Smart Lock Market with COVID-19 Impact by Lock Type (Deadbolt Locks, Lever Handles), Communication Protocol (Bluetooth, WiFi), Unlocking Mechanism (Keypad, Card Keys, Touch Based), Vertical (Residential, Commercial) and Region - Global Forecast to 2027
Smart Lock Market with COVID-19 Impact by Lock Type (Deadbolt Locks, Lever Handles), Communication Protocol (Bluetooth, WiFi), Unlocking Mechanism (Keypad, Card Keys, Touch Based), Vertical (Residential, Commercial) and Region - Global Forecast to 2027
Abstract
The smart lock market is estimated to be valued at USD 2.1 billion in 2022 and reach USD 3.9 billion by 2027, registering a CAGR of 12.9% between 2022 and 2027. According to a United Nations report published in July 2018, the global urban population is expected to increase to 4.46 billion in 2021 and 6.68 billion by 2050.
Urbanization is expected to increase in 600 large cities worldwide by 2025. Emerging nations are also witnessing rapid urbanization with the development of smart cities. In emerging nations, the concentration of industrial development in cities leads to a growing demand for improved infrastructure. This would ultimately lead to the development of several new and renovated educational and healthcare institutions, public administration offices, shopping malls, stores, and warehouses.
Thus, infrastructure development would boost the demand for advanced biometric solutions and smart locks, particularly in technologically advancing countries such as India, China, and Brazil.
The increasing adoption of the Internet of Things has enabled the use of various cyber-physical devices such as smartphones, connected cars, and wearable devices. Smart locks can be operated through the remote servers of the manufacturers of smart locks.
All information regarding the properties of a smart lock and its virtual key is stored in the vendor’s cloud server. Smart locks allow for easy sharing of keys to other authorized persons and unauthorized entry and breakage of the lock to be monitored and reported. However, the vendor cloud server can be attacked through code injection, cross-site scripting, password eavesdropping, and other means. Data communication between a smartphone and a smart lock through the Bluetooth Low Energy (BLE) protocol can also be hacked through a man-in-the-middle (MITM) attack.
“Server locks & latches: The fastest lock type of smart lock market .”
Server locks and latches use server systems based on the cloud to access doors from a remote location. The server cover prevents unauthorized access to the user’s server. Locking the front door (available on some models) avoids unauthorized access to the installed drives. Noke is one of the startups working on this model. The Noke web-based portal provides users with a comprehensive tool to manage lock functions, track digital keys, share real-time data, and even integrate users’ existing platforms.
“Wi-Fi: The fastest communication platform of the smart lock market .”
Wi-Fi is one of the key technologies responsible for the increasing implementation of the IoT in smart locks. Wi-Fi can be accessed through various devices such as smartphones, personal computers, and tablets. These devices can be connected to the Internet through a wireless access point. The Wi-Fi Direct standard enables users to connect any 2 devices without a wireless router. The growth in the adoption of smartphones and tablets has increased the application scope of IoT in smart locks equipped with Wi-Fi connectivity. Key players offering Wi-Fi-based smart locks are LockState (US), Allegion (Ireland), Gate, and ASSA ABLOY (Sweden).
“Touch based: Fastest growing unlocking mechanism of smart lock market”
The touch-based unlocking mechanism in smart locks uses the fingerprint recognition technique. Fingerprint recognition is an effective and simple method for identifying and authenticating individuals. One technology that should be of particular interest to manufacturers in the smart home industry is biometrics. Biometric authentication can complement the new smart home trend and add real value to modern domestic security solutions.
Unlike password-protected smart locks, biometric authentication uses personally identifiable information stored securely on-device (whether the lock itself or a fingerprint-secured access card) for maximum privacy. This makes biometrics difficult to hack and near-impossible to spoof, ensuring that homes stay considerably safer than using password-secured, internet-enabled, or traditional key locks.
“Residential: Fastest vertical of smart lock market”
Smart locks are increasingly used in individual houses to ensure security and safety. Controlled access to allow the entry of only authorized persons is considered the critical function of asset security. Smart locks have become an integral part of smart homes, as they help control the door locks remotely, protecting people and property. The growth of this market can be attributed to the increasing demand for smart homes and rising urbanization across the globe. The growing urban population is increasing the need for better infrastructure equipped with security systems to protect people and proper.
“North America: The largest region in the global smart lock market .”
North America is one of the most technologically advanced regions and is a large market for smart lock technology. The growing awareness about home security solutions, benefits provided by smart locks such as connectivity through smart devices, and their remote access features are driving the regional market’s growth. In addition, the recent upswing in the trend of smart homes, rising adoption of IoT-based services, and the large presence of smart lock vendors are the factors supporting the growth of the smart lock market in North America. The US, Canada, and Mexico are the key countries contributing to the growth of the smart lock market in this region.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs.
The break-up of the primaries is as follows:
•By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
•By Designation: C-level Executives – 75%, and Managers – 25%
•By Region: APAC – 40%, RoW – 30%, Europe – 20%, North America – 10%
Key players operating in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).
Research Coverage:
The report segments the smart lock market and forecasts its size, by value, based on lock type, communication protocol, unlocking mechanism, vertical, and region.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the smart lock market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the smart lock market and provides them information on key market drivers, restraints, challenges, and opportunities. The report also covers COVID-19 impact on smart lock market.
Content
Table of Contents
1INTRODUCTION25
1.1STUDY OBJECTIVES25
1.2MARKET DEFINITION AND SCOPE25
1.2.1INCLUSIONS AND EXCLUSIONS26
1.3STUDY SCOPE26
1.3.1MARKETS COVERED26
1.3.2GEOGRAPHIC SCOPE27
1.3.3YEARS CONSIDERED27
1.4CURRENCY27
1.5MARKET STAKEHOLDERS28
1.6SUMMARY OF CHANGES28
2RESEARCH METHODOLOGY29
2.1RESEARCH DATA29
FIGURE 1SMART LOCK MARKET: RESEARCH DESIGN29
2.1.1SECONDARY DATA30
2.1.1.1List of major secondary sources30
2.1.1.2Secondary sources30
2.1.2PRIMARY DATA31
2.1.2.1Primary Expert Interviews31
2.1.2.2Key data from primary sources32
2.1.2.3Key industry insights32
2.1.2.4Breakdown of primaries33
2.1.3SECONDARY AND PRIMARY RESEARCH34
2.2MARKET SIZE ESTIMATION35
FIGURE 2PROCESS FLOW35
2.2.1BOTTOM-UP APPROACH35
2.2.1.1Approach for calculating market share through bottom-up analysis (demand side)35
FIGURE 3MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH36
2.2.2TOP-DOWN APPROACH36
