Smart Lock Market size was valued at US$ 1.87 Bn. in 2021 and the total Smart Lock revenue is expected to grow at 12.6 % through 2022 to 2029, reaching nearly US$ 4.83 Bn.
Smart Lock Market Overview
The report also included an extensive, market-oriented, and commercial analysis of the Smart Lock Market, utilizing a variety of research techniques. The analysis covered various aspects of the market, including region, revenue, financial status, portfolio, technological advancement adopted, and mergers and acquisitions. The growth prospects and future business outlooks of new entrants and existing players in the Smart Lock market were also researched.
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Smart Lock Market Report Scope and Research Methodology
The research methodology employed in the report on the Smart Lock market incorporates both primary and secondary research methods. Primary research involves data collection directly from the market via surveys, interviews, and observations. In contrast, secondary research entails gathering data from published sources, such as industry reports, company websites, and news articles.
The analysis provided in the report serves as a guide for stakeholders, investors, market players, and followers, as well as new entrants, by providing them with an overall view of the Smart Lock market for formulating investment approaches and marketing tactics. The report utilizes a bottom-up approach to estimate the size of the Smart Lock market, which involves aggregating data from individual segments to arrive at a total market size estimate.
Smart Lock Market Dynamics
The smart lock is the latest trend taking over the hospitality market. The smart lock market’s popularity emerges after the Covid-19 pandemic because customers and businesses go digital nowadays. Mobile Apps based check-in has made life much easier for not only the guests but also for hotel staff. Wireless electronic door locks in hotels provide easier ways to secure rooms, increase staff productivity, and make guests feel more secure. Smart locks account for the majority of sales for every major lock manufacturer in the hospitality sector. Smartphone lock use is increasing with more than 5 million rooms in the United States. universal acceptance will take time. The growing rate of technology innovation in hotel sectors has fueled market growth during the forecast period. Hotel guests in Asia, Europe, and North America were surveyed in early 2021 to determine which aspects of the guest journey planned to digitize the hotel. The great majority of respondents, 70% of respondents said they wanted to digitize the check-in/check-out procedure.
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Smart Lock Market Segmentation
By Lock Type, the deadbolts segment held the greatest market share in 2021. The rising applications in numerous sectors and ease of installation are driving the growth of this segment. Deadbolts are one of the most frequent types of exterior house locks. Low installation costs, great durability, and effective protection against intensive incursion or attacks in residential, commercial, and other verticals are driving the growth of this segment. Furthermore, market leaders such as Kwikset are developing their portfolio of advanced deadbolts with built-in features such as low battery warning, one-touch locking, and customized user codes, attracting a large user base.
Smart Lock Market Key Players
• ASSA ABLOY (Sweden)
• Allegion plc (Ireland)
• dormakaba Group (Switzerland)
• Spectrum Brands Holdings, Inc. (U.S.)
• Salto Systems S.L. (Spain)
• Carrier (U.S.)
• Cansec Systems Ltd. (Canada)
• GANTNER Group (UAE)
• Master Lock Company LLC (U.S.)
• Master Lock Company LLC (U.S.)
• Samsung (South Korea)
• SentriLock, (U.S.)
• Avent Security (Vietnam)
• DESSMANN Schliessanlagen GmbH (Singapore)
• Haven Lock, Inc., (U.S.)
• Dahua Technology Co., Ltd (China)
Smart Lock Market Regional Insights
The report offers an in-depth analysis of the factors influencing growth, limitations, future prospects, and competition within the industry across all regions. The market is classified by region into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report also provides a comprehensive overview of the leading countries in each region, along with their respective market forecasts.
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Key questions answered in the Smart Lock Market are:
- What is Smart Lock ?
- What are the factors driving the Smart Lock Market growth?
- What are the factors are limiting the Smart Lock Market growth?
- What was the Smart Lock market size in 2021?
- Which trends are expected to generate additional revenue for the Smart Lock market growth?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Smart Lock Market?
- What growth strategies are the players considering to increase their foothold in the Smart Lock Market?
- Who held the largest market share in the Smart Lock Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- 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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