Rising Trend of Digitalization and Increasing Demand for Safety is driving the Smart Lock Market

Smart Lock
  • Smart Lock Market

As stated in our extensive report, providing insights on product and procedure the global {keyword} market accounted for USD USD 1,863.8 Million billion in 2021.

Information and Communications Technology (ICT) has drastically changed how people work, communicate, learn and live. The rise of so- called big data and the Internet of Things (IoT) fuels growth of ICTs, and ICTs are shaping the business landscape with new innovations as well as old innovations which have made comeback.

Smart lock is an electromechanical device that performs locking/unlocking operations using wireless protocols. Wired networks were previously replaced by wireless communications as they tend to provide more flexibility and extensibility with an easy installation

The crucial drivers driving the smart locks market trends are the increasing demand for safety and security. Smart locks have been emerging high potential as they contribute maximum safety with just a click of a button. These locks have high sensitivity and programming and hence are difficult for hackers to hack. The factor driving the demand is increasing market for smart homes. Smart homes are just a bigger picture including digitalization and security. Thus, the Smart Lock Market is gaining a huge potential in the forecast period.

Smart Lock Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Smart Lock Market.

Asia Pacific is expected to grow at the fastest CAGR in coming years owing to high demand for smart locks. The market growth can be attributed to the changing lifestyle and increasing demand for security and safety in the region. Meanwhile, the Asia Pacific is predicted to be the fastest growing region, with emerging economies such as India and China driving the market growth. The growing western influence in the region, improving living standards, and the growing awareness pertaining to the health benefits associated with smart lock installation are estimated to aid the market growth in the forecast period.

Developing economies like India, China, and the Middle East are expected to gain huge market for smart locks owing to increasing population and use of smart homes. Asia Pacific held the largest share of the Smart Lock Market in 2021, followed by Europe and North America.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability R&D facilities, underdeveloped IT infrastructure and social constraints.

Major players of the {keyword} market such as 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), and ZKTECO CO., LTD. (China).