2.2.2.1Approach for calculating market share through top-down analysis (supply side)37
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH37
2.3MARKET RANKING ESTIMATION37
2.4MARKET BREAKDOWN AND DATA TRIANGULATION38
FIGURE 5MARKET BREAKDOWN AND DATA TRIANGULATION38
2.5RESEARCH ASSUMPTIONS39
3EXECUTIVE SUMMARY40
FIGURE 6DEADBOLT LOCKS SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD41
FIGURE 7WI-FI COMMUNICATION PROTOCOL SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD41
FIGURE 8KEYPAD UNLOCKING MECHANISM SEGMENT TO HOLD LARGEST SHARE OF SMART LOCK MARKET IN 202742
FIGURE 9RESIDENTIAL VERTICAL TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD42
FIGURE 10SMART LOCK MARKET IN APAC TO REGISTER HIGHEST CAGR BETWEEN
2022 AND 202743
4PREMIUM INSIGHTS44
4.1ATTRACTIVE OPPORTUNITIES IN SMART LOCK MARKET44
FIGURE 11RISING DEMAND FOR INTERNET-BASED SECURITY SOLUTIONS TO DRIVE GROWTH OF SMART LOCK MARKET44
4.2SMART LOCK MARKET IN NORTH AMERICA, BY COUNTRY AND VERTICAL44
FIGURE 12US AND RESIDENTIAL VERTICAL TO DOMINATE NORTH AMERICAN SMART LOCK MARKET DURING FORECAST PERIOD44
4.3SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY LOCK TYPE45
FIGURE 13SMART LOCK MARKET FOR DEADBOLT LOCKS TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD45
4.4SMART LOCK MARKET, BY COUNTRY45
FIGURE 14CHINA TO ACCOUNT FOR HIGHEST GROWTH RATE IN GLOBAL SMART LOCK MARKET IN 202245
5MARKET OVERVIEW46
5.1INTRODUCTION46
5.2MARKET DYNAMICS46
FIGURE 15SMART LOCK MARKET DYNAMICS46
FIGURE 16DRIVERS AND THEIR IMPACT ON SMART LOCK MARKET47
FIGURE 17OPPORTUNITIES AND THEIR IMPACT ON SMART LOCK MARKET48
FIGURE 18RESTRAINTS & CHALLENGES AND THEIR IMPACT ON SMART LOCK MARKET49
5.2.1DRIVERS49
5.2.1.1Growing security concerns49
5.2.1.2Enhanced features compared with traditional lock systems50
5.2.1.3Rising adoption of smartphones and other connected devices50
5.2.2RESTRAINTS50
5.2.2.1High cost and perception of unreliability50
5.2.2.2Lack of awareness among customers51
5.2.3OPPORTUNITIES51
5.2.3.1Increasing adoption of IoT-based security systems51
5.2.3.2Rapid urbanization in emerging nations51
5.2.3.3Global proliferation of smart cities52
5.2.4CHALLENGES52
5.2.4.1Risk of cyberattacks through smart devices and IoT-enabled devices52
5.3VALUE CHAIN ANALYSIS52
FIGURE 19VALUE CHAIN ANALYSIS: MAJOR VALUE ADDED BY RAW MATERIAL SUPPLIERS AND ORIGINAL EQUIPMENT MANUFACTURERS53
5.4SMART LOCK MARKET ECOSYSTEM54
FIGURE 20SMART LOCK MARKET ECOSYSTEM54
6SMART LOCK MARKET, BY LOCK TYPE55
6.1INTRODUCTION56
FIGURE 21DEADBOLT LOCKS SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD56
TABLE 1SMART LOCK MARKET, BY LOCK TYPE, 2018–2021 (USD MILLION)56
TABLE 2SMART LOCK MARKET, BY LOCK TYPE, 2022–2027 (USD MILLION)57
TABLE 3SMART LOCK MARKET, BY LOCK TYPE, 2018–2021 (MILLION UNITS)57
TABLE 4SMART LOCK MARKET, BY LOCK TYPE, 2022–2027 (MILLION UNITS)58
6.2DEADBOLT LOCKS58
6.2.1INCREASING DEPLOYMENT OF DEADBOLT LOCKS IN RESIDENTIAL SECTOR TO DRIVE MARKET GROWTH58
FIGURE 22RESIDENTIAL VERTICAL TO HOLD LARGEST SHARE OF SMART LOCK MARKET FOR DEADBOLTS DURING FORECAST PERIOD59
TABLE 5SMART LOCK MARKET FOR DEADBOLT LOCKS, BY VERTICAL,
2018–2021 (USD MILLION)59
TABLE 6SMART LOCK MARKET FOR DEADBOLT LOCKS, BY VERTICAL,
2022–2027 (USD MILLION)59
6.3LEVER HANDLES60
6.3.1CONVENIENT STRUCTURE AND THEIR COMPLIANCE WITH US DISABILITIES ACT 1990 TO FUEL DEMAND FOR LEVER HANDLES60
TABLE 7SMART LOCK MARKET FOR LEVER HANDLES, BY VERTICAL,
2018–2021 (USD MILLION)60
TABLE 8SMART LOCK MARKET FOR LEVER HANDLES, BY VERTICAL,
2022–2027 (USD MILLION)60
6.4SERVER LOCKS AND LATCHES61
6.4.1RISING CONCERNS REGARDING CYBERATTACKS TO FUEL DEMAND FOR SERVER LOCKS AND LATCHES61
TABLE 9SMART LOCK MARKET FOR SERVER LOCKS AND LATCHES, BY VERTICAL, 2018–2021 (USD MILLION)61
TABLE 10SMART LOCK MARKET FOR SERVER LOCKS AND LATCHES, BY VERTICAL, 2022–2027 (USD MILLION)61
6.5KNOB LOCKS62
6.5.1GROWING USE OF KNOB LOCKS WITH DEADBOLTS ON EXTERIOR DOORS IN RESIDENTIAL SECTOR TO DRIVE MARKET GROWTH62
TABLE 11SMART LOCK MARKET FOR KNOB LOCKS, BY VERTICAL,
2018–2021 (USD MILLION)62
TABLE 12SMART LOCK MARKET FOR KNOB LOCKS, BY VERTICAL,
2022–2027 (USD MILLION)62
6.6OTHERS63
TABLE 13SMART LOCK MARKET FOR OTHERS, BY VERTICAL,
2018–2021 (USD MILLION)63
TABLE 14SMART LOCK MARKET FOR OTHERS, BY VERTICAL,
2022–2027 (USD MILLION)63
7SMART LOCK MARKET, BY COMMUNICATION PROTOCOL64
7.1INTRODUCTION65
FIGURE 23WI-FI COMMUNICATION PROTOCOL SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD65
TABLE 15SMART LOCK MARKET, BY COMMUNICATION PROTOCOL,
2018–2021 (USD MILLION)65
TABLE 16SMART LOCK MARKET, BY COMMUNICATION PROTOCOL,
2022–2027 (USD MILLION)66
7.2WI-FI66
7.2.1CONNECTIVITY BENEFITS OFFERED BY WI-FI TO DRIVE MARKET GROWTH66
7.3BLUETOOTH67
7.3.1WIDE RANGE, LOW POWER CONSUMPTION, AND HIGH RELIABILITY AND BANDWIDTH FEATURES TO FUEL MARKET GROWTH67
7.4Z-WAVE67
7.4.1GROWING POPULARITY OF RELIABILITY AND HIGH-SPEED FEATURES OF Z-WAVE TO DRIVE MARKET GROWTH67
7.5OTHERS67
7.5.1ZIGBEE67
7.5.2THREAD67
7.5.3NFC67
8SMART LOCK MARKET, BY UNLOCKING MECHANISM68
8.1INTRODUCTION69
FIGURE 24KEYPAD UNLOCKING MECHANISM SEGMENT TO HOLD LARGEST SHARE OF SMART LOCK MARKET IN 202769
TABLE 17SMART LOCK MARKET, BY UNLOCKING MECHANISM,
2018–2021 (USD MILLION)69
TABLE 18SMART LOCK MARKET, BY UNLOCKING MECHANISM,
2022–2027 (USD MILLION)70
8.2KEYPAD70
8.2.1INTEGRATION OF KEYPADS WITH ACCESS CONTROL SYSTEMS TO DRIVE MARKET GROWTH70
8.3CARD KEY71
8.3.1GROWING USE OF RADIO FREQUENCY IDENTIFICATION (RFID) MAGNETIC DOOR LOCKS IN COMMERCIAL OFFICE BUILDINGS TO DRIVE MARKET GROWTH71
8.3.1.1Low frequency71
8.3.1.2High frequency71
8.3.1.3Ultra-high frequency71
8.4TOUCH BASED72
8.4.1GROWING ADOPTION OF AUTOMATED FINGERPRINT IDENTIFICATION SYSTEMS (AFISS) TO FUEL DEMAND FOR FINGERPRINT RECOGNITION SOLUTIONS USED IN SMART LOCK MECHANISM72
8.5KEY FOBS73
8.5.1RISE IN REPLACEMENT OF OLD METAL KEY SYSTEMS WITH ELECTRONIC FOB SYSTEMS TO DRIVE MARKET GROWTH73
8.6SMARTPHONE BASED73
8.6.1GROWING ADOPTION OF SMART HOMES TO INCREASE DEMAND FOR SMARTPHONE-BASED DOOR LOCKING SYSTEMS73
9SMART LOCK MARKET, BY VERTICAL74
9.1INTRODUCTION75
FIGURE 25RESIDENTIAL VERTICAL TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD75
TABLE 19SMART LOCK MARKET, BY VERTICAL, 2018–2021 (USD MILLION)75
TABLE 20SMART LOCK MARKET, BY VERTICAL, 2022–2027 (USD MILLION)76
9.2COMMERCIAL76
9.2.1HOSPITALITY76
9.2.1.1Increasing adoption of smart locks in hotels, vacation rental properties, resorts, casinos, and cruise ships to boost market growth76
9.2.2RETAIL STORES AND MALLS77
9.2.2.1Retail stores and malls segment to witness healthy growth in smart lock market77
9.2.3HEALTHCARE77
9.2.3.1Growing use of smart locks in healthcare sector to ensure access only to authorized users to boost market growth77
9.2.4BANKS AND FINANCIAL CENTRES77
9.2.4.1Increasing trend of biometric and multifactor authentication in banking and financial institutions to drive market growth77
9.2.5ENTERPRISES AND DATA CENTRES78
9.2.5.1Rising demand for security smart cards and biometric access systems to prevent minor security risks in enterprises to drive market growth78
TABLE 21SMART LOCK MARKET, BY COMMERCIAL VERTICAL,
2018–2021 (USD MILLION)78
TABLE 22SMART LOCK MARKET, BY COMMERCIAL VERTICAL,
2022–2027 (USD MILLION)78
TABLE 23SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)79
TABLE 24SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)79
TABLE 25NORTH AMERICA: SMART LOCK MARKET FOR COMMERCIAL VERTICAL,
BY COUNTRY, 2018–2021 (USD MILLION)79
TABLE 26NORTH AMERICA: SMART LOCK MARKET FOR COMMERCIAL VERTICAL,
BY COUNTRY, 2022–2027 (USD MILLION)80
TABLE 27EUROPE: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)80
