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Smart Lock Market Report Scope & Overview

The Smart Lock Market Size was valued at USD 2.41 billion in 2023 and is expected to reach USD 9.63 billion by 2031 and grow at a CAGR of 19.4% over the forecast period 2024-2031.

The rise of Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) is expected to significantly boost smart lock adoption. These technologies can enhance security features, personalize user experiences, and enable seamless integration with other smart home devices.  As more homes incorporate automation systems, smart locks become a natural extension for enhanced security and control.  also, Manufacturers are constantly innovating, offering features like remote locking/opening and voice control integration with popular voice assistants. This caters to the growing trend of voice-activated smart home devices. For instance, the launch of Schlage Encode Plus in 2022, compatible with Apple's Home Key standard, exemplifies this integration trend.

Smart Lock Market Revenue Analysis

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MARKET DYNAMICS:

KEY DRIVERS:

  • Growing security concerns, particularly in urban areas, are driving the demand for advanced security solutions.

  • Rising Adoption of Smart Home Technologies

The growing popularity of smart homes, where various devices are connected and controlled through a central hub or smartphone app, is a major driver. Smart locks seamlessly integrate with smart home systems, offering convenient access control.

Example: Consumers are increasingly using voice assistants like Alexa or Google Assistant to unlock doors with voice commands, enhancing convenience.

RESTRAINTS:

  • High Initial Cost can be act as a barrier in market growth.

Compared to traditional locks, smart locks come with a significantly higher upfront cost. This includes the price of the lock itself, installation fees (if applicable), and potentially subscription charges for advanced features. this price point can be a deterrent for budget-conscious consumers, particularly in regions with lower average incomes. The perceived value proposition might not outweigh the initial investment for some.

 

OPPORTUNITIES:

  • Technological advancements like facial recognition, voice authentication, and integration with AI and machine learning can further enhance security and convenience, leading to greater market acceptance.

  • Growing Proliferation of Smart Cities

The development of smart cities with a focus on connected infrastructure and enhanced security creates significant opportunities for smart lock adoption. These cities will require advanced access control solutions for various applications, including public buildings and rental properties.

Example: Smart cities can utilize smart locks with integrated sensors for real-time monitoring of public spaces, improving security and overall management.

CHALLENGES:

  • Cyberthreats via smart gadgets and IoT-enabled devices are a possibility.

  • Public Awareness about the product.

Public awareness about the benefits and functionalities of smart locks remains limited, especially in non-urban areas. Addressing this knowledge gap is crucial for market expansion.

Example: Educational campaigns highlighting the security and convenience benefits of smart locks can help overcome customer hesitation and drive adoption.

IMPACT OF RUSSIA-UKRAINE WAR

Russia and Ukraine are significant players in the production of raw materials like steel, aluminium, and semiconductors, all crucial for smart lock manufacturing. The war has disrupted supply chains, leading to shortages and price hikes of these materials. for Example, Manufacturers might face delays in receiving essential components, impacting production timelines and potentially leading to higher smart lock prices for consumers. also, the war has heightened security concerns globally, which could lead to a slight increase in demand for smart locks as homeowners seek advanced security solutions.

IMPACT OF ECONOMIC SLOWDOWN

During economic slowdown, consumers tend to reduce their budgets and prioritize essential purchases. This can lead to a decrease in demand for non-essential items like smart locks, especially those considered luxury or convenience upgrades. The residential segment of the smart lock market might hit harder compared to the commercial segment. Homeowners might postpone smart home investments, while businesses with tighter budgets might delay smart lock installations in office buildings or rental properties. Smart lock manufacturers and retailers are likely to experience a decline in revenue and sales as consumer demand weakens. Smaller companies with limited resources might be particularly vulnerable. on the other hand, Economic downturns can prompt manufacturers to focus on developing more affordable smart lock options with essential features to cater to budget-conscious consumers.

