and
regular firmware updates, collaborating with cybersecurity experts
when necessary. These efforts are crucial to safeguard customer
privacy and confidence, ensuring the market's continued
growth.
- The Smart Lock market is experiencing significant growth due to
increasing adoption in both residential and commercial sectors.
However, several challenges persist. Thingness and Machine Learning
are key technologies driving the market, but security concerns
remain a major challenge. The need for encryption and secure
communication protocols is crucial to ensure data privacy and
prevent unauthorized access. Additionally, cost and compatibility
issues with existing door hardware are hindering widespread
adoption. Smart Home and IoT platforms are also essential for
seamless integration and interoperability. Regulations and
standards, such as Zigbee and Z-Wave, are necessary to ensure
consistency and reliability. Overall, addressing these challenges
will be vital for the continued growth and success of the Smart
Lock market.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This smart lock market report extensively covers market
segmentation by
- Technology
- 1.1 WiFi
- 1.2 Bluetooth
- 1.3 Zigbee
- 1.4 Z-wave
- End-user
- 2.1 Commercial
- 2.2 Residential
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 WiFi- The Smart Lock market is experiencing
significant growth due to its convenience and security benefits.
Businesses and consumers alike are adopting smart locks at an
impressive rate. These locks offer keyless entry, remote access,
and integration with other smart home systems. They provide
enhanced security features such as automatic locking and unlocking,
real-time alerts, and the ability to grant temporary access to
guests. Smart locks are a cost-effective investment for businesses
looking to improve security and convenience, and for individuals
seeking peace of mind in their homes.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Smart Lock Market is experiencing significant growth due to
the increasing adoption of home automation and smart homes.
Biometric authentication and keyless entry systems are becoming
increasingly popular, leveraging IoT technology and Wi-Fi
communication protocols for seamless integration. Artificial
Intelligence and Machine Learning are also being employed to
enhance security features and improve user experience. The smart
lock ecosystem includes various technologies such as RFID locks, IC
cards, and Bluetooth. Big Data is being utilized to analyze usage
patterns and provide valuable insights. Kaadas, Masterlock, Yale
Home, August Home, Level, Schaub and
Emtek, and Oberlo are some of the companies offering smart lock
solutions. Safety concerns continue to be a priority, with 5G
networks and advanced technologies like Google Assistant being
integrated to address these issues.
Market Research Overview
The Smart Lock Market is a rapidly growing sector within the
home automation industry. These advanced locks utilize technologies
such as Bluetooth, Wi-Fi, and biometric authentication for enhanced
security and convenience. Smart locks offer features like remote
access, automatic locking, and integration with other home security
systems. The market is driven by increasing consumer demand for
smart home solutions and the ongoing digitization of home security
systems. Additionally, governments and regulatory bodies are
promoting the adoption of smart locks for enhanced security and
energy efficiency. The market is segmented based on technology,
application, and region. Smart locks are used in both residential
and commercial applications, and their adoption is expected to
increase significantly in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Technology
-
- WiFi
- Bluetooth
- Zigbee
- Z-wave
- End-user
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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