With growing number of smartphone users, and numerous possibilities with smart devices, the concept of smart home is taking shape. And, in a smart home, security holds a paramount position. Consequently, the demand for smart locks is on the rise, creating a demand influx in the smart locks market. Several companies are doing research and development to ace this expanding market game. In September 2018, Smado launched its smart lock, opener, and bell device that requires no tools or screws to get it installed and can be fit into any existing door locks. This device delivers a sophisticated hassle-free way to take control of the door with Bluetooth and wifi. On the other hand, August Smart Lock helps in creating virtual keys for guests and family and also keeps a track on everyone who enters and leaves just with the help of one's smartphone. In a joint venture with Amazon Alexa and IFTTT, Internet-connected deadbolts have announced upgraded Google Assistant integration for the August Smart Lock, which features the opening of the front door hands-free. Several companies are coming up with sleek, simple, and key-free smart locks that can be accessed through fingerprints, passwords, and even smartphones. These innovations will attract customers for a secured hassle-free life, thereby increasing the smart lock market demand across the world.The global smart lock market smart lock market size reached $1.59 billion in 2018, which is expected to witness an upsurge at a profitable CAGR of 14.74% during the forecast period 2019-2025.
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The smart locks market research is titled, “Smart Locks Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 – 2025” It comprises of a detailed assessment of market players that are supporting in the smart lock market growth and paving further growth prospects for the vendors. Additionally, it offers insights about different types of smart locks which include deadbolt, lever handle, and padlock. This detailed analysis will help one to identify the most profitable division and work accordingly. It will also provide an overview about the ease of business in all the regions across the globe.
Smart Lock Market: Competitive Landscape
Major companies present in the smart lock market are Allegion Plc, Dorma+Kaba Holding AG, Spectrum Brands Holdings, Inc., Salto Systems S.L, Cansec Systems Ltd, Gantner Electronic GmbH, MIWA Lock Co, Master Lock Company LLC, Spectrum Brands, Inc. and others.
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