TABLE 28EUROPE: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)80
TABLE 29APAC: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)81
TABLE 30APAC: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)81
TABLE 31ROW: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY REGION, 2018–2021 (USD MILLION)81
TABLE 32ROW: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY REGION, 2022–2027 (USD MILLION)82
TABLE 33SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY LOCK TYPE,
2018–2021 (USD MILLION)82
TABLE 34SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY LOCK TYPE,
2022–2027 (USD MILLION)82
9.3RESIDENTIAL83
9.3.1CONDOMINIUM83
9.3.1.1Growing use of smart locks in condominiums or multi-family apartments to prevent invasion, unauthorized access, theft, and burglary to drive market growth83
9.3.2INDIVIDUAL HOUSES83
9.3.2.1Rising adoption of smart locks by individual house owners to ensure security and safety to drive market growth83
FIGURE 26CONDOMINIUM SEGMENT TO HOLD LARGER SHARE OF SMART LOCK MARKET FOR RESIDENTIAL VERTICAL DURING FORECAST PERIOD83
TABLE 35SMART LOCK MARKET FOR RESIDENTIAL VERTICAL,
2018–2021 (USD MILLION)84
TABLE 36SMART LOCK MARKET FOR RESIDENTIAL VERTICAL,
2022–2027 (USD MILLION)84
FIGURE 27APAC TO REGISTER HIGHEST CAGR IN SMART LOCK FOR RESIDENTIAL VERTICAL DURING FORECAST PERIOD84
TABLE 37SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)85
TABLE 38SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)85
TABLE 39NORTH AMERICA: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL,
BY COUNTRY, 2018–2021 (USD MILLION)85
TABLE 40NORTH AMERICA: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL,
BY COUNTRY, 2022–2027 (USD MILLION)86
TABLE 41EUROPE: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)86
TABLE 42EUROPE: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)86
TABLE 43APAC: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)87
TABLE 44APAC: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)87
TABLE 45ROW: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)87
TABLE 46ROW: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)88
TABLE 47SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY LOCK TYPE,
2018–2021 (USD MILLION)88
TABLE 48SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY LOCK TYPE,
2022–2027 (USD MILLION)88
9.4INSTITUTIONAL & GOVERNMENT89
9.4.1INCREASING DEMAND FOR SMART LOCKS IN GOVERNMENT VERTICAL TO RESTRICT UNAUTHORIZED ENTRIES TO DRIVE MARKET GROWTH89
TABLE 49SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL,
BY REGION, 2018–2021 (USD MILLION)89
TABLE 50SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL,
BY REGION, 2022–2027 (USD MILLION)89
TABLE 51NORTH AMERICA: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)90
TABLE 52NORTH AMERICA: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)90
TABLE 53EUROPE: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)90
TABLE 54EUROPE: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)91
TABLE 55APAC: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)91
TABLE 56APAC: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)91
TABLE 57ROW: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY REGION, 2018–2021 (USD MILLION)92
TABLE 58ROW: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY REGION, 2022–2027 (USD MILLION)92
TABLE 59SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL,
BY LOCK TYPE, 2018–2021 (USD MILLION)92
TABLE 60SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL,
BY LOCK TYPE, 2022–2027 (USD MILLION)93
9.5TRANSPORTATION & LOGISTICS93
9.5.1RISING ADOPTION OF BIOMETRICS-BASED ACCESS CONTROL USING SMART LOCKS BY AIRPORT OPERATORS TO DRIVE MARKET GROWTH93
TABLE 61SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL,
BY REGION, 2018–2021 (USD MILLION)93
TABLE 62SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL,
BY REGION, 2022–2027 (USD MILLION)94
TABLE 63NORTH AMERICA: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)94
TABLE 64NORTH AMERICA: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)94
TABLE 65EUROPE: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)95
TABLE 66EUROPE: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)95
TABLE 67APAC: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)95
TABLE 68APAC: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)96
TABLE 69ROW: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY REGION, 2018–2021 (USD MILLION)96
TABLE 70ROW: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY REGION, 2022–2027 (USD MILLION)96
TABLE 71SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL,
BY LOCK TYPE, 2018–2021 (USD MILLION)97
TABLE 72SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL,
BY LOCK TYPE, 2022–2027 (USD MILLION)97
9.6INDUSTRIAL98
9.6.1MANUFACTURING98
9.6.1.1Increased need for protecting people and properties across manufacturing sites to create growth opportunities for market players98
9.6.2OIL & GAS98
9.6.2.1Ability of smart locks to provide suitable and enhanced security to fuel their demand in oil & gas vertical98
9.6.3ENERGY & POWER98
9.6.3.1Rising demand for smart locks in energy and power vertical to prevent unauthorized access to drive market growth98
TABLE 73SMART LOCK MARKET FOR INDUSTRIAL VERTICAL,
2018–2021 (USD MILLION)98
TABLE 74SMART LOCK MARKET FOR INDUSTRIAL VERTICAL,
2022–2027 (USD MILLION)99
TABLE 75SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)99
TABLE 76SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)99
TABLE 77NORTH AMERICA: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL,
BY COUNTRY, 2018–2021 (USD MILLION)100
TABLE 78NORTH AMERICA: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL,
BY COUNTRY, 2022–2027 (USD MILLION)100
TABLE 79EUROPE: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)100
TABLE 80EUROPE: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)101
TABLE 81APAC: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)101
TABLE 82APAC: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)101
TABLE 83ROW: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)102
TABLE 84ROW: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)102
TABLE 85SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY LOCK TYPE,
2018–2021 (USD MILLION)102
TABLE 86SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY LOCK TYPE,
2022–2027 (USD MILLION)103
10SMART LOCK MARKET, BY REGION104
10.1INTRODUCTION105
FIGURE 28APAC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD105
TABLE 87SMART LOCK MARKET, BY REGION, 2018–2021 (USD MILLION)105
TABLE 88SMART LOCK MARKET, BY REGION, 2022–2027 (USD MILLION)106
10.2NORTH AMERICA106
FIGURE 29NORTH AMERICA MARKET SNAPSHOT107
TABLE 89SMART LOCK MARKET IN NORTH AMERICA, BY COUNTRY,
2018–2021 (USD MILLION)107
TABLE 90SMART LOCK MARKET IN NORTH AMERICA, BY COUNTRY,
2022–2027 (USD MILLION)108
TABLE 91SMART LOCK MARKET IN NORTH AMERICA, BY VERTICAL,
2018–2021 (USD MILLION)108
TABLE 92SMART LOCK MARKET IN NORTH AMERICA, BY VERTICAL,
2022–2027 (USD MILLION)108
TABLE 93SMART LOCK MARKET IN US, BY VERTICAL, 2018–2021 (USD MILLION)109
TABLE 94SMART LOCK MARKET IN US, BY VERTICAL, 2022–2027 (USD MILLION)109
TABLE 95SMART LOCK MARKET IN CANADA, BY VERTICAL, 2018–2021 (USD MILLION)109
TABLE 96SMART LOCK MARKET IN CANADA, BY VERTICAL, 2022–2027 (USD MILLION)110
TABLE 97SMART LOCK MARKET IN MEXICO, BY VERTICAL, 2018–2021 (USD MILLION)110
TABLE 98SMART LOCK MARKET IN MEXICO, BY VERTICAL, 2022–2027 (USD MILLION)110
10.2.1US111
10.2.1.1US to hold largest share of North American smart lock market111
10.2.2CANADA111
10.2.2.1Growing awareness regarding internet-based safety and security to drive growth of smart lock market in Canada111
10.2.3MEXICO111