KEY MARKET SEGMENTS:

By Type

  • Lever Handles

  • Deadbolt Locks

  • Padlock

  • Server Locks & Latches

  • Knob

  • Locks

  • Others

Based on Type, the deadbolt segment has registered a maximum revenue share of more than 50% and is expected to continue to dominate the industry in the forecast period. High productivity may be due to the growth of its exports across the residential sector due to many benefits such as ease of use and long-lasting locking mechanisms. Lever handles are expected to grow at a much faster CAGR of more than 25% during the forecast period due to significant growth in the construction sector. Modern activities across the tourism industry to meet the safety needs of tourists are expected to stimulate sector growth. The smart lever handles are widely used in interior doors in all commercial settings. They have simpler lock / lock mechanisms compared to their counterparts due to the style handle that pulls down instead of the button, which requires grip and rotation. The lock segment is expected to grow in a large CAGR in the coming years due to benefits such as high security and user performance management, ease of use, and compatibility of smartphones, which has resulted in its widespread use worldwide. In addition to living space, smart padlocks are increasingly used during travel to ensure the complete safety of the load.

By Communication Protocol

By Unlocking Mechanism 

  • Keypad

  • Card Key

  • Touch Based

  • Key Fob

  • Smartphone Based

 By Vertical

  • Commercial

  • Residential

  • Institutional & Government

  • Industrial

  • Transportation & Logistic

Based on By Vertical, Residential area dominated the smart lock market. holding more than 60% of its revenue share. It is expected to maintain its rule for the next seven to eight years. Its high productivity may be due in large part to the growth of smart housing in the world and a growing number of new projects and renovations across the industry over the past few years. In addition, increased access to advanced security tools, including door and window sensors, moving finders, and door locks, are expected to further the adoption of these devices.

Smart Lock Market By Region

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REGIONAL ANALYSES

North America held the largest market share, accounting for approx. 39% of global smart lock sales by volume in 2022. This signifies a significant presence of smart lock users in the region. The market is expected to experience significant growth due to several factors, including advancements in smart lock technology and the rapid expansion of smart homes. Extensive technology adoption in the U.S. creates a fertile ground for smart lock integration. Consumers are increasingly comfortable with incorporating connected devices into their homes. about 30% of internet households in the U.S. wanting smart locks for sliding doors by 2023 highlights the strong consumer interest in this technology. High spending power among consumers allows for investment in smart home upgrades. Additionally, growing safety concerns, particularly in key infrastructure and homes, are prompting regulations that favour the adoption of smart lock technology.

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

KEY PLAYERS:

The Key players in the Smart Lock Market are August HomeKwikset ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), SDS Smart Locks Spectrum Brands, Inc. (US), Honeywell International Inc. SALTO Systems, S.L. (Spain), and Allegion plc (Ireland), Onity Inc. (Carrier Global Corporation), Zigbang Co., Ltd. and other key players.

Schlage-Company Financial Analysis

Company Landscape Analysis

RECENT DEVELOPMENT

In March 2023. In an effort to create a safer Bangalore, Honeywell, a US-based tech company, announced the completion of the city's first phase of its safe city, the project utilizes Honeywell's advanced security technology, not smart locks specifically, for monitoring and improved response times.

In January 2023, Schlage, Allegion Plc, a leading provider of access and home security solutions, launched the Schlage EncodeTM Smart Wi-Fi Lever residential smart lock at the 2023 NAHB International Builders' Show (IBS).

Smart Lock Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 2.41 Billion
Market Size by 2031 US$ 9.63 Billion
CAGR CAGR of 19.4% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Deadbolt Locks, Lever Handles, Padlock, Server Locks & Latches, Knob, Locks, Others)
• By Technology (Bluetooth, Wifi, Z-Wave, Others)
• By Mechanism (Keypad, Card Key, Touch Based, Key Fob, Smartphone Based)
• By Vertical (Commercial, Residential, Institutional & Government, Industrial, Transportation & Logistic)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America
Company Profiles Yale, Schlage, August Home, Kwikset, Goji, SDS Smart Locks, Mul-T-Lock, Unikey Technologies Inc., Haven Lock, Inc., Honeywell International Inc., Panasonic Corporations, Salto Systems, Samsung Sds Co. Ltd., Vivint, Inc. and Other.
Key Drivers • Increasing security concerns.
• High efficiency and sophistication
Restraints • High cost for a single device.
• Unreliability perception.

Frequently Asked Questions

Ans: The Smart Lock Market is to grow at a CAGR of 19.4% over the forecast period 2024-2031.

Ans: The Smart Lock Market size was valued at 2.41 Billion in 2023.

