A smart lock is an electromechanical lock which is designed to perform locking and unlocking operations on a door when it receives such instructions from an authorized device using a wireless protocol and a cryptographic key to execute the authorization process. It also monitors access and sends alerts for the different events it monitors and some other critical events related to the status of the device.
Smart locks are able to grant or deny access remotely via a mobile app. Certain smart locks include a built-in WiFi connection that allows for monitoring features such as access notifications or cameras to show the person requesting access.
Recently MarketIntelReports published a research report on Global Smart Locks Industry with covering detailed analysis on market segmentation, global notable vendors, geographical outlook, price & financial updates, segment & application approach and future forecasts.
Browse 153 pages Global Smart Locks Market Research Report
A number of emerging devices have attributed to the upsurge of global smart homes over the last few years. Smart locks is expected to be one of the utmost promising offering among all the devices over the succeeding years. Smart locks is not a completely novel industry. There has been efforts to revolutionize the traditional locks and key with numerical keypad locks. In smart locks, instead of accessing the lock with you keys, you can control access to the lock using a phone, wireless key fob or even distantly over the internet.
Key Drivers of Market:
The key drivers driving the growth of global smart locks are increased popularity of smart home services coupled with smartphone penetration, which is expected to reach saturation points in the next two to three years. Some of the other factors driving the growth of global smart lock includes its various advantages such as allowing users to grant others access to their locks directly from their phones, convenience of being able to walk up to a door and have it automatically unlock without having to reach for one’s keys and many others. One of the major challenge for global smart locks market is the issue of one’s phone potentially dying. In such a scenario, a physical key still works.
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North America is expected to be the largest market for global smart locks. Future market is looking favorable for Asia – Pacific, especially in countries such as India, China and Japan. Smart Locks market is predicted to expand at a stable rate in other regions of the world as a result of a decelerating worldwide economy in these regions.
Some of the prominent players in the current market are AT&T Intellectual Property, Comcast, Lowe’s Companies, Inc., Staples, Inc., UniKey Technologies, Inc., Yale Real Living, MIWA Lock Co. and HAVEN among many others.
The report analyzed the world’s main region market conditions, including the product price, profit, capacity, production, capacity utilization, supply, demand and industry growth rate etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
The study includes the demand of this market on a global and regional level for a six year period 2015 to 2020, both in terms of volume and revenue.
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