The global smart lock market demand is expected to reach 34.9 million units by 2027, registering a CAGR of 21.6% from 2020 to 2027, according to a new report by Radiant Insights, Inc. Increasing consumer awareness regarding advanced and secure home solutions, along with steady rise in the adoption of connected devices, is positively influencing the market. Additionally, substantial growth in the hospitality sector is driving the need for enhanced security, which is expected to impel demand for smart locks over the forecast period.
Growing number of residential and commercial projects, along with renovation of existing infrastructure, is expected to provide lucrative growth prospects for the industry. Smart locks can be integrated with several home automation devices, thereby providing security as well as convenience for users as they leave or arrive at home. With the growing prominence of smart locks across the residential sector, they are presumed to witness substantial demand, making mechanical locks a thing of the past.
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Increased usage of smartphones globally has further paved opportunistic ways for industry participants, since they are continually launching apps to control locking/unlocking procedures. Regular innovations across the market for smart locks are increasingly driving investor interests with remarkable funding contracts from key players. The industry has witnessed a considerable transformation over the past few years, with an influx of new startups, causing prominent vendors to form in-house hardware connectivity, software, and app development teams. This shift has resulted in market consolidation to a certain level due to numerous acquisitions across the marketplace.
Further key findings from the report suggest:
• Companies across the marketplace are undergoing various strategic initiatives, such as partnerships, acquisitions, and R&D investments, to stay competent and enhance their security and control systems portfolio
• Companies such as Airbnb Inc.; Couchsurfing International, Inc.; and other stay aggregators require homeowners to provide temporary access to guests, which has resulted in increased adoption of smart locks owing to provision of convenience to both customers and owners
• The residential segment is expected to account for the largest revenue share of more than 65.0% by the end of 2027. Rising smart home penetration is resulting in a higher number of connected devices across the sector
• Smart lock market in Asia Pacific region is expected to grow at the fastest rate over the next few years owing to increasing number of modernization activities across the residential and hospitality sectors as well as construction of new infrastructure in emerging economies such as India.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Market Definitions
1.3 Information Procurement
1.3.1 Purchased database
1.3.2 Radiant Insights, Inc. internal database
1.3.3 Secondary sources & third party perspective
1.3.4 Primary research
1.4 Information Analysis
1.4.1 Data analysis models
1.5 Market formulation and data visualization
1.6 Data validation and publishing
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segmental Outlook
2.3 Competitive Insights
Chapter 3 Market Variables, Trends & Scope
3.1 Market Introduction
3.2 Industry Value Chain Analysis
3.3 Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Increasing smart home penetration
3.3.1.2 Proliferation of mobile technology
3.3.1.3 A wider application base in non-residential segments
3.3.2 Market restraint/challenge analysis
3.3.2.1 Technological challenges and incumbent failures
3.3.2.2 Security threats and system compromise
3.4 Penetration & Growth Prospect Mapping
3.5 Business Environmental Analysis Tools
3.5.1 Industry analysis - Porter’s
3.5.2 PEST analysis
3.6 Key Company Market Share Analysis, 2019
Continued…
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The Smart Lock market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Smart Lock Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/Smart-Lock-market/download-sampleMarket DynamicsThe growing trend of home automation is one key factor driving market growth.
Increasing need of home security solutions, growing penetration of IoT and rising demand of smartphones are some of the factors accelerating the market growth.
Ongoing advancement for the development of innovative technologies is likely to foster the market growth in upcoming years.
On the other hand, the high cost of device and lack of awareness in developing economies may act as a challenge for market growth.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
