The global smart lock market size is expected to reach USD 8.87 billion in 2028 at a CAGR of 15.0% during the forecast period, according to the latest report by Emergen Research. Increasing need for safety and security of property, personal items, and other valuable items, rising adoption of smart home automation systems, growing preference for smart locks in commercial and corporate buildings, and rapid advancements in the smart lock technology are key factors expected to drive market revenue growth over the forecast period. Growing use of smart locks in hospitality sector to improve in-room security and to regulate access to authorized individuals in factories, airports, banks, and defense zones, among others are some other key factors fueling the revenue growth of the market.
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Covid 19 impact analysis : The reort is updated with the latest economic scenario and market scope with regard to the ongoing COVID-19 pandemic. The report covers growth prospects as well as current and futuristic revenue estimations in a post COVID scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.
Market Drivers :
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
Key Points of Smart Lock Market :
- Extensive coverage of the analysis of the Smart Lock Market
- Key insights into the regional spread of the industry in key geographies
- Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
- Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the Smart Lock Market
- Complete data about the key manufacturers and vendors in the Smart Lock Market
Key participants include Fujitsu Limited, Seiko Epson Corporation, Xerox Holdings Corporation, Hewlett Packard Enterprise Development LP, Canon Inc, Lexmark International, Inc., Honeywell International Inc., ZEBRA Technologies, Polaroid Corporation, Citizen Systems Japan Co., Sato Holdings Corporation are some major players operating in the Smart Lock Market.
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For the purpose of this report, Emergen Research has segmented the global smart lock market on the basis of lock type, authentication method, communication protocol, application outlook, and region:
Lock Type Outlook (Revenue, USD Billion; 2018-2028)
- Lever Handles
- Deadbolts
- Padlocks
- Others
Authentication Method Outlook (Revenue, USD Billion; 2018-2028)
- Pin Code
- Biometric
- RFID Cards
Communication Protocol Outlook (Revenue, USD Billion; 2018-2028)
- Wi-Fi
- Bluetooth
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Residential
- Commercial
- Industrial
- Institutional & Government
Regional Analysis:
The report sheds light on the region expected to dominate theSmart Lock Market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of theSmart Lock Market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
Radical Highlights of the Smart Lock Market Report:
- Comprehensive overview of theSmart Lock Market along with analysis of the changing dynamics of the market
- Growth Assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players, including their market share and global position
- Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
- Impact of the technological developments and R&D advancements on theSmart Lock Market
- Information about profit-making strategies and developmental strategies of major companies and manufacturers
- Insightful information for the new entrants willing to enter the market
- Details and insights about business expansion strategies, product launches, and other collaborations
- The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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The new report titled ‘Global Smart Lock Market ’, published by Emergen Research, is methodically curated by our team of analysts, keeping readers’ understanding in mind, and includes a wide-ranging database of industry distribution. The report takes a closer look at the historical and current market scenarios to accurately predict the global Smart Lock Market outlook over the forecast duration (2019- 2032 ). Researchers have taken a holistic approach towards the global market analysis and highlighted the factors that influence the overall growth of the market.
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