A smart lock is a mechanical and electrical locking system that performs a locking and unlocking function upon receiving instructions from an authorized user. These instructions are transferred from smartphones, mobile devices and tablets over a Wi-Fi or Bluetooth connection. Smart locks are used to provide SMS and email notifications and provide a picture of the person at the door. Smart locks are an integral part of a smart home, allowing homeowners to enter the house without the need for a traditional key. Many smart locks use a mobile app or website that allows the owner to grant access to a third party by submitting a virtual key. Some smart locks are equipped with a camera, which provides a picture of people entering the door.

Market Dynamics:

Growing adoption of smart home technologies is the factor driving  growth of the global smart locks market during the forecast period. The smart home locks provides automation and access capabilities to users from smartphones, tablets, and other devices. Rise in lifestyle of urban households has increased the demand for smart locks devices to monitor homes. Smart locks are also providing security due to rising number of threats along with the development of smart cities in the residential and urban sectors. Moreover, Owing to rising urbanization, disposable income and growth of IoT technology people are accepting smart based technologies for daily life functioning. Implementation of smart technology  such as cloud based locking and unlocking allow the user to access locks through virtual device which in turn increases the demand of global smart locks market. For instance, companies such as August Home and Danalock International ApS are focusing on implementing latest technologies such as automatic unlocking mechanism and touch sensors in their products. .Therefore, advancements in technology are expected to boost the market growth over the forecast period.

Key features of the study:

• This report provides an in-depth analysis of the global smart locks market and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023-2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global smart locks market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered in the global smart locks market includes
• These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
• The global smart locks market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global smart locks market.

Detailed Segmentation:

• Global Smart Locks Market, By Product Type:
  • Deadbolt
  • Lever/Knob
• Global Smart Locks Market, By Unlocking Mechanism:
  • Keyboard
  • Touchscreen
  • App Based
  • Hybrid/Integrated
• Global Smart Locks Market, By Application:
  • Government
  • Commercial
  • Industrial
  • Residential
• Company Profiles:
  • Apigy Inc. (Lockitron)
  • Schlage
  • Kwikset
  • Honeywell International Inc.
  • Havenlock Inc.
  • Panasonic Corporation
  • Samsung SDS Co., Ltd
  • Vivint, Inc.
  • August Home Inc.
  • Assa Abloy Group