Smart Lock Market Analysis, Growth, Demand Future Forecast 2027


Thanks to the advancing technology and rise in number of connected devices, smart cities and smart homes have also been witnessing a high demand. This increased popularity of smart homes coupled with the huge penetration of smartphones and connected devices has led to the phenomenal development of smart locks. As the technology is advancing day-by-day, concerns regarding safety and security have also increased, thereby boosting the demand for smart locks. Enhanced features of smart locks as compared to traditional locks are also majorly driving the growth of the worldwide market for smart locks, which is predicted to witness a high growth in the next few years.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=82787906

Market Overview

The Smart Lock Market Size is expected to reach USD 3.9 billion by 2027, at a CAGR of 12.9% during forecast period.

Based on Lock Type, deadbolts held the largest market share in 2016, and it is also expected to grow at the highest CAGR over the forecast period. This growth can be attributed to the increased use of deadbolts in residential and commercial verticals, low installation cost, high durability, and effective security from any kind of intrusion or attacks.

Based on Communication Protocol, the Bluetooth segment is anticipated to hold the largest market share by 2023, owing to its ability to maintain a balance between range, low power consumption, reliability bandwidth, and cost. However, the Wi-Fi segment is expected to witness the highest growth over the forecast period. This growth is mainly attributed to the high speed and wireless connectivity that is offered to the smart lock system coupled with the increasing adoption of IoT across the globe.

Among verticals, the residential vertical was the dominant market in 2016, and it is also projected to grow at the highest CAGR over the forecast period. This growth is mainly because of the increasing demand for smart homes, growing urbanization, and increased adoption of internet-based home security solutions.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/smart-lock-market-82787906.html

What is driving and restraining the market growth?

The growth of the Global Market for Smart Locks is being primarily influenced by the following factors:

  • Growing concerns regarding security and safety
  • Increasing adoption of smartphones and other connected devices worldwide
  • Enhanced features as compared to traditional lock systems

Apart from these, rising adoption of IoT-based security systems and growing urban infrastructure in emerging economies are expected to further offer ample growth opportunities for this market. Moreover, increasing risks of cyberattacks through smart devices or IoT-enabled devices is a major challenge to be tackled by the players involved in this market.

Major Companies

The Smart Locks Market includes major Tier I and II players like ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), and others.

News Covered:

https://www.prnewswire.com/news-releases/smart-lock-market-worth-3-9-billion-by-2027--exclusive-report-by-marketsandmarkets-301513588.html

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. 

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. 

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com

Comments

Post a Comment

Popular posts from this blog

Trends Shaping the Environmental Test Chambers Market

The   Environmental Test Chambers Market Size  is expected to rise steadily; estimates show that it will reach USD 938 million by 2024 from USD 842 million in 2019, a compound annual growth rate (CAGR) of 2.18%. The most recent market research report outlines this growth trajectory and highlights the several variables that are driving this expansion. A variety of industrial verticals, including aerospace and defence, automotive, telecommunications, and electronics, are served by the market's segmentation based on type, which includes temperature and humidity chambers, customised chambers, and thermal shock chambers. Over the course of the forecast period, factors like strict regulatory requirements, rising need for dependable testing solutions, and technical developments in environmental testing equipment are anticipated to drive market expansion. Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107895228 The environmental test chambers mar...
Read more

Microwave Revolution: Unraveling the Monolithic Microwave IC Market

Image
The   Monolithic Microwave IC Market  showed strong growth, reaching a worth of USD 9.7 billion in 2022 and expected to reach USD 17.0 billion by 2027. It is anticipated that the market would expand at a notable compound annual growth rate (CAGR) of 11.9% from 2022 to 2027. This growth trend shows how Monolithic Microwave Integrated Circuits (MMICs) are becoming more and more popular in a variety of industries. MMICs are essential parts of applications like consumer electronics, aircraft, defence, and telecommunications because of their small size and excellent performance at microwave frequencies. Technological developments, the growing need for high-frequency communication systems, and the extensive use of MMICs in developing technologies are the main factors propelling the market's growth. The MMIC market is expanding significantly due to a number of important factors. The smartphone industry is a major trigger for the spike in demand for Monolithic Microwave Integrated Cir...
Read more

Empowering Connectivity: RF Gallium Nitride Market on Track for $2.8 Billion by 2028

With a projected value of USD 2.8 billion by 2028, the global   RF Gallium Nitride (GaN) Market   is expected to experience significant expansion from its estimated USD 1.5 billion valuation in 2023. Over the course of the forecast period, this projected growth translates into a strong compound annual growth rate (CAGR) of 12.9%. Technological developments, the growing need for high-frequency and high-power devices, and the broad use of GaN technology in a variety of industries, including the automotive, aerospace and defence, and telecommunications sectors, are all considered contributing factors to the market value increase. The market is anticipated to experience substantial growth in the upcoming years as GaN continues to establish itself as a favoured material for RF applications because of its excellent qualities, such as high electron mobility and thermal stability. Download PDF Brochure:   https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=183000597 There are...
Read more