U.S (New York) – New research study titled “Smart Locks Market” for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter’s Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.
Smart locks are keyless electronic locks that use Wi-Fi or Bluetooth to interact with the other electronic devices, such as thermostat, air conditioners, CCTV, and others. The locking and unlocking operations are performed with a keyless fob or through various smart lock apps installed on the user’s smartphone. It operates with authenticated authorized instruction and devices either by wireless protocol or cryptographic key.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The smart lock technology uses Internet of Things (IoT) and internet connectivity to identify the user and provide remote access & control to the user using a digital interface. This technology provides advanced methodology over traditional key-based locks and is used to secure the personal property and belongings from theft and burglaries. It works on both Wi-Fi and Bluetooth that makes it beneficial in variety of crucial applications, such as government office security, residential security, surveillance in offices & enterprises, and others. Proactive government initiatives to standardize security technologies and rapid urbanization & infrastructural developments in the emerging countries are expected to foster the market growth in the commercial and residential sector. The residential segment is expected to grow at a CAGR of 17.8% during the forecast period.
The smart locks market is driven by growth in applications in the commercial, residential, and government sectors. Furthermore, the increase in need for enhanced security systems in the organizations and usage of portable connected smart devices are the other key factors that accelerate the smart locks industry growth. However, smart locks have their own limitations, such as high initial investments and high cost of devices, insecurity towards privacy intrusion, and loss of smartphones. Broader technology trends, growth in popularity of smart home & smart technology, and convenience have created growth opportunities for key players operating in the electronic locks market.
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Smart locks market is segmented on the basis of product type, technology, end user, and geography. Based on product type, it is classified into deadbolts, lever handles, padlocks, and others. Further, the others segment includes footplate locks, rim latches, and wall mounted locks. On the basis of technology, it is bifurcated into Wi-Fi and Bluetooth. In 2016, the Bluetooth technology accounted for about 58% share in the global smart locks market. Based on end user include commercial and residential sectors. Enterprises, government institutions, research labs, and others are considered under the commercial sector.
The global smart locks market is analyzed based on four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America is expected to dominate the global market during the analysis period, owing to the presence of large number of established smart lock manufacturers in the U.S., Canada, and Mexico. The Asia-Pacific market is expected to grow at a significant rate in the near future on account of the surge in working population, spiraling technology hubs, and blooming smart homes industry.
KEY BENEFITS
This report provides quantitative and qualitative analyses of the current market trends and estimations from 2016 to 2023, which assist to identify the prevailing market opportunities in different product segments.
It outlines the current trends and future scenarios to determine the overall market potential and gain stronger market foothold.
Key drivers, restraints, and opportunities and their detailed impact analysis have been elucidated.
Smart locks market trends of major countries in each region are mapped according to the estimated revenue.
Porter’s Five Forces model illustrates the threat of new entrants & substitutes and strength of the buyers & suppliers.
Key manufactures of smart locks products are profiled and their recent developments are listed.
Key Market Players
Schlage
Honeywell International Inc.
Panasonic Corporation
Vivint, Inc.
ASSA ABLOY AB
UniKey Technologies Inc.
Haven Lock, Inc.
August Home
Spectrum Brands, Inc.
Samsung SDS Co. Ltd.
Other companies mentioned in the report
Indiegogo, Inc.
WEISER
SentriLock, LLC.
Okidokeys
Cansec Systems Ltd.
Foshan Junteng
Allegion plc
MIWA Lock Co.
Master Lock Company LLC.
Key Market Segments
By Product
Deadbolts
Lever Handles
Padlocks
Others
By Technology
Bluetooth
Wi-Fi
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By End User
Residential
Commercial
By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Italy
Germany
France
Rest of Europe
Asia-Pacific
China
India
Japan
Singapore
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Market Dynamics:
Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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