The Key players in the Smart Lock Market are Yale, Schlage, August Home, Kwikset, Goji, SDS Smart Locks, Mul-T-Lock, Unikey Technologies Inc., Haven Lock, Inc., Honeywell International Inc., Panasonic Corporations, Salto Systems, Samsung Sds Co. Ltd., Vivint, Inc. and Other.

Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.

Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.

TABLE OF CONTENTS

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges

5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India

6. Value Chain Analysis

7. Porter’s 5 Forces Model

8.  Pest Analysis

9. Smart Lock Market Segmentation, By Type 
9.1 Introduction
9.2 Trend Analysis
9.3 Lever Handles
9.4 Deadbolt Locks
9.5 Padlock
9.6 Server Locks & Latches
9.7 Knob
9.8 Locks
9.9 Others

10. Smart Lock Market Segmentation, By Communication Protocol
10.1 Introduction
10.2 Trend Analysis
10.3 Bluetooth
10.4 Wifi
10.5 Z-Wave
10.6 Others

11. Smart Lock Market Segmentation, By Unlocking Mechanism
11.1Introduction
11.2 Trend Analysis
11.3 Keypad
11.4 Card Key
11.5 Touch Based
11.6 Key Fob
11.7 Smartphone Based

12. Smart Lock Market Segmentation, By Vertical
12.1 Introduction
12.2 Trend Analysis
12.3 Commercial
12.4 Residential
12.5 Institutional & Government
12.6 Industrial
12.7 Transportation & Logistic

