Development Prospects of the Smart Lock Market
Why is the smart lock a must consideration in the smart time?
The global smart lock market is growing rapidly across the world. The demand for smart locks is growing with the increase demand for the auto-lock technologies for smart lock are boosting the growth of this market. Wi-Fi-based smart lock is gaining demand in the smart lock market as it is designed with advanced technology that are connected with smart home hub and other connected devices like the owner’s smartphone etc.. The Bluetooth and NFC are gained demand in the market as it is integrated with sensors that can enable a door to unlock whenever an authorized user approaches with his smartphone. These smart locks are inbuilt with electronic key code capabilities and physical keypads provide a backup if needed.
The use of smart locks in commercial, residential, industrial, and other sectors, are gaining momentum due to its proximity-based unlocking techniques used in these locks. Most companies are investing in providing smart locks embedded with biometrics, touchscreen, RFID and other advanced features, like us, Sinovo Technologies, all involved.
The global smart lock market is segmented into lock type, products type, communication protocol, end user, and region. The locks type is segmented into deadbolt, lever handles, padlocks and others. The products types are segmented into Bluetooth-based smart lock, Wi-Fi-based smart lock and others. The communication protocol are segmented Bluetooth, Wi-Fi, ZigBee, Z-Wave, Thread, NFC, and others. The end users are segmented into commercial, residential, institution & government, industrial and others. The market is spanned across regions including North America, Europe, Asia Pacific, and rest of the world.
North America region is dominating the global smart lock market. The smart lock market is witnessing a high growth due to huge demand due to use of Bluetooth, Wi-Fi, ZigBee, Z-Wave, Thread, NFC, and others. Europe is projected to hold the second largest share of smart lock market during the forecast period. Asia Pacific is expected to witness the highest CAGR in the coming years.
