The smart locks market was valued at US$ 1.44 billion in 2019 and is projected to reach US$ 4.10 billion by 2027; it is expected to grow at a CAGR of 14.2% during 2020–2027.
The increasing trend and implementation of the Internet of Things (IoT), and growing concern related to security and privacy are boosting the adoption of smart home security devices across the world. The escalating consumer awareness regarding the advantages of the advanced security solutions is anticipated to positively influence the product sales worldwide. Moreover, upsurge in the number of smartphone users worldwide is further boosting the deployment of smart locks in the last few years owing to enhanced benefits such as easy user interface and convenience to the users. The ever increasing awareness related to secure home solutions, the constant development of smart devices such as smartphones, rising disposable income of consumers, and booming internet services are some of the foremost factors driving the growth of the smart locks market
The smart locks offer comfort in their usage along with the integration of communication technology such as Bluetooth, Wi-Fi, and NFC. The usage of smartphones has become an integral part of today's routines across emerging economies, as large number of users are acquiring these smart devices to ease their daily routines, this factor is further contributing to the growth of the smart locks market at a significant pace. A steady growth in the adoption of portable security devices, a rise in security threats, and the development of smart cities are some of the other factors driving the smart locks market. Nevertheless, the high cost of devices, misplace of smartphones, and fear of privacy intrusion are expected to hinder the market growth. Additionally, the emerging popularity of smart technology is projected to offer new opportunities for the smart locks manufacturers during the forecast period. Various other technologies such as the code words, ID codes, mechanical locks, passwords, and paper slips are being used before the emergence of smart locks, thus maintaining these technologies was a tedious job and had a high possibility of data loss or theft. The smart locks work on the principle of IoT connectivity, which allows the easy synchronization with the user's smartphone for access control.
IMPACT OF COVID-19 ON SMART LOCKS MARKET
According to latest situation report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As per latest WHO figures for 25th June 2020, there are around 9.28 million confirmed COVID-19 cases globally with ~478,691total deaths and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 also. The global electronic and semiconductor industry is one of the major industry that is suffering serious disruptions due to coronavirus crisis is impacting the growth of global smart locks Market. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the smart locks market.
Lucrative Regions for Smart Locks Market
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Market Insights–Smart Locks Market
Increasing Adoption of Smartphone
The growing adoption of smartphones in developing markets creates new and exciting opportunities for various ongoing technological developments. The smartphone adoption has an enormous impact on the smart lock technology industry. The rising smartphone penetration is stimulating the growth of connected devices, which allow users to remotely access their door locks and operate with the help of several connected mobile apps. Security managers had a choice between PIN codes and smart cards; however, smartphone’s proliferation to the point of ubiquity has offered a new option to the manufacturers; access to smartphones is more secure than traditional keys. Smart locks provide wireless connectivity, which can send security alerts to the user on smartphones, allowing them to monitor the systems remotely. Smart locks integrated with IoT sensors help to collect valuable information into smartphones; the data collected helps to reduce risks and possibilities of any burglary or theft. Hence, huge adoption of smartphone across all the regions are fueling the growth of the global smart locks market.
Companies in the market are introducing advanced smart locks, which can be accessed via user’s smartphone at anytime, anywhere. The growing smartphone penetration across the world is empowering smart locks manufacturers to offer wireless connected solutions to their customers. Some of the developments are listed below:
In June 2019, Xiaomi, a Chinese electronics giant, announced the launch of its MIJIA smart door lock with a push-pull release. The company’s push-pull design incorporates the fingerprint module with the door handle; hence, one can unlock the door with the finger-based sensor by eliminating the need for physical keys. The smart lock is also connected with a smartphone, which sends alerts to the users if the door is unable to pulled out.
In January 2019, Kwikset, an American lock manufacturer, announced Wi-Fi-based smart locks called Halo. These smart locks are built to connect with the user’s existing Wi-Fi and runs without a third-party subscription service. The company offers an application, where users can remotely monitor lock status, handle guest user access, and remotely unlock and lock door from their smartphones.