10.2.3.1Mexico to be lucrative market for smart locks111
10.3EUROPE111
FIGURE 30EUROPE MARKET SNAPSHOT112
TABLE 99SMART LOCK MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)112
TABLE 100SMART LOCK MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)113
TABLE 101SMART LOCK MARKET IN EUROPE, BY VERTICAL, 2018–2021 (USD MILLION)113
TABLE 102SMART LOCK MARKET IN EUROPE, BY VERTICAL, 2022–2027 (USD MILLION)113
TABLE 103SMART LOCK MARKET IN UK, BY VERTICAL, 2018–2021 (USD MILLION)114
TABLE 104SMART LOCK MARKET IN UK, BY VERTICAL, 2022–2027 (USD MILLION)114
TABLE 105SMART LOCK MARKET IN GERMANY, BY VERTICAL,
2018–2021 (USD MILLION)114
TABLE 106SMART LOCK MARKET IN GERMANY, BY VERTICAL,
2022–2027 (USD MILLION)115
TABLE 107SMART LOCK MARKET IN FRANCE, BY VERTICAL, 2018–2021 (USD MILLION)115
TABLE 108SMART LOCK MARKET IN FRANCE, BY VERTICAL, 2022–2027 (USD MILLION)115
TABLE 109SMART LOCK MARKET IN REST OF EUROPE, BY VERTICAL,
2018–2021 (USD MILLION)116
TABLE 110SMART LOCK MARKET IN REST OF EUROPE, BY VERTICAL,
2022–2027 (USD MILLION)116
10.3.1UK116
10.3.1.1Decline in cost of mobile broadband connection and increasing adoption of cloud infrastructure to boost demand for smart locks in UK116
10.3.2GERMANY117
10.3.2.1Growing adoption of internet-based security systems in various applications to drive market growth in Germany117
10.3.3FRANCE117
10.3.3.1Growing awareness regarding internet-based home security solutions and rising adoption of wireless portable consumer electronics to drive market growth in France117
10.3.4REST OF EUROPE117
10.4APAC117
FIGURE 31APAC MARKET SNAPSHOT118
FIGURE 32CHINA TO HOLD LARGEST SHARE OF APAC SMART LOCK MARKET DURING FORECAST PERIOD119
TABLE 111SMART LOCK MARKET IN APAC, BY COUNTRY, 2018–2021 (USD MILLION)119
TABLE 112SMART LOCK MARKET IN APAC, BY COUNTRY, 2022–2027 (USD MILLION)119
TABLE 113SMART LOCK MARKET IN APAC, BY VERTICAL, 2018–2021 (USD MILLION)120
TABLE 114SMART LOCK MARKET IN APAC, BY VERTICAL, 2022–2027 (USD MILLION)120
TABLE 115SMART LOCK MARKET IN CHINA, BY VERTICAL, 2018–2021 (USD MILLION)120
TABLE 116SMART LOCK MARKET IN CHINA, BY VERTICAL, 2022–2027 (USD MILLION)121
TABLE 117SMART LOCK MARKET IN JAPAN, BY VERTICAL, 2018–2021 (USD MILLION)121
TABLE 118SMART LOCK MARKET IN JAPAN, BY VERTICAL, 2022–2027 (USD MILLION)121
TABLE 119SMART LOCK MARKET IN SOUTH KOREA, BY VERTICAL,
2018–2021 (USD MILLION)122
TABLE 120SMART LOCK MARKET IN SOUTH KOREA, BY VERTICAL,
2022–2027 (USD MILLION)122
TABLE 121SMART LOCK MARKET IN INDIA, BY VERTICAL, 2018–2021 (USD MILLION)122
TABLE 122SMART LOCK MARKET IN INDIA, BY VERTICAL, 2022–2027 (USD MILLION)123
TABLE 123SMART LOCK MARKET IN REST OF APAC, BY VERTICAL,
2018–2021 (USD MILLION)123
TABLE 124SMART LOCK MARKET IN REST OF APAC, BY VERTICAL,
2022–2027 (USD MILLION)123
10.4.1CHINA124
10.4.1.1Increasing industrialization to fuel demand for smart lock systems in China124
10.4.2JAPAN124
10.4.2.1Rapid industrialization and modernization to create lucrative opportunities for market players in Japan124
10.4.3SOUTH KOREA124
10.4.3.1Rising demand for remotely managed and connected security devices to drive market growth in South Korea124
10.4.4INDIA125
10.4.4.1Rise in terrorist activities, crime rate, and data and security breaches to fuel demand for security and safety systems125
10.4.5REST OF APAC125
10.5ROW125
TABLE 125SMART LOCK MARKET IN ROW, BY COUNTRY, 2018–2021 (USD MILLION)125
TABLE 126SMART LOCK MARKET IN ROW, BY COUNTRY, 2022–2027 (USD MILLION)126
TABLE 127SMART LOCK MARKET IN ROW, BY VERTICAL, 2018–2021 (USD MILLION)126
TABLE 128SMART LOCK MARKET IN ROW, BY VERTICAL, 2022–2027 (USD MILLION)126
TABLE 129SMART LOCK MARKET IN MIDDLE EAST & AFRICA, BY VERTICAL,
2018–2021 (USD MILLION)127
TABLE 130SMART LOCK MARKET IN MIDDLE EAST & AFRICA, BY VERTICAL,
2022–2027 (USD MILLION)127
TABLE 131SMART LOCK MARKET IN SOUTH AMERICA, BY VERTICAL,
2018–2021 (USD MILLION)127
TABLE 132SMART LOCK MARKET IN SOUTH AMERICA, BY VERTICAL,
2022–2027 (USD MILLION)128
10.5.1MIDDLE EAST & AFRICA128
10.5.1.1Rising urbanization and increased adoption of IoT-based solutions to boost market growth128
10.5.2SOUTH AMERICA128
10.5.2.1Growing industrialization to create lucrative opportunities for players in South American market128
11COMPETITIVE LANDSCAPE129
11.1OVERVIEW129
11.2MARKET EVALUATION FRAMEWORK129
TABLE 133OVERVIEW OF STRATEGIES DEPLOYED BY KEY SMART LOCK PROVIDERS129
11.2.1PRODUCT PORTFOLIO130
11.2.2REGIONAL FOCUS130
11.2.3MANUFACTURING FOOTPRINT130
11.2.4ORGANIC/INORGANIC GROWTH STRATEGIES130
11.3REVENUE ANALYSIS OF LEADING PLAYERS (2017–2021)130
FIGURE 335-YEAR REVENUE ANALYSIS OF LEADING PLAYERS IN SMART LOCK MARKET130
11.4MARKET SHARE ANALYSIS: SMART LOCK MARKET, 2021131
TABLE 134DEGREE OF COMPETITION131
11.5COMPANY EVALUATION MATRIX132
11.5.1STAR132
11.5.2EMERGING LEADER132
11.5.3PERVASIVE132
11.5.4PARTICIPANT132
FIGURE 34COMPANY EVALUATION MATRIX, 2021133
11.6COMPETITIVE SITUATIONS AND TRENDS134
11.6.1PRODUCT LAUNCHES134
TABLE 135PRODUCT LAUNCHES, JANUARY 2020–NOVEMBER 2021134
11.6.2DEALS135
TABLE 136DEALS, JANUARY 2020–FEBRUARY 2022135
12COMPANY PROFILES139
(Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) *
12.1INTRODUCTION139
12.2KEY PLAYERS139
12.2.1ASSA ABLOY139
TABLE 137ASSA ABLOY: BUSINESS OVERVIEW139
FIGURE 35ASSA ABLOY: COMPANY SNAPSHOT140
TABLE 138ASSA ABLOY: PRODUCT/SOLUTION/SERVICE OFFERINGS141
TABLE 139ASSA ABLOY: DEALS141
12.2.2DORMAKABA144
TABLE 140DORMAKBA: BUSINESS OVERVIEW144
FIGURE 36DORMAKABA: COMPANY SNAPSHOT145
TABLE 141DORMAKABA: PRODUCT/SOLUTION/SERVICE OFFERINGS145
TABLE 142DORMAKABA: DEALS146
TABLE 143DORMAKABA: OTHERS147
12.2.3SPECTRUM BRANDS148
TABLE 144SPECTRUM BRANDS: BUSINESS OVERVIEW148
FIGURE 37SPECTRUM BRANDS: COMPANY SNAPSHOT149
TABLE 145SPECTRUM BRANDS: PRODUCT/SOLUTION/SERVICE OFFERINGS149
TABLE 146SPECTRUM BRANDS: PRODUCT LAUNCHES150
12.2.4SALTO SYSTEMS152
TABLE 147SALTO SYSTEMS: BUSINESS OVERVIEW152
TABLE 148SALTO SYSTEMS: PRODUCT/SOLUTION/SERVICE OFFERINGS152
TABLE 149SALTO SYSTEMS: PRODUCT LAUNCHES153
TABLE 150SALTO SYSTEMS: DEALS153
TABLE 151SALTO SYSTEMS: OTHERS154
12.2.5ALLEGION155
TABLE 152ALLEGION: BUSINESS OVERVIEW155
FIGURE 38ALLEGION: COMPANY SNAPSHOT155
TABLE 153ALLEGION: PRODUCT/SOLUTION/SERVICE OFFERINGS156
TABLE 154ALLEGION: PRODUCT LAUNCHES156
TABLE 155ALLEGION: DEALS157
12.2.6HONEYWELL159
TABLE 156HONEYWELL: BUSINESS OVERVIEW159
FIGURE 39HONEYWELL: COMPANY SNAPSHOT160
TABLE 157HONEYWELL: PRODUCT/SOLUTION/SERVICE OFFERINGS160
12.2.7DAHUA TECHNOLOGY161
TABLE 158DAHUA TECHNOLOGY: BUSINESS OVERVIEW161
FIGURE 40DAHUA TECHNOLOGY: COMPANY SNAPSHOT162
TABLE 159DAHUA TECHNOLOGY: PRODUCT/SOLUTION/SERVICE OFFERINGS163
TABLE 160DAHUA TECHNOLOGY: PRODUCT LAUNCHES163
12.2.8SAMSUNG164
TABLE 161SAMSUNG: BUSINESS OVERVIEW164
FIGURE 41SAMSUNG: COMPANY SNAPSHOT165
TABLE 162SAMSUNG: PRODUCT/SOLUTION/SERVICE OFFERINGS165
TABLE 163SAMSUNG: OTHERS166
12.2.9VIVINT167
TABLE 164VIVINT: BUSINESS OVERVIEW167
FIGURE 42VIVINT: COMPANY SNAPSHOT167
TABLE 165VIVINT: PRODUCT/SOLUTION/SERVICE OFFERINGS168
TABLE 166VIVINT: DEALS168
12.2.10ZKTECO169
TABLE 167ZKTECO: BUSINESS OVERVIEW169
TABLE 168ZKTECO: PRODUCT/SOLUTION/SERVICE OFFERINGS169
TABLE 169ZKTECO: DEALS170
12.3OTHER KEY PLAYERS171
12.3.1IGLOOCOMPANY171
12.3.2REMOTELOCK172
12.3.3ONITY172
12.3.4MASTER LOCK173
12.3.5MIWA LOCK174
12.3.6SENTRILOCK175
12.3.7AVENT SECURITY175
12.3.8HAVENLOCK177
12.3.9SHENZHEN VIANS ELECTRONIC LOCK178
12.3.10ANVIZ GLOBAL178
12.3.11CANDY HOUSE179
12.3.12AMADAS179
12.3.13KEYWE180
12.3.14GATE LABS180
12.3.15DESSMANN SCHLIESSANLAGEN181
*Details on Business Overview, Products Offered, Recent Developments, MnM View, Right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies.