13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 Trend Analysis
13.2.2 North America Smart Lock Market, by Country
13.2.3 North America Smart Lock Market, By Type
13.2.4 North America Smart Lock Market, By Communication Protocol
13.2.5 North America Smart Lock Market, By Unlocking Mechanism 
13.2.6 North America Smart Lock Market, By Vertical
13.2.7 USA
13.2.7.1 USA Smart Lock Market, By Type
13.2.7.2 USA Smart Lock Market, By Communication Protocol
13.2.7.3 USA Smart Lock Market, By Unlocking Mechanism 
13.2.7.4 USA Smart Lock Market, By Vertical
13.2.8 Canada
13.2.8.1 Canada Smart Lock Market, By Type
13.2.8.2 Canada Smart Lock Market, By Communication Protocol
13.2.8.3 Canada Smart Lock Market, By Unlocking Mechanism 
13.2.8.4 Canada Smart Lock Market, By Vertical
13.2.9 Mexico
13.2.9.1 Mexico Smart Lock Market, By Type
13.2.9.2 Mexico Smart Lock Market, By Communication Protocol
13.2.9.3 Mexico Smart Lock Market, By Unlocking Mechanism 
13.2.9.4 Mexico Smart Lock Market, By Vertical
13.3 Europe
13.3.1 Trend Analysis
13.3.2 Eastern Europe
13.3.2.1 Eastern Europe Smart Lock Market, by Country
13.3.2.2 Eastern Europe Smart Lock Market, By Type
13.3.2.3 Eastern Europe Smart Lock Market, By Communication Protocol
13.3.2.4 Eastern Europe Smart Lock Market, By Unlocking Mechanism 
13.3.2.5 Eastern Europe Smart Lock Market, By Vertical
13.3.2.6 Poland
13.3.2.6.1 Poland Smart Lock Market, By Type
13.3.2.6.2 Poland Smart Lock Market, By Communication Protocol
13.3.2.6.3 Poland Smart Lock Market, By Unlocking Mechanism 
13.3.2.6.4 Poland Smart Lock Market, By Vertical
13.3.2.7 Romania
13.3.2.7.1 Romania Smart Lock Market, By Type
13.3.2.7.2 Romania Smart Lock Market, By Communication Protocol
13.3.2.7.3 Romania Smart Lock Market, By Unlocking Mechanism 
13.3.2.7.4 Romania Smart Lock Market, By Vertical
13.3.2.8 Hungary
13.3.2.8.1 Hungary Smart Lock Market, By Type
13.3.2.8.2 Hungary Smart Lock Market, By Communication Protocol
13.3.2.8.3 Hungary Smart Lock Market, By Unlocking Mechanism 
13.3.2.8.4 Hungary Smart Lock Market, By Vertical
13.3.2.9 Turkey
13.3.2.9.1 Turkey Smart Lock Market, By Type
13.3.2.9.2 Turkey Smart Lock Market, By Communication Protocol
13.3.2.9.3 Turkey Smart Lock Market, By Unlocking Mechanism 
13.3.2.9.4 Turkey Smart Lock Market, By Vertical
13.3.2.10 Rest of Eastern Europe
13.3.2.10.1 Rest of Eastern Europe Smart Lock Market, By Type
13.3.2.10.2 Rest of Eastern Europe Smart Lock Market, By Communication Protocol
13.3.2.10.3 Rest of Eastern Europe Smart Lock Market, By Unlocking Mechanism 
13.3.2.10.4 Rest of Eastern Europe Smart Lock Market, By Vertical
13.3.3 Western Europe
13.3.3.1 Western Europe Smart Lock Market, by Country
13.3.3.2 Western Europe Smart Lock Market, By Type
13.3.3.3 Western Europe Smart Lock Market, By Communication Protocol
13.3.3.4 Western Europe Smart Lock Market, By Unlocking Mechanism 
13.3.3.5 Western Europe Smart Lock Market, By Vertical
13.3.3.6 Germany
13.3.3.6.1 Germany Smart Lock Market, By Type
13.3.3.6.2 Germany Smart Lock Market, By Communication Protocol
13.3.3.6.3 Germany Smart Lock Market, By Unlocking Mechanism 
13.3.3.6.4 Germany Smart Lock Market, By Vertical
13.3.3.7 France
13.3.3.7.1 France Smart Lock Market, By Type
13.3.3.7.2 France Smart Lock Market, By Communication Protocol
13.3.3.7.3 France Smart Lock Market, By Unlocking Mechanism 
13.3.3.7.4 France Smart Lock Market, By Vertical
13.3.3.8 UK
13.3.3.8.1 UK Smart Lock Market, By Type
13.3.3.8.2 UK Smart Lock Market, By Communication Protocol
13.3.3.8.3 UK Smart Lock Market, By Unlocking Mechanism 
13.3.3.8.4 UK Smart Lock Market, By Vertical
13.3.3.9 Italy
13.3.3.9.1 Italy Smart Lock Market, By Type
13.3.3.9.2 Italy Smart Lock Market, By Communication Protocol
13.3.3.9.3 Italy Smart Lock Market, By Unlocking Mechanism 
13.3.3.9.4 Italy Smart Lock Market, By Vertical
13.3.3.10 Spain