In January 2020, Netatmo, a French company, announced a launch of a cylinder door lock, which can be used with the smartphone to open the door.
Type based Insights
Based on type, the smart locks market is segmented into padlocks, deadbolts, lever handle, and others. The standard padlocks are keyless, comprises an 8mm boron-hardened shackle that offers locking power from anywhere. The padlocks provided by the manufacturers are crafted with robust materials, severely tested, and certified, to simplify access control of the specific place. These padlocks are smart and powerful, which are manufactured in such a way that they offer tamper-resistant security, across many industries and are accessible from any smartphones. Initially, the padlocks were integrated with rotary or dial locks, but with technological advancement, the new wave of smart models were launched with enhanced features like fingerprint sensors. These smart padlocks are waterproof and are charged with a micro USB cable; once charged on standby, the battery will last for a month. In case of any technical issues, the user can easily unlock the door through the app, by inputting an emergency PIN on the lock, or by scanning a QR code.
Communication Technology-Based Insights
Based on communication technology, the smart locks market is segmented into Wi-Fi, Bluetooth, NFC, and Others. The smart locks can be locked and opened with the use of key code & turnkey; however, with an advanced Wi-Fi technology, the user can receive alerts in case of any unexpected entries in the home. The Wi-Fi-connected keypad locks permit the user to remotely unlock and lock the door with the help of a web-enabled device. Smart locks are easily installed and can be attached to the existing deadbolt lock on the door to keep the original keys along with the new key which has built-in Wi-Fi; thus, the locks do not require any additional bridge to connect it with the Wi-Fi. The integration of Wi-Fi technology into door lock offers full voice control along with remote access functionality. For instance, in 2020, Weiser (Spectrum Brands Holdings, Inc.) announced the addition of Wi-Fi enabled smart Locks called Halo Touch- a Wi-Fi Smart lock. This new smart lock offers a secured and convenient smart home experience, and also provides homeowners access to their home through fingerprint.
Application-Based Insights
Based on application, the smart locks market is segmented into residential, commercial, and industrial. The rising concern among the population regarding their safety and security, is the main factor leading to the adoption of smart locks globally. The increasing number of local thefts is encouraging the masses to integrate smart locks in their houses, which permit an advanced security system. The users are progressively adopting and integrating its smart locks with the smartphone functionalities to keep them interconnected via the internet to receive notifications and continuously monitor the entries and exits.
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Smart Locks Market: Strategic Insights
Market Size Value in US$ 1.44 billion in 2019 Market Size Value by US$ 4.10 Billion by 2027 Growth rate CAGR of 14.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Smart Locks Market: Strategic Insights
| Market Size Value in | US$ 1.44 billion in 2019 |
| Market Size Value by | US$ 4.10 Billion by 2027 |
| Growth rate | CAGR of 14.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, Vivint Smart Home, Inc. and MosaicAcquisition Corp. announced the completion of the previously announcedtransaction between Vivint and Mosaic, which results in Vivint becoming apublicly-traded company. The merger was valued at US$ 4.2 billion, includingadditional equity of $488 million.
- In 2019, Schlage’s new smart lock, the SchlageEncode Smart Wi-Fi Deadbolt, Brilliant’s Smart Home Control. This will providethe users with complete access control to lock and unlock their doors directlyfrom any wall-mounted Brilliant Control orby utilizing voice commands throughintegration with Amazon Alexa.
The Global Smart Locks Market has been segmented as Follows:
Smart Locks Market –By Type
- Padlocks
- Deadbolts
- Lever Handle
- Others
Smart Locks Market –By Communication Technology
- Wi-Fi
- NFC
- Bluetooth
- Others
Smart Locks Market –By Application
- Residential
- Commercial
- Industrial
By Geography
North America
- U.S.
- Illinois
- Ohio
- Michigan
- Indiana
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Russia
- UK
- Rest of Europe
Asia Pacific (APAC)
- South Korea
- Australia
- China
- Taiwan
- Japan
- Rest of Asia-Pacific
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Rest of MEA
Smart Locks Market- Companies Profiles
- Amadas, Inc.
