The Growing Popularity of Smart Lock Market: A Industry Analysis


Between 2021 and 2027, the Smart Lock Market is anticipated to expand significantly, propelled by rising security and safety concerns, a rise in the use of smartphones and other connected devices, and the advantages that smart locks have over conventional lock systems. The market is divided into segments based on the locking mechanism (keypad, card keys, touch-based), communication protocol (Bluetooth, WiFi), lock type (deadbolt locks, lever handles), vertical (residential, commercial), and geography. Due to the rising demand for home automation and the expanding trend of smart houses, the residential sector is anticipated to account for the greatest share of the market. The market's highest share is anticipated to belong to North America, followed by Europe and Asia Pacific.

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Which industry will impact heavily in the future by Smart Lock Market

Future industry impacts from the Smart Lock Market are anticipated to be significant, especially for the real estate and hotel sectors. For tenants, landlords, property managers, and real estate agents, smart locks can offer convenient and safe access to properties. Smart locks in the hospitality sector can provide smooth, contactless check-in and check-out experiences for visitors while also giving hotel operators useful information to enhance visitor experiences and streamline operations. Since people seek more safe, convenient, and connected access to their homes and assets, the smart lock industry is anticipated to grow and have an impact on a number of industries in the future.

Top 10 companies in Smart Lock Market:

  1. Assa Abloy AB
  2. Allegion PLC
  3. Dormakaba Holding AG
  4. Honeywell International Inc.
  5. Spectrum Brands Holdings, Inc.
  6. August Home Inc.
  7. Schlage
  8. Kwikset
  9. Samsung SDS Co., Ltd.
  10. Ultraloq

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These companies offer a wide range of smart lock solutions that use different technologies such as Bluetooth, Wi-Fi, and Z-Wave to provide secure and convenient access to homes, businesses, and other properties. They are constantly innovating and improving their products to meet the evolving needs of consumers in the smart home and Internet of Things (IoT) markets.

How a CEO would look at Smart Lock Business growth strategy; give recent specific examples 

A CEO trying to create a growth strategy for their company should take into account a number of important elements, including consumer preferences, the competitive landscape, and technological advancements as smart lock technology continues to expand. Smart lock businesses have recently adopted growth tactics such product innovation, strategic alliances, acquisitions, and market expansion. A few examples include the launch of a new smart lock by August Home Inc. in 2021, a partnership between Allegion PLC and Lenovo to offer smart lock solutions to the retail sector, the acquisition of Pacific Door Systems by Assa Ablo`y AB to broaden its offering of access solutions, and the entry of Ultraloq into the European market with the introduction of a new smart lock product.

News Covered:

https://www.globenewswire.com/news-release/2023/03/16/2628363/0/en/Securing-Smart-Cities-with-Smart-Locks-The-Next-Big-Thing.html 

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