13.3.3.10.1 Spain Smart Lock Market, By Type
13.3.3.10.2 Spain Smart Lock Market, By Communication Protocol
13.3.3.10.3 Spain Smart Lock Market, By Unlocking Mechanism 
13.3.3.10.4 Spain Smart Lock Market, By Vertical
13.3.3.11 Netherlands
13.3.3.11.1 Netherlands Smart Lock Market, By Type
13.3.3.11.2 Netherlands Smart Lock Market, By Communication Protocol
13.3.3.11.3 Netherlands Smart Lock Market, By Unlocking Mechanism 
13.3.3.11.4 Netherlands Smart Lock Market, By Vertical
13.3.3.12 Switzerland
13.3.3.12.1 Switzerland Smart Lock Market, By Type
13.3.3.12.2 Switzerland Smart Lock Market, By Communication Protocol
13.3.3.12.3 Switzerland Smart Lock Market, By Unlocking Mechanism 
13.3.3.12.4 Switzerland Smart Lock Market, By Vertical
13.3.3.13 Austria
13.3.3.13.1 Austria Smart Lock Market, By Type
13.3.3.13.2 Austria Smart Lock Market, By Communication Protocol
13.3.3.13.3 Austria Smart Lock Market, By Unlocking Mechanism 
13.3.3.13.4 Austria Smart Lock Market, By Vertical
13.3.3.14 Rest of Western Europe
13.3.3.14.1 Rest of Western Europe Smart Lock Market, By Type
13.3.3.14.2 Rest of Western Europe Smart Lock Market, By Communication Protocol
13.3.3.14.3 Rest of Western Europe Smart Lock Market, By Unlocking Mechanism 
13.3.3.14.4 Rest of Western Europe Smart Lock Market, By Vertical
13.4 Asia-Pacific
13.4.1 Trend Analysis
13.4.2 Asia-Pacific Smart Lock Market, by Country
13.4.3 Asia-Pacific Smart Lock Market, By Type
13.4.4 Asia-Pacific Smart Lock Market, By Communication Protocol
13.4.5 Asia-Pacific Smart Lock Market, By Unlocking Mechanism 
13.4.6 Asia-Pacific Smart Lock Market, By Vertical
13.4.7 China
13.4.7.1 China Smart Lock Market, By Type
13.4.7.2 China Smart Lock Market, By Communication Protocol
13.4.7.3 China Smart Lock Market, By Unlocking Mechanism 
13.4.7.4 China Smart Lock Market, By Vertical
13.4.8 India
13.4.8.1 India Smart Lock Market, By Type
13.4.8.2 India Smart Lock Market, By Communication Protocol
13.4.8.3 India Smart Lock Market, By Unlocking Mechanism 
13.4.8.4 India Smart Lock Market, By Vertical
13.4.9 Japan
13.4.9.1 Japan Smart Lock Market, By Type
13.4.9.2 Japan Smart Lock Market, By Communication Protocol
13.4.9.3 Japan Smart Lock Market, By Unlocking Mechanism 
13.4.9.4 Japan Smart Lock Market, By Vertical
13.4.10 South Korea
13.4.10.1 South Korea Smart Lock Market, By Type
13.4.10.2 South Korea Smart Lock Market, By Communication Protocol
13.4.10.3 South Korea Smart Lock Market, By Unlocking Mechanism 
13.4.10.4 South Korea Smart Lock Market, By Vertical
13.4.11 Vietnam
13.4.11.1 Vietnam Smart Lock Market, By Type
13.4.11.2 Vietnam Smart Lock Market, By Communication Protocol
13.4.11.3 Vietnam Smart Lock Market, By Unlocking Mechanism 
13.4.11.4 Vietnam Smart Lock Market, By Vertical
13.4.12 Singapore
13.4.12.1 Singapore Smart Lock Market, By Type
13.4.12.2 Singapore Smart Lock Market, By Communication Protocol
13.4.12.3 Singapore Smart Lock Market, By Unlocking Mechanism 
13.4.12.4 Singapore Smart Lock Market, By Vertical
13.4.13 Australia
13.4.13.1 Australia Smart Lock Market, By Type
13.4.13.2 Australia Smart Lock Market, By Communication Protocol
13.4.13.3 Australia Smart Lock Market, By Unlocking Mechanism 
13.4.13.4 Australia Smart Lock Market, By Vertical
13.4.14 Rest of Asia-Pacific
13.4.14.1 Rest of Asia-Pacific Smart Lock Market, By Type
13.4.14.2 Rest of Asia-Pacific Smart Lock Market, By Communication Protocol
13.4.14.3 Rest of Asia-Pacific Smart Lock Market, By Unlocking Mechanism 
13.4.14.4 Rest of Asia-Pacific Smart Lock Market, By Vertical
13.5 Middle East & Africa
13.5.1 Trend Analysis
13.5.2 Middle East
13.5.2.1 Middle East Smart Lock Market, by Country
13.5.2.2 Middle East Smart Lock Market, By Type
13.5.2.3 Middle East Smart Lock Market, By Communication Protocol
13.5.2.4 Middle East Smart Lock Market, By Unlocking Mechanism 