- HAVENLock
- Honeywell International Inc.
- August Home
- SAMSUNG
- Vivint, Inc.
- Wyze Labs, Inc.
- U-tec Group Inc.
- Schlage
- GANTNER Electronic GmbH
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Communication Technology, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Smart LocksMarket – By Type
1.3.2 Smart LocksMarket – By Communication Technology
1.3.3 Smart LocksMarket – By Application
1.3.4 Smart LocksMarket- By Region
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Smart Locks Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 Middle East andAfrica
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 FiRa and CCCkeys as future technology
5. Smart Locks Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 IncreasingAdoption of Smartphone
5.1.2 Rising Demandfor Home Automation
5.2 Market Restraints
5.2.1 Lack ofAwareness Among Customers
5.3 Market Opportunities
5.3.1 Growing Adoptionof IoT in Security Systems
5.4 Future Trends
5.4.1 Voice-ControlledTechnology Integration in Smart Locks for Enhanced Capabilities
5.5 Impact Analysis of Drivers and Restraints
6. Smart Locks Market – Global Analysis
6.1 Smart Locks Market Global Overview
6.2 Smart Locks Market – Revenue and Forecast to 2027 (US$ Billion)
6.3 Market Positioning – Global Key Players
7. Smart Locks Market Analysis – By Component
7.1 Overview
7.2 Smart Locks Market Breakdown, by Component, 2019 & 2027
7.3 Padlocks
7.3.1 Overview
7.3.2 Padlocks: SmartLocks Market –Revenue and Forecast to 2027 (US$ Million)
7.4 Deadbolts
7.4.1 Overview
7.4.2 Deadbolts: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
7.5 Lever Handle
7.5.1 Overview
7.5.2 Lever Handle:Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
8. Smart Locks Market Analysis – By Communication Technology
8.1 Overview
8.2 Smart Locks Market Breakdown, by Communication Technology, 2019& 2027
8.3 Wi-Fi
8.3.1 Overview
8.3.2 Wi-Fi : SmartLocks Market –Revenue and Forecast to 2027 (US$ Million)
8.4 Bluetooth
8.4.1 Overview
8.4.2 Bluetooth: SmartLocks Market –Revenue and Forecast to 2027 (US$ Million)
8.5 NFC
8.5.1 Overview
8.5.2 NFC: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: SmartLocks Market –Revenue and Forecast to 2027 (US$ Million)
9. Smart Locks Market Analysis – By Application
9.1 Overview
9.2 Smart Locks Market Breakdown, by Application, 2019 & 2027
9.3 Residential
9.3.1 Overview
9.3.2 Residential:Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
9.4 Commercial
9.4.1 Overview
9.4.2 Commercial:SMART LOCKS Market –Revenue and Forecast to 2027 (US$ Million)
9.5 Industrial
9.5.1 Overview
9.5.2 Industrial:Smart Locks Market –Revenue and Forecast to 2027 (US$ Million)
10. Smart Locks Market – Geographic Analysis
10.1 Overview
10.2 North America: Smart Locks Market
10.2.1 North America:Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
10.2.2 North America:Smart Locks Market, by Type
10.2.3 North America:Smart Locks Market, by Communication Technology
10.2.4 North America:Smart Locks Market, by Application
10.2.5 North America:Smart Locks Market, by Key Country
10.2.5.1 US: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.2.5.1.1 US: Smart LocksMarket, by Type
10.2.5.1.2 US: Smart LocksMarket, by Communication Technology
10.2.5.1.3 US: Smart LocksMarket, by Application
10.2.5.2 Canada: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.2.5.2.1 Canada: Smart LocksMarket, by Type
10.2.5.2.2 Canada: Smart LocksMarket, by Communication Technology
10.2.5.2.3 Canada: Smart LocksMarket, by Application
10.2.5.3 Mexico: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.2.5.3.1 Mexico: Smart LocksMarket, by Type