13APPENDIX182
13.1DISCUSSION GUIDE182
13.2KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL185
13.3AVAILABLE CUSTOMIZATIONS187
13.4RELATED REPORTS187
13.5AUTHOR DETAILS188
Urbanization is expected to increase in 600 large cities worldwide by 2025. Emerging nations are also witnessing rapid urbanization with the development of smart cities. In emerging nations, the concentration of industrial development in cities leads to a growing demand for improved infrastructure. This would ultimately lead to the development of several new and renovated educational and healthcare institutions, public administration offices, shopping malls, stores, and warehouses.
Thus, infrastructure development would boost the demand for advanced biometric solutions and smart locks, particularly in technologically advancing countries such as India, China, and Brazil.
The increasing adoption of the Internet of Things has enabled the use of various cyber-physical devices such as smartphones, connected cars, and wearable devices. Smart locks can be operated through the remote servers of the manufacturers of smart locks.
All information regarding the properties of a smart lock and its virtual key is stored in the vendor’s cloud server. Smart locks allow for easy sharing of keys to other authorized persons and unauthorized entry and breakage of the lock to be monitored and reported. However, the vendor cloud server can be attacked through code injection, cross-site scripting, password eavesdropping, and other means. Data communication between a smartphone and a smart lock through the Bluetooth Low Energy (BLE) protocol can also be hacked through a man-in-the-middle (MITM) attack.
“Server locks & latches: The fastest lock type of smart lock market .”
Server locks and latches use server systems based on the cloud to access doors from a remote location. The server cover prevents unauthorized access to the user’s server. Locking the front door (available on some models) avoids unauthorized access to the installed drives. Noke is one of the startups working on this model. The Noke web-based portal provides users with a comprehensive tool to manage lock functions, track digital keys, share real-time data, and even integrate users’ existing platforms.
“Wi-Fi: The fastest communication platform of the smart lock market .”
Wi-Fi is one of the key technologies responsible for the increasing implementation of the IoT in smart locks. Wi-Fi can be accessed through various devices such as smartphones, personal computers, and tablets. These devices can be connected to the Internet through a wireless access point. The Wi-Fi Direct standard enables users to connect any 2 devices without a wireless router. The growth in the adoption of smartphones and tablets has increased the application scope of IoT in smart locks equipped with Wi-Fi connectivity. Key players offering Wi-Fi-based smart locks are LockState (US), Allegion (Ireland), Gate, and ASSA ABLOY (Sweden).
“Touch based: Fastest growing unlocking mechanism of smart lock market”
The touch-based unlocking mechanism in smart locks uses the fingerprint recognition technique. Fingerprint recognition is an effective and simple method for identifying and authenticating individuals. One technology that should be of particular interest to manufacturers in the smart home industry is biometrics. Biometric authentication can complement the new smart home trend and add real value to modern domestic security solutions.
Unlike password-protected smart locks, biometric authentication uses personally identifiable information stored securely on-device (whether the lock itself or a fingerprint-secured access card) for maximum privacy. This makes biometrics difficult to hack and near-impossible to spoof, ensuring that homes stay considerably safer than using password-secured, internet-enabled, or traditional key locks.
“Residential: Fastest vertical of smart lock market”
Smart locks are increasingly used in individual houses to ensure security and safety. Controlled access to allow the entry of only authorized persons is considered the critical function of asset security. Smart locks have become an integral part of smart homes, as they help control the door locks remotely, protecting people and property. The growth of this market can be attributed to the increasing demand for smart homes and rising urbanization across the globe. The growing urban population is increasing the need for better infrastructure equipped with security systems to protect people and proper.
“North America: The largest region in the global smart lock market .”
North America is one of the most technologically advanced regions and is a large market for smart lock technology. The growing awareness about home security solutions, benefits provided by smart locks such as connectivity through smart devices, and their remote access features are driving the regional market’s growth. In addition, the recent upswing in the trend of smart homes, rising adoption of IoT-based services, and the large presence of smart lock vendors are the factors supporting the growth of the smart lock market in North America. The US, Canada, and Mexico are the key countries contributing to the growth of the smart lock market in this region.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs.
The break-up of the primaries is as follows:
•By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
•By Designation: C-level Executives – 75%, and Managers – 25%
•By Region: APAC – 40%, RoW – 30%, Europe – 20%, North America – 10%
Key players operating in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).
Research Coverage:
The report segments the smart lock market and forecasts its size, by value, based on lock type, communication protocol, unlocking mechanism, vertical, and region.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the smart lock market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the smart lock market and provides them information on key market drivers, restraints, challenges, and opportunities. The report also covers COVID-19 impact on smart lock market.
1INTRODUCTION25
1.1STUDY OBJECTIVES25
1.2MARKET DEFINITION AND SCOPE25
1.2.1INCLUSIONS AND EXCLUSIONS26
1.3STUDY SCOPE26
1.3.1MARKETS COVERED26
1.3.2GEOGRAPHIC SCOPE27
1.3.3YEARS CONSIDERED27
1.4CURRENCY27
1.5MARKET STAKEHOLDERS28
1.6SUMMARY OF CHANGES28
2RESEARCH METHODOLOGY29
2.1RESEARCH DATA29
FIGURE 1SMART LOCK MARKET: RESEARCH DESIGN29
2.1.1SECONDARY DATA30
2.1.1.1List of major secondary sources30
2.1.1.2Secondary sources30
2.1.2PRIMARY DATA31
2.1.2.1Primary Expert Interviews31
2.1.2.2Key data from primary sources32
2.1.2.3Key industry insights32
2.1.2.4Breakdown of primaries33
2.1.3SECONDARY AND PRIMARY RESEARCH34
2.2MARKET SIZE ESTIMATION35
FIGURE 2PROCESS FLOW35
2.2.1BOTTOM-UP APPROACH35
2.2.1.1Approach for calculating market share through bottom-up analysis (demand side)35
FIGURE 3MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH36
2.2.2TOP-DOWN APPROACH36
2.2.2.1Approach for calculating market share through top-down analysis (supply side)37
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH37
2.3MARKET RANKING ESTIMATION37
2.4MARKET BREAKDOWN AND DATA TRIANGULATION38
FIGURE 5MARKET BREAKDOWN AND DATA TRIANGULATION38
2.5RESEARCH ASSUMPTIONS39
3EXECUTIVE SUMMARY40
FIGURE 6DEADBOLT LOCKS SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD41
FIGURE 7WI-FI COMMUNICATION PROTOCOL SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD41
FIGURE 8KEYPAD UNLOCKING MECHANISM SEGMENT TO HOLD LARGEST SHARE OF SMART LOCK MARKET IN 202742
