Both commercial and residential properties are increasingly adopting smart locks with advanced safety features. Moreover, early adoption of technology in developed countries is a significant growth lever of the smart lock market. Fact.MR projects the market to expand at stupendous CAGR of 15% over the forecast period (2019-2029).
“Remote locking of entrances, doors, and windows continues to gain traction on the back of technological advancements and viability of prices. Digitization of business and workforce operations offers profitable possibilities for the global smart lock market. Hence, the market will expand 3X over the projection period,” says the Fact.MR analyst.
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Key Takeaways of the Smart Lock Market Study
- Enterprise application of smart locks will record noteworthy CAGR over the projection period.
- About 68% of overall revenue share is contributed predominantly by residential applications of smart locks.
- North America smart lock market accounts for 62% share in the overall market share.
- South Asia & Oceania will offer lucrative opportunities for manufacturers through 2029.
Key Drivers: Smart Lock Market
- Advancements in technologies such as artificial intelligence, machine learning, and internet of things are favouring market growth.
- Greater sentience among consumers regarding smart devices is the growth engine of smart lock market.
- Enhanced emphasis by leading manufacturers on consumers’ convenience is stimulating the market growth.
- Rapid digitization of private and public sector infrastructure is contributing substantially to the revenue pool.
Key Impediments: Smart Lock Market
- Due to fragmented competitive landscape, the prospects of gaining significant market share are quite limited in smart lock market.
- Possibility of hacking is a major threat looming on the global smart lock market.
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Impact of COVID-19 on Smart Lock Market
In view of current COVID-19 pandemic, investments in ICT industry have taken a nosedive particularly in internet of things, 5G technologies, and other emerging technologies. Only essential operational expenses are being prioritized by players in the smart lock market, while others are being kept on hold. Major companies continue to witness reduction in hiring and capital budgets as well. Moreover, discretionary consumer spending is lowering the sales of smart locks in this scenario.
The only markets in ICT industry benefitting from the pandemic are contactless payments, food delivery, telemedicine, and telework. In countries such as India, ecommerce companies are delivering only essentials and consumers are not visiting local stores for non-essential purchases. Hence, the smart lock market will witness a slowdown which is projected to continue through the second quarter.
Competition Landscape of Smart Lock Market
The global smart lock market is fairly fragmented in nature. The market is characterized by the presence of numerous medium and small players. Some of the top companies profiled in this Fact.MR study include, but are not limited to, Onity, Inc., Salto Systems S.L., Spectrum Brands Holdings, Inc., Dorma+Kaba Holdings AG, Allegion Plc, and ASSA ABLOY AB. Key players continue to undertake differentiating strategies such as acquisition of Small to Mid-size Enterprises (SMEs), and product innovation in order to boost their profitability in the global smart lock market. Additionally, the aforementioned companies are developing nano-sensor technology and working on material science advancements to maintain their hegemony.
About the Report
This 170-page study offers in-depth commentary on the smart lock market. The study provides compelling insights on the smart lock market on the basis of type (deadbolt, lever handles, and padlock), and application (residential, hospitality, enterprise, and critical infrastructure) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).