10.2.5.3.2 Mexico: Smart LocksMarket, by Communication Technology
10.2.5.3.3 Mexico: Smart LocksMarket, by Application
10.3 Europe: Smart Locks Market
10.3.1 Europe: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.3.2 Europe: Smart LocksMarket, by Type
10.3.3 Europe: Smart LocksMarket, by Communication Technology
10.3.4 Europe: Smart LocksMarket, by Application
10.3.5 Europe: Smart LocksMarket, by Key Country
10.3.5.1 Germany: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.3.5.1.1 Germany: Smart LocksMarket, by Type
10.3.5.1.2 Germany: Smart LocksMarket, by Communication Technology
10.3.5.1.3 Germany: Smart LocksMarket, by Application
10.3.5.2 France: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.3.5.2.1 France: Smart LocksMarket, by Type
10.3.5.2.2 France: Smart LocksMarket, by Communication Technology
10.3.5.2.3 France: Smart LocksMarket, by Application
10.3.5.3 Italy: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.3.5.3.1 Italy: Smart LocksMarket, by Type
10.3.5.3.2 Italy: Smart LocksMarket, by Communication Technology
10.3.5.3.3 Italy: Smart LocksMarket, by Application
10.3.5.4 UK: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.3.5.4.1 UK: Smart LocksMarket, by Type
10.3.5.4.2 UK: Smart LocksMarket, by Communication Technology
10.3.5.4.3 UK: Smart Locks Market,by Application
10.3.5.5 Russia: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.3.5.5.1 Russia: Smart LocksMarket, by Type
10.3.5.5.2 Russia: Smart LocksMarket, by Communication Technology
10.3.5.5.3 Russia: Smart LocksMarket, by Application
10.3.5.6 Rest of Europe:Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
10.3.5.6.1 Rest of Europe:Smart Locks Market, by Type
10.3.5.6.2 Rest of Europe:Smart Locks Market, by Communication Technology
10.3.5.6.3 Rest of Europe:Smart Locks Market, by Application
10.4 APAC: Smart Locks Market
10.4.1 APAC: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.4.2 APAC: Smart LocksMarket, by Type
10.4.3 APAC: Smart LocksMarket, by Communication Technology
10.4.4 APAC: Smart LocksMarket, by Application
10.4.5 APAC: Smart LocksMarket, by Key Country
10.4.5.1 China: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.4.5.1.1 China: Smart LocksMarket, by Type
10.4.5.1.2 China: Smart LocksMarket, by Communication Technology
10.4.5.1.3 China: Smart LocksMarket, by Application
10.4.5.2 India: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.4.5.2.1 India: Smart LocksMarket, by Type
10.4.5.2.2 India: Smart LocksMarket, by Communication Technology
10.4.5.2.3 India: Smart LocksMarket, by Application
10.4.5.3 Japan: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.4.5.3.1 Japan: Smart LocksMarket, by Type
10.4.5.3.2 Japan: Smart LocksMarket, by Communication Technology
10.4.5.3.3 Japan: Smart LocksMarket, by Application
10.4.5.4 South Korea: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.4.1 South Korea: SmartLocks Market, by Type
10.4.5.4.2 South Korea: SmartLocks Market, by Communication Technology
10.4.5.4.3 South Korea: SmartLocks Market, by Application
10.4.5.5 Australia: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.5.1 Australia: SmartLocks Market, by Type
10.4.5.5.2 Australia: SmartLocks Market, by Communication Technology
10.4.5.5.3 Australia: SmartLocks Market, by Application
10.4.5.6 Rest of APAC: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.6.1 Rest of APAC: SmartLocks Market, by Type
10.4.5.6.2 Rest of APAC: SmartLocks Market, by Communication Technology
10.4.5.6.3 Rest of APAC: SmartLocks Market, by Application
10.5 MEA: Smart Locks Market