FIGURE 9RESIDENTIAL VERTICAL TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD42
FIGURE 10SMART LOCK MARKET IN APAC TO REGISTER HIGHEST CAGR BETWEEN
2022 AND 202743
4PREMIUM INSIGHTS44
4.1ATTRACTIVE OPPORTUNITIES IN SMART LOCK MARKET44
FIGURE 11RISING DEMAND FOR INTERNET-BASED SECURITY SOLUTIONS TO DRIVE GROWTH OF SMART LOCK MARKET44
4.2SMART LOCK MARKET IN NORTH AMERICA, BY COUNTRY AND VERTICAL44
FIGURE 12US AND RESIDENTIAL VERTICAL TO DOMINATE NORTH AMERICAN SMART LOCK MARKET DURING FORECAST PERIOD44
4.3SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY LOCK TYPE45
FIGURE 13SMART LOCK MARKET FOR DEADBOLT LOCKS TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD45
4.4SMART LOCK MARKET, BY COUNTRY45
FIGURE 14CHINA TO ACCOUNT FOR HIGHEST GROWTH RATE IN GLOBAL SMART LOCK MARKET IN 202245
5MARKET OVERVIEW46
5.1INTRODUCTION46
5.2MARKET DYNAMICS46
FIGURE 15SMART LOCK MARKET DYNAMICS46
FIGURE 16DRIVERS AND THEIR IMPACT ON SMART LOCK MARKET47
FIGURE 17OPPORTUNITIES AND THEIR IMPACT ON SMART LOCK MARKET48
FIGURE 18RESTRAINTS & CHALLENGES AND THEIR IMPACT ON SMART LOCK MARKET49
5.2.1DRIVERS49
5.2.1.1Growing security concerns49
5.2.1.2Enhanced features compared with traditional lock systems50
5.2.1.3Rising adoption of smartphones and other connected devices50
5.2.2RESTRAINTS50
5.2.2.1High cost and perception of unreliability50
5.2.2.2Lack of awareness among customers51
5.2.3OPPORTUNITIES51
5.2.3.1Increasing adoption of IoT-based security systems51
5.2.3.2Rapid urbanization in emerging nations51
5.2.3.3Global proliferation of smart cities52
5.2.4CHALLENGES52
5.2.4.1Risk of cyberattacks through smart devices and IoT-enabled devices52
5.3VALUE CHAIN ANALYSIS52
FIGURE 19VALUE CHAIN ANALYSIS: MAJOR VALUE ADDED BY RAW MATERIAL SUPPLIERS AND ORIGINAL EQUIPMENT MANUFACTURERS53
5.4SMART LOCK MARKET ECOSYSTEM54
FIGURE 20SMART LOCK MARKET ECOSYSTEM54
6SMART LOCK MARKET, BY LOCK TYPE55
6.1INTRODUCTION56
FIGURE 21DEADBOLT LOCKS SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD56
TABLE 1SMART LOCK MARKET, BY LOCK TYPE, 2018–2021 (USD MILLION)56
TABLE 2SMART LOCK MARKET, BY LOCK TYPE, 2022–2027 (USD MILLION)57
TABLE 3SMART LOCK MARKET, BY LOCK TYPE, 2018–2021 (MILLION UNITS)57
TABLE 4SMART LOCK MARKET, BY LOCK TYPE, 2022–2027 (MILLION UNITS)58
6.2DEADBOLT LOCKS58
6.2.1INCREASING DEPLOYMENT OF DEADBOLT LOCKS IN RESIDENTIAL SECTOR TO DRIVE MARKET GROWTH58
FIGURE 22RESIDENTIAL VERTICAL TO HOLD LARGEST SHARE OF SMART LOCK MARKET FOR DEADBOLTS DURING FORECAST PERIOD59
TABLE 5SMART LOCK MARKET FOR DEADBOLT LOCKS, BY VERTICAL,
2018–2021 (USD MILLION)59
TABLE 6SMART LOCK MARKET FOR DEADBOLT LOCKS, BY VERTICAL,
2022–2027 (USD MILLION)59
6.3LEVER HANDLES60
6.3.1CONVENIENT STRUCTURE AND THEIR COMPLIANCE WITH US DISABILITIES ACT 1990 TO FUEL DEMAND FOR LEVER HANDLES60
TABLE 7SMART LOCK MARKET FOR LEVER HANDLES, BY VERTICAL,
2018–2021 (USD MILLION)60
TABLE 8SMART LOCK MARKET FOR LEVER HANDLES, BY VERTICAL,
2022–2027 (USD MILLION)60
6.4SERVER LOCKS AND LATCHES61
6.4.1RISING CONCERNS REGARDING CYBERATTACKS TO FUEL DEMAND FOR SERVER LOCKS AND LATCHES61
TABLE 9SMART LOCK MARKET FOR SERVER LOCKS AND LATCHES, BY VERTICAL, 2018–2021 (USD MILLION)61
TABLE 10SMART LOCK MARKET FOR SERVER LOCKS AND LATCHES, BY VERTICAL, 2022–2027 (USD MILLION)61
6.5KNOB LOCKS62
6.5.1GROWING USE OF KNOB LOCKS WITH DEADBOLTS ON EXTERIOR DOORS IN RESIDENTIAL SECTOR TO DRIVE MARKET GROWTH62
TABLE 11SMART LOCK MARKET FOR KNOB LOCKS, BY VERTICAL,
2018–2021 (USD MILLION)62
TABLE 12SMART LOCK MARKET FOR KNOB LOCKS, BY VERTICAL,
2022–2027 (USD MILLION)62
6.6OTHERS63
TABLE 13SMART LOCK MARKET FOR OTHERS, BY VERTICAL,
2018–2021 (USD MILLION)63
TABLE 14SMART LOCK MARKET FOR OTHERS, BY VERTICAL,
2022–2027 (USD MILLION)63
7SMART LOCK MARKET, BY COMMUNICATION PROTOCOL64
7.1INTRODUCTION65
FIGURE 23WI-FI COMMUNICATION PROTOCOL SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD65
TABLE 15SMART LOCK MARKET, BY COMMUNICATION PROTOCOL,
2018–2021 (USD MILLION)65
TABLE 16SMART LOCK MARKET, BY COMMUNICATION PROTOCOL,
2022–2027 (USD MILLION)66
7.2WI-FI66
7.2.1CONNECTIVITY BENEFITS OFFERED BY WI-FI TO DRIVE MARKET GROWTH66
7.3BLUETOOTH67
7.3.1WIDE RANGE, LOW POWER CONSUMPTION, AND HIGH RELIABILITY AND BANDWIDTH FEATURES TO FUEL MARKET GROWTH67
7.4Z-WAVE67
7.4.1GROWING POPULARITY OF RELIABILITY AND HIGH-SPEED FEATURES OF Z-WAVE TO DRIVE MARKET GROWTH67
7.5OTHERS67
7.5.1ZIGBEE67
7.5.2THREAD67
7.5.3NFC67
8SMART LOCK MARKET, BY UNLOCKING MECHANISM68
8.1INTRODUCTION69
FIGURE 24KEYPAD UNLOCKING MECHANISM SEGMENT TO HOLD LARGEST SHARE OF SMART LOCK MARKET IN 202769
TABLE 17SMART LOCK MARKET, BY UNLOCKING MECHANISM,
2018–2021 (USD MILLION)69
TABLE 18SMART LOCK MARKET, BY UNLOCKING MECHANISM,
2022–2027 (USD MILLION)70
8.2KEYPAD70
8.2.1INTEGRATION OF KEYPADS WITH ACCESS CONTROL SYSTEMS TO DRIVE MARKET GROWTH70
8.3CARD KEY71
8.3.1GROWING USE OF RADIO FREQUENCY IDENTIFICATION (RFID) MAGNETIC DOOR LOCKS IN COMMERCIAL OFFICE BUILDINGS TO DRIVE MARKET GROWTH71
8.3.1.1Low frequency71
8.3.1.2High frequency71
8.3.1.3Ultra-high frequency71
8.4TOUCH BASED72
8.4.1GROWING ADOPTION OF AUTOMATED FINGERPRINT IDENTIFICATION SYSTEMS (AFISS) TO FUEL DEMAND FOR FINGERPRINT RECOGNITION SOLUTIONS USED IN SMART LOCK MECHANISM72
8.5KEY FOBS73
8.5.1RISE IN REPLACEMENT OF OLD METAL KEY SYSTEMS WITH ELECTRONIC FOB SYSTEMS TO DRIVE MARKET GROWTH73
8.6SMARTPHONE BASED73
8.6.1GROWING ADOPTION OF SMART HOMES TO INCREASE DEMAND FOR SMARTPHONE-BASED DOOR LOCKING SYSTEMS73
9SMART LOCK MARKET, BY VERTICAL74
9.1INTRODUCTION75
FIGURE 25RESIDENTIAL VERTICAL TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD75
TABLE 19SMART LOCK MARKET, BY VERTICAL, 2018–2021 (USD MILLION)75
TABLE 20SMART LOCK MARKET, BY VERTICAL, 2022–2027 (USD MILLION)76
9.2COMMERCIAL76
9.2.1HOSPITALITY76
9.2.1.1Increasing adoption of smart locks in hotels, vacation rental properties, resorts, casinos, and cruise ships to boost market growth76
9.2.2RETAIL STORES AND MALLS77
9.2.2.1Retail stores and malls segment to witness healthy growth in smart lock market77
9.2.3HEALTHCARE77
9.2.3.1Growing use of smart locks in healthcare sector to ensure access only to authorized users to boost market growth77
9.2.4BANKS AND FINANCIAL CENTRES77
9.2.4.1Increasing trend of biometric and multifactor authentication in banking and financial institutions to drive market growth77
9.2.5ENTERPRISES AND DATA CENTRES78
9.2.5.1Rising demand for security smart cards and biometric access systems to prevent minor security risks in enterprises to drive market growth78
TABLE 21SMART LOCK MARKET, BY COMMERCIAL VERTICAL,
2018–2021 (USD MILLION)78
TABLE 22SMART LOCK MARKET, BY COMMERCIAL VERTICAL,
2022–2027 (USD MILLION)78
TABLE 23SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)79
TABLE 24SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)79
TABLE 25NORTH AMERICA: SMART LOCK MARKET FOR COMMERCIAL VERTICAL,
BY COUNTRY, 2018–2021 (USD MILLION)79
TABLE 26NORTH AMERICA: SMART LOCK MARKET FOR COMMERCIAL VERTICAL,
BY COUNTRY, 2022–2027 (USD MILLION)80
TABLE 27EUROPE: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)80
TABLE 28EUROPE: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)80
TABLE 29APAC: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)81
TABLE 30APAC: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)81
TABLE 31ROW: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY REGION, 2018–2021 (USD MILLION)81
TABLE 32ROW: SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY REGION, 2022–2027 (USD MILLION)82
TABLE 33SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY LOCK TYPE,
2018–2021 (USD MILLION)82
