(I-BusinessNews.Com, August 15, 2019 ) According to the latest report by IMARC Group, titled ÂSmart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024Â, the global smart lock market size reached US$ 1.3 Billion in 2018. Smart locks refer to electronic and mechanical locking devices that lock and unlock doors upon receiving instruction from an authorized source. They utilize a cryptographic key to verify and grant access to the user for a set period. The command and encrypted digital key are usually transmitted through mobile phones, tablets and wearable devices supporting Wi-Fi or Bluetooth connectivity. These door locks maintain a photo log of the people accessing the door with the help of a security camera. Users can also grant access to their homes to third parties by forwarding them a virtual key in the form of an email or text message.
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Global Smart Lock Market Trends:
The increasing security threat across the residential and commercial sectors is one of the key factors driving the market. Owing to their various benefits such as durability and ease of installation, smart locks are gaining widespread acceptance among users. Also, the emerging trend of smart cities and homes across the globe is acting as a major growth-inducing factor. With an increase in the number of smart home projects, there is a growing inclination toward advanced home security solutions. Furthermore, product innovations such as cloud-based locking/unlocking systems that can be monitored remotely through a virtual device are further creating a positive outlook for the market. Rising disposable income, increasing penetration rate of the internet, rapid urbanization and enhanced dependency of people on smart technology-based assistance are some of the other factors contributing to the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 2.7 Billion by 2024, expanding at a CAGR of around 13% during 2019-2024.
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Market Breakup by Lock Type:
2. Lever Handles
On the basis of the lock type, the market has been divided into deadbolts, lever handles, padlocks and others. Amongst these, deadbolts represent the most preferred segment.
Market Breakup by Communication Protocol:
Based on the communication protocol, Bluetooth exhibits a clear dominance in the market. Other major segments include Wi-Fi and others.
Market Breakup by End-User:
3. Institution and Government
On the basis of the end user, the market has been categorized into commercial, residential, institution and government, and industrial.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
On the geographical front, North America holds the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of these include Assa Abloy, Allegion Plc, Dorma+Kaba Holding AG, Spectrum Brands Holdings, Inc., Salto Systems S.L., Onity, Inc., Cansec Systems Ltd., Gantner Electronic GmbH, Master Lock Company LLC, MIWA Lock Co., Samsung Electronics Co., Ltd., Amadas Inc., Sentrilock, LLC, Avent Security and Dessmann.
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