10.5.1 MEA: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.5.2 MEA: Smart LocksMarket, by Type
10.5.3 MEA: Smart Locks Market,by Communication Technology
10.5.4 MEA: Smart LocksMarket, by Application
10.5.5 MEA: Smart LocksMarket, by Key Country
10.5.5.1 South Africa: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
10.5.5.1.1 South Africa: SmartLocks Market, by Type
10.5.5.1.2 South Africa: SmartLocks Market, by Communication Technology
10.5.5.1.3 South Africa: SmartLocks Market, by Application
10.5.5.2 Saudi Arabia: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
10.5.5.2.1 Saudi Arabia: SmartLocks Market, by Type
10.5.5.2.2 Saudi Arabia: SmartLocks Market, by Communication Technology
10.5.5.2.3 Saudi Arabia: SmartLocks Market, by Application
10.5.5.3 UAE: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.5.5.3.1 UAE: Smart LocksMarket, by Type
10.5.5.3.2 UAE: Smart LocksMarket, by Communication Technology
10.5.5.3.3 UAE: Smart LocksMarket, by Application
10.5.5.4 Rest of MEA: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
10.5.5.4.1 Rest of MEA: Smart LocksMarket, by Type
10.5.5.4.2 Rest of MEA: SmartLocks Market, by Communication Technology
10.5.5.4.3 Rest of MEA: SmartLocks Market, by Application
10.6 SAM: Smart Locks Market
10.6.1 SAM: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.6.2 SAM: Smart LocksMarket, by Type
10.6.3 SAM: Smart LocksMarket, by Communication Technology
10.6.4 SAM: Smart LocksMarket, by Application
10.6.5 SAM: Smart LocksMarket, by Key Country
10.6.5.1 Brazil: Smart LocksMarket – Revenue and Forecast to 2027 (US$ Million)
10.6.5.1.1 Brazil: Smart LocksMarket, by Type
10.6.5.1.2 Brazil: Smart LocksMarket, by Communication Technology
10.6.5.1.3 Brazil: Smart LocksMarket, by Application
10.6.5.2 Argentina: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
10.6.5.2.1 Argentina: SmartLocks Market, by Type
10.6.5.2.2 Argentina: SmartLocks Market, by Communication Technology
10.6.5.2.3 Argentina: SmartLocks Market, by Application
10.6.5.3 Rest of SAM: SmartLocks Market – Revenue and Forecast to 2027 (US$ Million)
10.6.5.3.1 Rest of SAM: SmartLocks Market, by Type
10.6.5.3.2 Rest of SAM: SmartLocks Market, by Communication Technology
10.6.5.3.3 Rest of SAM: SmartLocks Market, by Application
11. Impact of COVID-19 Pandemic on Smart Locks Market
11.1 Overview
11.2 North America
11.3 Europe
11.4 Asia-Pacific
11.5 Middle East and Africa
11.6 South America
12. Global Smart Locks Market-Industry Landscape
12.1 Market Initiative
12.2 Merger and Acquisition
12.3 New Development
13. Company Profiles
13.1 AMADAS Inc.
13.1.1 Key Facts
13.1.2 BusinessDescription
13.1.3 Products andServices
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 HavenLock, Inc.
13.2.1 Key Facts
13.2.2 BusinessDescription
13.2.3 Products andServices
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Honeywell International Inc.
13.3.1 Key Facts
13.3.2 BusinessDescription
13.3.3 Products andServices
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 August Home
13.4.1 Key Facts
13.4.2 BusinessDescription
13.4.3 Products andServices
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Samsung
13.5.1 Key Facts
13.5.2 BusinessDescription
13.5.3 Products andServices
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Vivint Smart Home, Inc.
13.6.1 Key Facts
13.6.2 BusinessDescription
13.6.3 Products andServices
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Wyze Labs, Inc.
13.7.1 Key Facts
13.7.2 BusinessDescription
13.7.3 Products andServices
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 U-tec Group Inc.