TABLE 34SMART LOCK MARKET FOR COMMERCIAL VERTICAL, BY LOCK TYPE,
2022–2027 (USD MILLION)82
9.3RESIDENTIAL83
9.3.1CONDOMINIUM83
9.3.1.1Growing use of smart locks in condominiums or multi-family apartments to prevent invasion, unauthorized access, theft, and burglary to drive market growth83
9.3.2INDIVIDUAL HOUSES83
9.3.2.1Rising adoption of smart locks by individual house owners to ensure security and safety to drive market growth83
FIGURE 26CONDOMINIUM SEGMENT TO HOLD LARGER SHARE OF SMART LOCK MARKET FOR RESIDENTIAL VERTICAL DURING FORECAST PERIOD83
TABLE 35SMART LOCK MARKET FOR RESIDENTIAL VERTICAL,
2018–2021 (USD MILLION)84
TABLE 36SMART LOCK MARKET FOR RESIDENTIAL VERTICAL,
2022–2027 (USD MILLION)84
FIGURE 27APAC TO REGISTER HIGHEST CAGR IN SMART LOCK FOR RESIDENTIAL VERTICAL DURING FORECAST PERIOD84
TABLE 37SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)85
TABLE 38SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)85
TABLE 39NORTH AMERICA: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL,
BY COUNTRY, 2018–2021 (USD MILLION)85
TABLE 40NORTH AMERICA: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL,
BY COUNTRY, 2022–2027 (USD MILLION)86
TABLE 41EUROPE: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)86
TABLE 42EUROPE: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)86
TABLE 43APAC: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)87
TABLE 44APAC: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)87
TABLE 45ROW: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)87
TABLE 46ROW: SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)88
TABLE 47SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY LOCK TYPE,
2018–2021 (USD MILLION)88
TABLE 48SMART LOCK MARKET FOR RESIDENTIAL VERTICAL, BY LOCK TYPE,
2022–2027 (USD MILLION)88
9.4INSTITUTIONAL & GOVERNMENT89
9.4.1INCREASING DEMAND FOR SMART LOCKS IN GOVERNMENT VERTICAL TO RESTRICT UNAUTHORIZED ENTRIES TO DRIVE MARKET GROWTH89
TABLE 49SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL,
BY REGION, 2018–2021 (USD MILLION)89
TABLE 50SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL,
BY REGION, 2022–2027 (USD MILLION)89
TABLE 51NORTH AMERICA: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)90
TABLE 52NORTH AMERICA: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)90
TABLE 53EUROPE: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)90
TABLE 54EUROPE: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)91
TABLE 55APAC: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)91
TABLE 56APAC: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)91
TABLE 57ROW: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY REGION, 2018–2021 (USD MILLION)92
TABLE 58ROW: SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL, BY REGION, 2022–2027 (USD MILLION)92
TABLE 59SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL,
BY LOCK TYPE, 2018–2021 (USD MILLION)92
TABLE 60SMART LOCK MARKET FOR INSTITUTIONAL & GOVERNMENT VERTICAL,
BY LOCK TYPE, 2022–2027 (USD MILLION)93
9.5TRANSPORTATION & LOGISTICS93
9.5.1RISING ADOPTION OF BIOMETRICS-BASED ACCESS CONTROL USING SMART LOCKS BY AIRPORT OPERATORS TO DRIVE MARKET GROWTH93
TABLE 61SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL,
BY REGION, 2018–2021 (USD MILLION)93
TABLE 62SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL,
BY REGION, 2022–2027 (USD MILLION)94
TABLE 63NORTH AMERICA: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)94
TABLE 64NORTH AMERICA: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)94
TABLE 65EUROPE: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)95
TABLE 66EUROPE: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)95
TABLE 67APAC: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)95
TABLE 68APAC: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)96
TABLE 69ROW: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY REGION, 2018–2021 (USD MILLION)96
TABLE 70ROW: SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL, BY REGION, 2022–2027 (USD MILLION)96
TABLE 71SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL,
BY LOCK TYPE, 2018–2021 (USD MILLION)97
TABLE 72SMART LOCK MARKET FOR TRANSPORTATION & LOGISTICS VERTICAL,
BY LOCK TYPE, 2022–2027 (USD MILLION)97
9.6INDUSTRIAL98
9.6.1MANUFACTURING98
9.6.1.1Increased need for protecting people and properties across manufacturing sites to create growth opportunities for market players98
9.6.2OIL & GAS98
9.6.2.1Ability of smart locks to provide suitable and enhanced security to fuel their demand in oil & gas vertical98
9.6.3ENERGY & POWER98
9.6.3.1Rising demand for smart locks in energy and power vertical to prevent unauthorized access to drive market growth98
TABLE 73SMART LOCK MARKET FOR INDUSTRIAL VERTICAL,
2018–2021 (USD MILLION)98
TABLE 74SMART LOCK MARKET FOR INDUSTRIAL VERTICAL,
2022–2027 (USD MILLION)99
TABLE 75SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)99
TABLE 76SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)99
TABLE 77NORTH AMERICA: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL,
BY COUNTRY, 2018–2021 (USD MILLION)100
TABLE 78NORTH AMERICA: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL,
BY COUNTRY, 2022–2027 (USD MILLION)100
TABLE 79EUROPE: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)100
TABLE 80EUROPE: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)101
TABLE 81APAC: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY COUNTRY, 2018–2021 (USD MILLION)101
TABLE 82APAC: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY COUNTRY, 2022–2027 (USD MILLION)101
TABLE 83ROW: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY REGION,
2018–2021 (USD MILLION)102
TABLE 84ROW: SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY REGION,
2022–2027 (USD MILLION)102
TABLE 85SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY LOCK TYPE,
2018–2021 (USD MILLION)102
TABLE 86SMART LOCK MARKET FOR INDUSTRIAL VERTICAL, BY LOCK TYPE,
2022–2027 (USD MILLION)103
10SMART LOCK MARKET, BY REGION104
10.1INTRODUCTION105
FIGURE 28APAC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD105
TABLE 87SMART LOCK MARKET, BY REGION, 2018–2021 (USD MILLION)105
TABLE 88SMART LOCK MARKET, BY REGION, 2022–2027 (USD MILLION)106
10.2NORTH AMERICA106
FIGURE 29NORTH AMERICA MARKET SNAPSHOT107
TABLE 89SMART LOCK MARKET IN NORTH AMERICA, BY COUNTRY,
2018–2021 (USD MILLION)107
TABLE 90SMART LOCK MARKET IN NORTH AMERICA, BY COUNTRY,
2022–2027 (USD MILLION)108
TABLE 91SMART LOCK MARKET IN NORTH AMERICA, BY VERTICAL,
2018–2021 (USD MILLION)108
TABLE 92SMART LOCK MARKET IN NORTH AMERICA, BY VERTICAL,
2022–2027 (USD MILLION)108
TABLE 93SMART LOCK MARKET IN US, BY VERTICAL, 2018–2021 (USD MILLION)109
TABLE 94SMART LOCK MARKET IN US, BY VERTICAL, 2022–2027 (USD MILLION)109
TABLE 95SMART LOCK MARKET IN CANADA, BY VERTICAL, 2018–2021 (USD MILLION)109
TABLE 96SMART LOCK MARKET IN CANADA, BY VERTICAL, 2022–2027 (USD MILLION)110
TABLE 97SMART LOCK MARKET IN MEXICO, BY VERTICAL, 2018–2021 (USD MILLION)110
TABLE 98SMART LOCK MARKET IN MEXICO, BY VERTICAL, 2022–2027 (USD MILLION)110
10.2.1US111
10.2.1.1US to hold largest share of North American smart lock market111
10.2.2CANADA111
10.2.2.1Growing awareness regarding internet-based safety and security to drive growth of smart lock market in Canada111
10.2.3MEXICO111
10.2.3.1Mexico to be lucrative market for smart locks111
10.3EUROPE111
FIGURE 30EUROPE MARKET SNAPSHOT112
TABLE 99SMART LOCK MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)112
TABLE 100SMART LOCK MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)113
TABLE 101SMART LOCK MARKET IN EUROPE, BY VERTICAL, 2018–2021 (USD MILLION)113
