Smart lock is a type of locking mechanism which is equipped with various connectivity features such as Wi-Fi, Bluetooth or other connectivity protocols. These locks provide locking, unlocking access upon the authorization it receives from a device connected to the lock with the help of various wireless connectivity protocols. These locks also include a back-up key insertion/text/code authorization system. These locks are utilized for automation of security and helps in developing more secure smart homes. These locks generally require users to install certain apps or utilize the manufacturers website to gain access. These locks keep a log of all the accesses, even taking virtual captures of users gaining access.
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The main factors behind the growth of the market are:
The market is segmented on the basis of market type as deadbolt, lever/knob, padlocks, others; unlocking mechanism as keypad, app based, hybrid/integrated, touch to open; communication is based on Bluetooth, Wi-Fi, other protocols; application is segmented into industrial, residential, institution & government, commercial.
Some of the recent market developments are as follows:
“According to Data Bridge Market Research, global smart lock market is growing at a healthy CAGR of 13.46% during the forecast period of 2018 to 2025”
Some of the major players operating in the market are ASSA ABLOY, Allegion plc, dormakaba Holding, Spectrum Brands, Inc., Onity, Cansec Systems Ltd., Master Lock Company LLC. , Safewise. , Spectrum Brands, Inc., Schlage, Havenlock Inc., Home Inc., Kwikset, Vivint Inc., Apigy Inc.,Schlage, Samsung Sdsco. Ltd and many more.
The market is undergoing growth at a healthy rate caused by the expansion of IoT-based security infrastructure and solutions. This essentially means that the traditional locks that many of the individuals were utilizing are being replaced with modern, more secure connected offerings. These locks exhibit connectivity features and characteristics which help the users gain access with the help of their smartphones while also keeping a log of all the users/individuals gaining access.
Global Smart Lock Market -Industry Trends and Forecast to 2025