13.8.1 Key Facts
13.8.2 BusinessDescription
13.8.3 Products andServices
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Schlage
13.9.1 Key Facts
13.9.2 BusinessDescription
13.9.3 Products andServices
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 GANTNER Electronic GmbH
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Smart Locks Market – Revenue and Forecast to 2027 (US$ Billion)
Table 2. North America: Smart Locks Market, by Type – Revenue and Forecast to2027 (US$ Million)
Table 3. North America: Smart Locks Market, by Communication Technology –Revenue and Forecast to 2027 (US$Million)
Table 4. North America: Smart Locks Market, by Application – Revenue andForecast to 2027 (US$ Million)
Table 5. US: Smart Locks Market, by Type –Revenue and Forecast to 2027 (US$Million)
Table 6. US: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 7. US: Smart Locks Market, by Application –Revenue and Forecast to 2027(US$ Million)
Table 8. Canada: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 9. Canada: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 10. Canada: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 11. Mexico: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 12. Mexico: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 13. Mexico: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 14. Europe: Smart Locks Market, by Type – Revenue and Forecast to 2027(US$ Million)
Table 15. Europe: Smart Locks Market, by Communication Technology – Revenueand Forecast to 2027 (US$ Million)
Table 16. Europe: Smart Locks Market, by Application – Revenue and Forecast to2027 (US$ Million)
Table 17. Europe: Smart Locks Market, by Country – Revenue and Forecast to2027 (US$ Million)
Table 18. Germany: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 19. Germany: Smart Locks Market, by Communication Technology –Revenueand Forecast to 2027 (US$ Million)
Table 20. Germany: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 21. France: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 22. France: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 23. France: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 24. Italy: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 25. Italy: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 26. Italy: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 27. UK: Smart Locks Market, by Type –Revenue and Forecast to 2027 (US$Million)
Table 28. UK: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 29. UK: Smart Locks Market, by Application –Revenue and Forecast to 2027(US$ Million)
Table 30. Russia: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 31. Russia: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 32. Russia: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 33. Rest of Europe: Smart Locks Market, by Type –Revenue and Forecast to2027 (US$ Million)
Table 34. Rest of Europe: Smart Locks Market, by Communication Technology–Revenue and Forecast to 2027 (US$Million)
Table 35. Rest of Europe: Smart Locks Market, by Application –Revenue andForecast to 2027 (US$ Million)
Table 36. APAC: Smart Locks Market, by Type – Revenue and Forecast to 2027(US$ Million)
Table 37. APAC: Smart Locks Market, by Communication Technology – Revenue andForecast to 2027 (US$ Million)
Table 38. APAC: Smart Locks Market, by Application – Revenue and Forecast to2027 (US$ Million)
Table 39. China: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 40. China: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 41. China: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 42. India: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 43. India: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 44. India: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 45. Japan: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 46. Japan: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 47. Japan: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 48. South Korea: Smart Locks Market, by Type –Revenue and Forecast to2027 (US$ Million)
Table 49. South Korea: Smart Locks Market, by Communication Technology–Revenue and Forecast to 2027 (US$ Million)
Table 50. South Korea: Smart Locks Market, by Application –Revenue andForecast to 2027 (US$ Million)
Table 51. Australia: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 52. Australia: Smart Locks Market, by Communication Technology –Revenueand Forecast to 2027 (US$ Million)
Table 53. Australia: Smart Locks Market, by Application –Revenue and Forecastto 2027 (US$ Million)
