Market Snapshot:
The smart locks are automatic electromechanical locks which are used for locking and unlocking of functions on a door. Its offer various features for authentication process with wireless protocol and cryptographic key. The smart locks are mostly applicable in residential and commercial purposes. The smart locks usability are observed in various sector due to its strong durability against security attack and robbery incidents. The smart locks market is rapidly increasing in global regions due to advanced technology and integration of smart devices like tablets and smart phones in the developed countries.The research analyst at AMA estimates Smart Lock market to grow at a compounded annual growth rate of 16.9%
Segment Analysis
AMA Research have segmented the market of Global Smart Lock market by Type, Application and Region. On the basis of Type, Product Type are dominating the market in the year 2020 where as Deadbolt stood as second largest market share.
On the basis of geography, the market of Smart Lock has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Trend
Increase demand of smart locks due to innovation of premium product portfolio. and Upsurge demand due to home automation security system.
Market Drivers
Increase Demand of Smart Locks Due To Rise in Disposable Incomes of Consumers. and Rise in Demand of Smart Locks Due to Wireless Communication Portability.
Opportunities
Heavy Investment took place in Research and Development Field by Major Players. and Rise In Demand of Smart Locks Due to Robust Security Solutions against Threats.
Restraints
- High Cost of Devices Hamper the Market Growth.
- Fear of Privacy Intrusion in smart lock Market.
In addition to the aforementioned factor, Increase Demand of Smart Locks Due To Rise in Disposable Incomes of Consumers.
is expected to propel the growth of the market over the forecast period.
The key Players profiled in the study are Schlage (United States), Onity (United States), Panasonic Corporation (Japan), Vivint, Inc. (United States), ASSA ABLOY AB (Sweden), UniKey Technologies Inc. (United States), Haven Lock, Inc. (United States), August Home (United States), Spectrum Brands, Inc. (United States), Samsung SDS Co. Ltd (South Korea) and Allegion (Ireland). A lot of United States players are profiled in the research study indicating a strong market dependence.