ACCESS Newswire
20 May 2020, 19:19 GMT+10
Niche players in the global smart lock market must work on enhanced security features, disruptive technology, and recruiting the right talent in order to generate steady revenue channel.
ROCKVILLE, MD / ACCESSWIRE / May 20, 2020 / Both commercial and residential properties are increasingly adopting smart locks with advanced safety features. Moreover, early adoption of technology in developed countries is a significant growth lever of the smart lock market. Fact.MR projects the market to expand at stupendous CAGR of 15% over the forecast period (2019-2029).
'Remote locking of entrances, doors, and windows continues to gain traction on the back of technological advancements and viability of prices. Digitization of business and workforce operations offers profitable possibilities for the global smart lock market. Hence, the market will expand 3X over the projection period,' says the Fact.MR analyst.
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Key Takeaways of the Smart Lock Market Study
Key Drivers: Smart Lock Market
Key Impediments: Smart Lock Market
Explore 96 tables and 191 figures of the study. Request ToC of the report at-
https://www.factmr.com/report/4669/smart-lock-market
Impact of COVID-19 on Smart Lock Market
In view of current COVID-19 pandemic, investments in ICT industry have taken a nosedive particularly in internet of things, 5G technologies, and other emerging technologies. Only essential operational expenses are being prioritized by players in the smart lock market, while others are being kept on hold. Major companies continue to witness reduction in hiring and capital budgets as well. Moreover, discretionary consumer spending is lowering the sales of smart locks in this scenario.
The only markets in ICT industry benefitting from the pandemic are contactless payments, food delivery, telemedicine, and telework. In countries such as India, ecommerce companies are delivering only essentials and consumers are not visiting local stores for non-essential purchases. Hence, the smart lock market will witness a slowdown which is projected to continue through the second quarter.
Competition Landscape of Smart Lock Market
The global smart lock market is fairly fragmented in nature. The market is characterized by the presence of numerous medium and small players. Some of the top companies profiled in this Fact.MR study include, but are not limited to, Onity, Inc., Salto Systems S.L., Spectrum Brands Holdings, Inc., Dorma+Kaba Holdings AG, Allegion Plc, and ASSA ABLOY AB. Key players continue to undertake differentiating strategies such as acquisition of Small to Mid-size Enterprises (SMEs), and product innovation in order to boost their profitability in the global smart lock market. Additionally, the aforementioned companies are developing nano-sensor technology and working on material science advancements to maintain their hegemony.
About the Report
This 170-page study offers in-depth commentary on the smart lock market. The study provides compelling insights on the smart lock market on the basis of type (deadbolt, lever handles, and padlock), and application (residential, hospitality, enterprise, and critical infrastructure) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
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About Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the ICT industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest ICT market reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: FactMR
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