Table 54. Rest of APAC: Smart Locks Market, by Type –Revenue and Forecast to2027 (US$ Million)
Table 55. Rest of APAC: Smart Locks Market, by Communication Technology–Revenue and Forecast to 2027 (US$ Million)
Table 56. Rest of APAC: Smart Locks Market, by Application –Revenue andForecast to 2027 (US$ Million)
Table 57. MEA: Smart Locks Market, by Type– Revenue and Forecast to 2027 (US$Million)
Table 58. MEA: Smart Locks Market, by Communication Technology – Revenue andForecast to 2027 (US$ Million)
Table 59. MEA: Smart Locks Market, by Application – Revenue and Forecast to2027 (US$ Million)
Table 60. South Africa: Smart Locks Market, by Type –Revenue and Forecast to2027 (US$ Million)
Table 61. South Africa: Smart Locks Market, by Communication Technology–Revenue and Forecast to 2027 (US$ Million)
Table 62. South Africa: Smart Locks Market, by Application –Revenue andForecast to 2027 (US$ Million)
Table 63. Saudi Arabia: Smart Locks Market, by Type –Revenue and Forecast to2027 (US$ Million)
Table 64. Saudi Arabia: Smart Locks Market, by Communication Technology–Revenue and Forecast to 2027 (US$Million)
Table 65. Saudi Arabia: Smart Locks Market, by Application –Revenue andForecast to 2027 (US$ Million)
Table 66. UAE: Smart Locks Market, by Type –Revenue and Forecast to 2027 (US$Million)
Table 67. UAE: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 68. UAE: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 69. Rest of MEA: Smart Locks Market, by Type –Revenue and Forecast to2027 (US$ Million)
Table 70. Rest of MEA: Smart Locks Market, by Communication Technology–Revenue and Forecast to 2027 (US$ Million)
Table 71. Rest of MEA: Smart Locks Market, by Application –Revenue andForecast to 2027 (US$ Million)
Table 72. SAM: Smart Locks Market, by Type – Revenue and Forecast to 2027 (US$Million)
Table 73. SAM: Smart Locks Market, by Communication Technology – Revenue andForecast to 2027 (US$ Million)
Table 74. SAM: Smart Locks Market, by Application – Revenue and Forecast to2027 (US$ Million)
Table 75. SAM: Smart Locks Market, by Country – Revenue and Forecast to 2027(US$ Million)
Table 76. Brazil: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 77. Brazil: Smart Locks Market, by Communication Technology –Revenue andForecast to 2027 (US$ Million)
Table 78. Brazil: Smart Locks Market, by Application –Revenue and Forecast to2027 (US$ Million)
Table 79. Argentina: Smart Locks Market, by Type –Revenue and Forecast to 2027(US$ Million)
Table 80. Argentina: Smart Locks Market, by Communication Technology –Revenueand Forecast to 2027 (US$ Million)
Table 81. Argentina: Smart Locks Market, by Application –Revenue and Forecastto 2027 (US$ Million)
Table 82. Rest of SAM: Smart Locks Market, by Type–Revenue and Forecast to2027 (US$ Million)
Table 83. Rest of SAM: Smart Locks Market, by Communication Technology–Revenue and Forecast to 2027 (US$ Million)
Table 84. Rest of SAM: Smart Locks Market, by Application –Revenue andForecast to 2027 (US$ Million)
Table 85. List of Abbreviation
LIST OF FIGURES
Figure 1. Smart Locks Market Segmentation
Figure 2. Smart Locks Market Segmentation – By Geography
Figure 3. Global Smart Locks Market Overview
Figure 4. Deadbolts Segment Holds the Largest Market Share
Figure 5. Residential Segment Holds the Largest Market Share
Figure 6. APAC to Show Great Traction During Forecast Period
Figure 7. North America – PEST Analysis
Figure 8. Europe – PEST Analysis
Figure 9. Asia Pacific – PEST Analysis
Figure 10. Middle East and Africa – PEST Analysis
Figure 11. SAM – PEST Analysis
Figure 12. Ecosystem Analysis
Figure 13. Expert Opinion
Figure 14. Smart Locks Market Impact Analysis of Drivers and Restraints
Figure 15. Geographic Overview of Smart Locks Market
Figure 16. Smart Locks Market – Revenue and Forecast to 2027 (US$ Billion)
Figure 17. Smart Locks Market Breakdown, by Component (2019 and 2027)
Figure 18. Padlocks: Smart Locks Market – Revenue and Forecast to 2027 (US$Million)
Figure 19. Deadbolts: Smart Locks Market –Revenue and Forecast to 2027 (US$Million)
Figure 20. Lever Handle: Smart Locks Market –Revenue and Forecast to 2027 (US$Million)
Figure 21. Others: Smart Locks Market –Revenue and Forecast to 2027 (US$Million)
Figure 22. Smart Locks Market Breakdown, by Communication Technology (2019 and2027)
Figure 23. Wi-Fi : Smart Locks Market –Revenue and Forecast to 2027 (US$Million)
Figure 24. Bluetooth Market Revenue and Forecast to 2027 (US$ Million)
Figure 25. NFC: Smart Locks Market – Revenue and Forecast to 2027 (US$ Million)
