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, an upsurge in the number of smartphone users worldwide is further boosting the deployment of smart locks, 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 major 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. At present, the usage of smartphones has become an integral part of routine 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 growth of smart locks market.

The US is one of the prominent revenue generators in the global smart locks market, as the regional population is progressively getting aware of the connected ecosystem. Moreover, the rising disposable income is making the pay a premium for luxury, comfort, and convenience. The presence of low entry barriers such as advanced technologies is inspiring the small scale vendors to focus on the development of their products and provide enhanced solutions to the consumers. The rising construction activities and infrastructural development majorly across North America and Asia Pacific are expected to create numerous opportunities for the smart lock providers during the forecast period. The adoption of trending technologies in these regions is generating enormous opportunities for IoT security providers to integrate their solutions into smart lock devices for enhanced home security.

The global smart locks market is segmented on the basis of type, communication technology, and application. Based on type, the market is segmented into padlocks, deadbolts, lever handle, and others. Based on communication technology, the market is segmented intoWi-Fi, Bluetooth, NFC, and Others. Based on applications, the market is segmented intoresidential, commercial, and industrial.

Amadas, Inc., HAVENLock, Honeywell International Inc., August Home, SAMSUNG, Vivint, Inc., Wyze Labs, Inc., U-tec Group Inc., Schlage, and GANTNER Electronic GmbH are some of the key players operating in the global smart locks market.

The global smart locks market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the smart locks market with respects to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the smart locks market.