Revolutionizing Security: Smart Lock Market
Smart Locks Reshape Hospitality Industry
The smart lock trend has seamlessly integrated itself into the hospitality sector, emerging as the latest sensation post the Covid-19 pandemic. Hotels worldwide are adopting the technology, with major players such as Ruckus and ASSA ABLOY strategically focusing on mergers & acquisitions to expand their market share. Mobile app-based check-ins, wireless electronic door locks, and the digitization of guest journeys are streamlining operations, enhancing security, and boosting guest satisfaction.
Smart Lock Market Overview:
The research report on the Smart Lock Market offers a comprehensive analysis essential for making well-informed decisions within the industry and formulating strategic growth strategies. Irrespective of production methods or cost structures, the Smart Lock market report delivers a comprehensive grasp of advanced strategies and approaches. It furnishes an intricate analysis of the market dynamics, influenced by key players within the Smart Lock industry.
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Smart Lock Market Report Scope and Research Methodology:
The primary objective of the Smart Lock Market report is to analyze both current and prospective market scenarios. By establishing distinct segments, you can gain insights into growth factors that might be consistent throughout the industry, while also charting your own course to reveal differences among the principal application areas within your target market. The report delves extensively into the Smart Lock business landscape, intricately dividing it into multiple regions. The evaluation encompasses North America, South America, Europe, Asia Pacific (APAC), Africa, and the Middle East, dissected by region and country. Regional markets are meticulously explored within the Smart Lock market report, unearthing regional trends, limitations, and potential opportunities. The report also encompasses key players within the Smart Lock industry, ranging from market leaders to new entrants and followers.
Smart Lock Market Regional Insights:
The report delves into the Smart Lock business in great depth, segmenting it into numerous locations. North America, South America, Europe, Asia Pacific (APAC), Africa, and the Middle East are evaluated by region and country in the study. In the Smart Lock market report, regional markets are thoroughly investigated in order to uncover regional market trends, restrictions, and possible prospects.
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Smart Lock Market Segmentation:
by Lock Type
Deadbolt Locks
Lever Handles
Server locks & Latches
Knob Locks
Others
In 2022, the deadbolts sector had the largest market share by lock type. This category is growing because of its ease of installation and growing applicability across many industries. One of the most popular styles of exterior home locks is the deadbolt. The expansion of this category is being driven by factors like as low installation costs, excellent durability, and good defence against intense incursions or attacks in residential, commercial, and other verticals. Additionally, industry giants like Kwikset are expanding its line of sophisticated deadbolts with integrated features like one-touch locking, low battery alerts, and personalised user codes, drawing in a sizable user base.
by Communication Protocol
Bluetooth
WiFi
Z-Wave
Others
In terms of communication protocol, the Bluetooth communication protocol segment of the smart lock industry held the biggest market share in 2022. The 300-foot range of Bluetooth smart locks means that owners can only control their locks when they are in close proximity to their residences. It's a practical technology that may be applied to a variety of scenarios, such as access control, jewellery storage, and asset security. Customers can enjoy convenience and security with an incredibly low-cost and reasonably priced smart lock configuration. Throughout the projected period, this factor is driving the growth of the smart locks market.
by Unlocking Mechanism
Keypad
Card Key
Touch Based
Key Fob
Smartphone-Based
According to unlocking mechanism, the touch-based segment of the smart lock industry is expanding at the quickest rate. The touch-based unlocking method of smart locks makes use of fingerprint recognition technology. People can be quickly and easily identified and authenticated using fingerprint recognition technology. Incorporating biometric authentication into contemporary home security systems can enhance their usefulness and align with the growing smart home movement. In contrast to password-protected smart locks, biometric authentication maximises privacy by using personally identifiable information that is securely stored on the device (which might be the lock itself or an access card secured with a fingerprint). Because of this, biometrics are hard to hack.
by Vertical
Commercial
Residential
Institutional & Government
Industrial
Transportation & Logistic
According to Vertical, with 65.7% of the revenue share in 2022, the residential segment led the smart lock market. The primary factors contributing to the market expansion during the forecast year are the growing global penetration of smart homes as well as the rising number of new and renovation projects in this industry. The increasing cost-effectiveness of sophisticated security devices like motion detectors, door and window opening sensors, and remote door locking and unlocking is also anticipated to propel the uptake of smart locks in the residential market.
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Smart Lock Market Key Players are:
1. ASSA ABLOY (Sweden)
2. Allegion plc (Ireland)
3. dormakaba Group (Switzerland)
4. Spectrum Brands Holdings, Inc. (U.S.)
5. Salto Systems S.L. (Spain)
6. Carrier (U.S.)
7. Cansec Systems Ltd. (Canada)
8. GANTNER Group (UAE)
9. Master Lock Company LLC (U.S.)
10.Master Lock Company LLC (U.S.)
11.Samsung (South Korea)
12.SentriLock, (U.S.)
13.Avent Security (Vietnam)
14.DESSMANN Schliessanlagen GmbH (Singapore)
15.Haven Lock, Inc., (U.S.)
16.Dahua Technology Co., Ltd (China)
Key Questions answered in the Smart Lock Market Report are:
What was the Smart Lock Market size in 2023?
What will be the CAGR of the Smart Lock market during the forecast period?
Which region held the largest Smart Lock market share in 2023?
What are the opportunities for the Smart Lock Market?
What factors are hampering the Smart Lock market growth?
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Key Offerings:
Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size & Forecast by different segment
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis of segments and sub-segments
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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