Figure 26. Others: Smart Locks Market – Revenue and Forecast to 2027 (US$Million)
Figure 27. Smart Locks Market Breakdown, by Application(2019 and 2027)
Figure 28. Residential: Smart Locks Market – Revenue and Forecast to 2027 (US$Million)
Figure 29. Commercial: SMART LOCKS Market – Revenue and Forecast to 2027 (US$Million)
Figure 30. Industrial: Smart Locks Market – Revenue and Forecast to 2027 (US$Million)
Figure 31. Smart Locks Market Revenue Share, By Region (2019 and 2027)
Figure 32. North America: Smart Locks Market – Revenue and Forecast To 2027(US$ Million)
Figure 33. North America: Smart Locks Market Revenue Share, By Type (2019 and2027)
Figure 34. North America: Smart Locks Market Revenue Share, By CommunicationTechnology (2019 and 2027)
Figure 35. North America: Smart Locks Market Revenue Share, By Application(2019 and 2027)
Figure 36. North America: Smart Locks Market Revenue Share, By Key Country(2019 and 2027)
Figure 37. US: Smart Locks Market – Revenue and Forecast To 2027 (US$ Million)
Figure 38. Canada: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 39. Mexico: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 40. Europe: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 41. Europe: Smart Locks Market Revenue Share, By Type (2019 and 2027)
Figure 42. Europe: Smart Locks Market Revenue Share, By CommunicationTechnology (2019 and 2027)
Figure 43. Europe: Smart Locks Market Revenue Share, By Application (2019 and2027)
Figure 44. Europe: Smart Locks Market Revenue Share, By Key Country (2019 and2027)
Figure 45. Germany: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 46. France: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 47. Italy: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 48. UK: Smart Locks Market – Revenue and Forecast To 2027 (US$ Million)
Figure 49. Russia: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 50. Rest of Europe: Smart Locks Market – Revenue and Forecast To 2027(US$ Million)
Figure 51. APAC: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 52. APAC: Smart Locks Market Revenue Share, By Type (2019 and 2027)
Figure 53. APAC: Smart Locks Market Revenue Share, By Communication Technology(2019 and 2027)
Figure 54. APAC: Smart Locks Market Revenue Share, By Application (2019 and2027)
Figure 55. APAC: Smart Locks Market Revenue Share, By Key Country (2019 and2027)
Figure 56. China: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 57. India: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 58. Japan: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 59. South Korea: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 60. Australia: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 61. Rest of APAC: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 62. MEA: Smart Locks Market – Revenue and Forecast To 2027 (US$ Million)
Figure 63. MEA: Smart Locks Market Revenue Share, By Type (2019 and 2027)
Figure 64. MEA: Smart Locks Market Revenue Share, By Communication Technology(2019 and 2027)
Figure 65. MEA: Smart Locks Market Revenue Share, By Application (2019 and2027)
Figure 66. MEA: Smart Locks Market Revenue Share, By Key Country (2019 and2027)
Figure 67. South Africa: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 68. Saudi Arabia: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 69. UAE: Smart Locks Market – Revenue and Forecast To 2027 (US$ Million)
Figure 70. Rest of MEA: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 71. SAM: Smart Locks Market – Revenue and Forecast To 2027 (US$ Million)
Figure 72. SAM: Smart Locks Market Revenue Share, By Type (2019 and 2027)
Figure 73. SAM: Smart Locks Market Revenue Share, By Communication Technology(2019 and 2027)
Figure 74. SAM: Smart Locks Market Revenue Share, By Application (2019 and2027)
Figure 75. SAM: Smart Locks Market Revenue Share, By Key Country (2019 and2027)
Figure 76. Brazil: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 77. Argentina: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 78. Rest of SAM: Smart Locks Market – Revenue and Forecast To 2027 (US$Million)
Figure 79. Impact of COVID-19 Pandemic in North American Country Markets
Figure 80. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 81. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 82. Impact of COVID-19 Pandemic in Middle East and Africa CountryMarkets
Figure 83. Impact of COVID-19 Pandemic in South America Country Markets
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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