TABLE 102SMART LOCK MARKET IN EUROPE, BY VERTICAL, 2022–2027 (USD MILLION)113
TABLE 103SMART LOCK MARKET IN UK, BY VERTICAL, 2018–2021 (USD MILLION)114
TABLE 104SMART LOCK MARKET IN UK, BY VERTICAL, 2022–2027 (USD MILLION)114
TABLE 105SMART LOCK MARKET IN GERMANY, BY VERTICAL,
2018–2021 (USD MILLION)114
TABLE 106SMART LOCK MARKET IN GERMANY, BY VERTICAL,
2022–2027 (USD MILLION)115
TABLE 107SMART LOCK MARKET IN FRANCE, BY VERTICAL, 2018–2021 (USD MILLION)115
TABLE 108SMART LOCK MARKET IN FRANCE, BY VERTICAL, 2022–2027 (USD MILLION)115
TABLE 109SMART LOCK MARKET IN REST OF EUROPE, BY VERTICAL,
2018–2021 (USD MILLION)116
TABLE 110SMART LOCK MARKET IN REST OF EUROPE, BY VERTICAL,
2022–2027 (USD MILLION)116
10.3.1UK116
10.3.1.1Decline in cost of mobile broadband connection and increasing adoption of cloud infrastructure to boost demand for smart locks in UK116
10.3.2GERMANY117
10.3.2.1Growing adoption of internet-based security systems in various applications to drive market growth in Germany117
10.3.3FRANCE117
10.3.3.1Growing awareness regarding internet-based home security solutions and rising adoption of wireless portable consumer electronics to drive market growth in France117
10.3.4REST OF EUROPE117
10.4APAC117
FIGURE 31APAC MARKET SNAPSHOT118
FIGURE 32CHINA TO HOLD LARGEST SHARE OF APAC SMART LOCK MARKET DURING FORECAST PERIOD119
TABLE 111SMART LOCK MARKET IN APAC, BY COUNTRY, 2018–2021 (USD MILLION)119
TABLE 112SMART LOCK MARKET IN APAC, BY COUNTRY, 2022–2027 (USD MILLION)119
TABLE 113SMART LOCK MARKET IN APAC, BY VERTICAL, 2018–2021 (USD MILLION)120
TABLE 114SMART LOCK MARKET IN APAC, BY VERTICAL, 2022–2027 (USD MILLION)120
TABLE 115SMART LOCK MARKET IN CHINA, BY VERTICAL, 2018–2021 (USD MILLION)120
TABLE 116SMART LOCK MARKET IN CHINA, BY VERTICAL, 2022–2027 (USD MILLION)121
TABLE 117SMART LOCK MARKET IN JAPAN, BY VERTICAL, 2018–2021 (USD MILLION)121
TABLE 118SMART LOCK MARKET IN JAPAN, BY VERTICAL, 2022–2027 (USD MILLION)121
TABLE 119SMART LOCK MARKET IN SOUTH KOREA, BY VERTICAL,
2018–2021 (USD MILLION)122
TABLE 120SMART LOCK MARKET IN SOUTH KOREA, BY VERTICAL,
2022–2027 (USD MILLION)122
TABLE 121SMART LOCK MARKET IN INDIA, BY VERTICAL, 2018–2021 (USD MILLION)122
TABLE 122SMART LOCK MARKET IN INDIA, BY VERTICAL, 2022–2027 (USD MILLION)123
TABLE 123SMART LOCK MARKET IN REST OF APAC, BY VERTICAL,
2018–2021 (USD MILLION)123
TABLE 124SMART LOCK MARKET IN REST OF APAC, BY VERTICAL,
2022–2027 (USD MILLION)123
10.4.1CHINA124
10.4.1.1Increasing industrialization to fuel demand for smart lock systems in China124
10.4.2JAPAN124
10.4.2.1Rapid industrialization and modernization to create lucrative opportunities for market players in Japan124
10.4.3SOUTH KOREA124
10.4.3.1Rising demand for remotely managed and connected security devices to drive market growth in South Korea124
10.4.4INDIA125
10.4.4.1Rise in terrorist activities, crime rate, and data and security breaches to fuel demand for security and safety systems125
10.4.5REST OF APAC125
10.5ROW125
TABLE 125SMART LOCK MARKET IN ROW, BY COUNTRY, 2018–2021 (USD MILLION)125
TABLE 126SMART LOCK MARKET IN ROW, BY COUNTRY, 2022–2027 (USD MILLION)126
TABLE 127SMART LOCK MARKET IN ROW, BY VERTICAL, 2018–2021 (USD MILLION)126
TABLE 128SMART LOCK MARKET IN ROW, BY VERTICAL, 2022–2027 (USD MILLION)126
TABLE 129SMART LOCK MARKET IN MIDDLE EAST & AFRICA, BY VERTICAL,
2018–2021 (USD MILLION)127
TABLE 130SMART LOCK MARKET IN MIDDLE EAST & AFRICA, BY VERTICAL,
2022–2027 (USD MILLION)127
TABLE 131SMART LOCK MARKET IN SOUTH AMERICA, BY VERTICAL,
2018–2021 (USD MILLION)127
TABLE 132SMART LOCK MARKET IN SOUTH AMERICA, BY VERTICAL,
2022–2027 (USD MILLION)128
10.5.1MIDDLE EAST & AFRICA128
10.5.1.1Rising urbanization and increased adoption of IoT-based solutions to boost market growth128
10.5.2SOUTH AMERICA128
10.5.2.1Growing industrialization to create lucrative opportunities for players in South American market128
11COMPETITIVE LANDSCAPE129
11.1OVERVIEW129
11.2MARKET EVALUATION FRAMEWORK129
TABLE 133OVERVIEW OF STRATEGIES DEPLOYED BY KEY SMART LOCK PROVIDERS129
11.2.1PRODUCT PORTFOLIO130
11.2.2REGIONAL FOCUS130
11.2.3MANUFACTURING FOOTPRINT130
11.2.4ORGANIC/INORGANIC GROWTH STRATEGIES130
11.3REVENUE ANALYSIS OF LEADING PLAYERS (2017–2021)130
FIGURE 335-YEAR REVENUE ANALYSIS OF LEADING PLAYERS IN SMART LOCK MARKET130
11.4MARKET SHARE ANALYSIS: SMART LOCK MARKET, 2021131
TABLE 134DEGREE OF COMPETITION131
11.5COMPANY EVALUATION MATRIX132
11.5.1STAR132
11.5.2EMERGING LEADER132
11.5.3PERVASIVE132
11.5.4PARTICIPANT132
FIGURE 34COMPANY EVALUATION MATRIX, 2021133
11.6COMPETITIVE SITUATIONS AND TRENDS134
11.6.1PRODUCT LAUNCHES134
TABLE 135PRODUCT LAUNCHES, JANUARY 2020–NOVEMBER 2021134
11.6.2DEALS135
TABLE 136DEALS, JANUARY 2020–FEBRUARY 2022135
12COMPANY PROFILES139
(Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) *
12.1INTRODUCTION139
12.2KEY PLAYERS139
12.2.1ASSA ABLOY139
TABLE 137ASSA ABLOY: BUSINESS OVERVIEW139
FIGURE 35ASSA ABLOY: COMPANY SNAPSHOT140
TABLE 138ASSA ABLOY: PRODUCT/SOLUTION/SERVICE OFFERINGS141
TABLE 139ASSA ABLOY: DEALS141
12.2.2DORMAKABA144
TABLE 140DORMAKBA: BUSINESS OVERVIEW144
FIGURE 36DORMAKABA: COMPANY SNAPSHOT145
TABLE 141DORMAKABA: PRODUCT/SOLUTION/SERVICE OFFERINGS145
TABLE 142DORMAKABA: DEALS146
TABLE 143DORMAKABA: OTHERS147
12.2.3SPECTRUM BRANDS148
TABLE 144SPECTRUM BRANDS: BUSINESS OVERVIEW148
FIGURE 37SPECTRUM BRANDS: COMPANY SNAPSHOT149
TABLE 145SPECTRUM BRANDS: PRODUCT/SOLUTION/SERVICE OFFERINGS149
TABLE 146SPECTRUM BRANDS: PRODUCT LAUNCHES150
12.2.4SALTO SYSTEMS152
TABLE 147SALTO SYSTEMS: BUSINESS OVERVIEW152
TABLE 148SALTO SYSTEMS: PRODUCT/SOLUTION/SERVICE OFFERINGS152
TABLE 149SALTO SYSTEMS: PRODUCT LAUNCHES153
TABLE 150SALTO SYSTEMS: DEALS153
TABLE 151SALTO SYSTEMS: OTHERS154
12.2.5ALLEGION155
TABLE 152ALLEGION: BUSINESS OVERVIEW155
FIGURE 38ALLEGION: COMPANY SNAPSHOT155
TABLE 153ALLEGION: PRODUCT/SOLUTION/SERVICE OFFERINGS156
TABLE 154ALLEGION: PRODUCT LAUNCHES156
TABLE 155ALLEGION: DEALS157
12.2.6HONEYWELL159
TABLE 156HONEYWELL: BUSINESS OVERVIEW159
FIGURE 39HONEYWELL: COMPANY SNAPSHOT160
TABLE 157HONEYWELL: PRODUCT/SOLUTION/SERVICE OFFERINGS160
12.2.7DAHUA TECHNOLOGY161
TABLE 158DAHUA TECHNOLOGY: BUSINESS OVERVIEW161
FIGURE 40DAHUA TECHNOLOGY: COMPANY SNAPSHOT162
TABLE 159DAHUA TECHNOLOGY: PRODUCT/SOLUTION/SERVICE OFFERINGS163
TABLE 160DAHUA TECHNOLOGY: PRODUCT LAUNCHES163
12.2.8SAMSUNG164
TABLE 161SAMSUNG: BUSINESS OVERVIEW164
FIGURE 41SAMSUNG: COMPANY SNAPSHOT165
TABLE 162SAMSUNG: PRODUCT/SOLUTION/SERVICE OFFERINGS165
TABLE 163SAMSUNG: OTHERS166
12.2.9VIVINT167
TABLE 164VIVINT: BUSINESS OVERVIEW167
FIGURE 42VIVINT: COMPANY SNAPSHOT167
TABLE 165VIVINT: PRODUCT/SOLUTION/SERVICE OFFERINGS168
TABLE 166VIVINT: DEALS168
12.2.10ZKTECO169
TABLE 167ZKTECO: BUSINESS OVERVIEW169
TABLE 168ZKTECO: PRODUCT/SOLUTION/SERVICE OFFERINGS169
TABLE 169ZKTECO: DEALS170
12.3OTHER KEY PLAYERS171
12.3.1IGLOOCOMPANY171
12.3.2REMOTELOCK172
12.3.3ONITY172
12.3.4MASTER LOCK173
12.3.5MIWA LOCK174
12.3.6SENTRILOCK175
12.3.7AVENT SECURITY175
12.3.8HAVENLOCK177
12.3.9SHENZHEN VIANS ELECTRONIC LOCK178
12.3.10ANVIZ GLOBAL178
12.3.11CANDY HOUSE179
12.3.12AMADAS179
12.3.13KEYWE180
12.3.14GATE LABS180
12.3.15DESSMANN SCHLIESSANLAGEN181
*Details on Business Overview, Products Offered, Recent Developments, MnM View, Right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies.
13APPENDIX182
13.1DISCUSSION GUIDE182
13.2KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL185
13.3AVAILABLE CUSTOMIZATIONS187
13.4RELATED REPORTS187
13.5AUTHOR DETAILS188
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