The Global Smart Lock Market was valued at USD 1.21 billion in 2016 and is projected to reach USD 3.71 billion by 2025, growing at a CAGR of 13.25% from 2017 to 2025.
A smart lock is an electromechanical lock which is designed to perform locking and unlocking operations on a door when it receives such instructions from an authorized device using a wireless protocol and a cryptographic key to execute the authorization process. Smart locks are able to grant or deny access remotely via a mobile app. Benefits of using a smart lock includes â€“ increased convenience, improved security, increased connectivity, no more passive security, and some smart locks can have security camera installations.
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1. Market Drivers
1.1 Rising adoption of IoT-based security systems
1.2 Increasing urban infrastructure in developing countries
1.3 Growing adoption of smartphones and other connected devices
1.4 Advanced features compared with traditional lock systems
1.5 Increasing security and safety concerns
2. Market Restraints
2.1 Cyber attack treats through smart devices
2.2 Costly solutions
2.3 Poor awareness among customers
The Global Smart Lock Market is segmented on the communication protocol, lock type, vertical, and region.
1. Communication Protocol:
2. By Lock Type:
2.2 Lever Handles
2.4 Knob locks
3. By Vertical:
3.1 Institution & Government
3.3 Industrial Others
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Allegion Plc
2. Gantner Electronic GmbH
3. ASSA ABLOY AB
4. Amadas Inc.
5. Samsung Electronics Co., Ltd.
6. Cansec Systems Ltd.
7. Dorma+Kaba Holding AG
8. MIWA Lock Co.
10. Spectrum Brands Holdings, Inc.
11. Haven Lock, Inc.
12. Master Lock Company LLC
13. Shenzhen Vians Electric Lock Co.,Ltd.
14. Salto Systems S.L.
15. Onity, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Smart Lock Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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