Global WiFi Smart Lock Market Overview:
A Wi-Fi smart lock is an electronic and mechanical locking device that opens wirelessly with an authorized users’ authentication by using a smartphone. In a smart home, smart Wi-Fi locks allow a homeowner to enter their home or provide others access without requiring a traditional key. Instead, the user uses their smartphone to wirelessly verify and mechanically unlock the door. A Smart lock is an extension of home automation into home security. As a connected device, smart locks can be considered a part of the IoT.
As per latest study released by AMA Research, the Global WiFi Smart Lock market is expected to see growth rate of 26.0%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rising Adoption in Non-Residential Application Owing to Security & Reliability, Growing Demand for Smart Homes and Development of Smart Cities and Increase in the Launch of New and Technologically Advanced Products
Market Growth Drivers:
Growing Digitization and Smartphone Penetration, A rise in the Construction of Smart Apartment, Growing Interest in Home Automation, Rising Disposable Income and Latest Technological Advancements in Security Appliances
Restraints:
Security Concerns Associated With Wi-Fi Smart Lock
Opportunities:
Growth in Commercial & Hospitality Sector and People Inclination towards Smart Home Solutions in Emerging Countries
Competitive Landscape:
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. There are various growth opportunities in this market which are captured by leading players via tracking the ongoing process enhancement and huge investment in market growth strategies.
Some of the key players profiled in the report are ASSA ABLOY (Sweden), Allegion (Ireland), Dorma+Kaba (Switzerland), Spectrum Brands (United States), Salto Systems (Spain), Onity (United States), Cansec Systems (Canada) and Master Lock (United States). Analyst at AMA Research see United States Players to retain maximum share of Global WiFi Smart Lock market by 2030. Considering Market by Sales Channel, the sub-segment i.e. Online will boost the WiFi Smart Lock market.
Latest Market Insights:
On October 26, 2023, Schlage, a leading lock manufacturer, announced a partnership with Amazon to integrate its Encode Plus smart lock with Alexa routines. This allows users to control their locks with voice commands and create automated actions triggered by other smart home devices.
On January 5, 2024, Yale, another major lock manufacturer, launched its new Linus Connect Smart Lock. This lock features a sleek design, fingerprint touch unlock, and compatibility with various smart home platforms.
What Can be Explored with the WiFi Smart Lock Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global WiFi Smart Lock Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in WiFi Smart Lock
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global WiFi Smart Lock market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in WiFi Smart Lock market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Wi-Fi Smart Lock Manufacturers, Wi-Fi Smart Lock Distributors, Wi-Fi Smart Lock Subcomponent Manufacturers, Wi-Fi Smart Importer/Exporter, Regulatory & Government Bodies, Industry Association and Downstream Vendors.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.