13.5.2.5 Middle East Smart Lock Market, By Vertical
13.5.2.6 UAE
13.5.2.6.1 UAE Smart Lock Market, By Type
13.5.2.6.2 UAE Smart Lock Market, By Communication Protocol
13.5.2.6.3 UAE Smart Lock Market, By Unlocking Mechanism 
13.5.2.6.4 UAE Smart Lock Market, By Vertical
13.5.2.7 Egypt
13.5.2.7.1 Egypt Smart Lock Market, By Type
13.5.2.7.2 Egypt Smart Lock Market, By Communication Protocol
13.5.2.7.3 Egypt Smart Lock Market, By Unlocking Mechanism 
13.5.2.7.4 Egypt Smart Lock Market, By Vertical
13.5.2.8 Saudi Arabia
13.5.2.8.1 Saudi Arabia Smart Lock Market, By Type
13.5.2.8.2 Saudi Arabia Smart Lock Market, By Communication Protocol
13.5.2.8.3 Saudi Arabia Smart Lock Market, By Unlocking Mechanism 
13.5.2.8.4 Saudi Arabia Smart Lock Market, By Vertical
13.5.2.9 Qatar
13.5.2.9.1 Qatar Smart Lock Market, By Type
13.5.2.9.2 Qatar Smart Lock Market, By Communication Protocol
13.5.2.9.3 Qatar Smart Lock Market, By Unlocking Mechanism 
13.5.2.9.4 Qatar Smart Lock Market, By Vertical
13.5.2.10 Rest of Middle East
13.5.2.10.1 Rest of Middle East Smart Lock Market, By Type
13.5.2.10.2 Rest of Middle East Smart Lock Market, By Communication Protocol
13.5.2.10.3 Rest of Middle East Smart Lock Market, By Unlocking Mechanism 
13.5.2.10.4 Rest of Middle East Smart Lock Market, By Vertical
13.5.3 Africa
13.5.3.1 Africa Smart Lock Market, by Country
13.5.3.2 Africa Smart Lock Market, By Type
13.5.3.3 Africa Smart Lock Market, By Communication Protocol
13.5.3.4 Africa Smart Lock Market, By Unlocking Mechanism 
13.5.3.5 Africa Smart Lock Market, By Vertical
13.5.3.6 Nigeria
13.5.3.6.1 Nigeria Smart Lock Market, By Type
13.5.3.6.2 Nigeria Smart Lock Market, By Communication Protocol
13.5.3.6.3 Nigeria Smart Lock Market, By Unlocking Mechanism 
13.5.3.6.4 Nigeria Smart Lock Market, By Vertical
13.5.3.7 South Africa
13.5.3.7.1 South Africa Smart Lock Market, By Type
13.5.3.7.2 South Africa Smart Lock Market, By Communication Protocol
13.5.3.7.3 South Africa Smart Lock Market, By Unlocking Mechanism 
13.5.3.7.4 South Africa Smart Lock Market, By Vertical
13.5.3.8 Rest of Africa
13.5.3.8.1 Rest of Africa Smart Lock Market, By Type
13.5.3.8.2 Rest of Africa Smart Lock Market, By Communication Protocol
13.5.3.8.3 Rest of Africa Smart Lock Market, By Unlocking Mechanism 
13.5.3.8.4 Rest of Africa Smart Lock Market, By Vertical
13.6 Latin America
13.6.1 Trend Analysis
13.6.2 Latin America Smart Lock Market, by country
13.6.3 Latin America Smart Lock Market, By Type
13.6.4 Latin America Smart Lock Market, By Communication Protocol
13.6.5 Latin America Smart Lock Market, By Unlocking Mechanism 
13.6.6 Latin America Smart Lock Market, By Vertical
13.6.7 Brazil
13.6.7.1 Brazil Smart Lock Market, By Type
13.6.7.2 Brazil Smart Lock Market, By Communication Protocol
13.6.7.3 Brazil Smart Lock Market, By Unlocking Mechanism 
13.6.7.4 Brazil Smart Lock Market, By Vertical
13.6.8 Argentina
13.6.8.1 Argentina Smart Lock Market, By Type
13.6.8.2 Argentina Smart Lock Market, By Communication Protocol
13.6.8.3 Argentina Smart Lock Market, By Unlocking Mechanism 
13.6.8.4 Argentina Smart Lock Market, By Vertical
13.6.9 Colombia
13.6.9.1 Colombia Smart Lock Market, By Type
13.6.9.2 Colombia Smart Lock Market, By Communication Protocol
13.6.9.3 Colombia Smart Lock Market, By Unlocking Mechanism 
13.6.9.4 Colombia Smart Lock Market, By Vertical
13.6.10 Rest of Latin America
13.6.10.1 Rest of Latin America Smart Lock Market, By Type
13.6.10.2 Rest of Latin America Smart Lock Market, By Communication Protocol
13.6.10.3 Rest of Latin America Smart Lock Market, By Unlocking Mechanism 
13.6.10.4 Rest of Latin America Smart Lock Market, By Vertical

14. Company Profiles
14.1 August Home
14.1.1 Company Overview
14.1.2 Financial
14.1.3 Products/ Services Offered
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Kwikset
14.2.1 Company Overview
14.2.2 Financial
14.2.3 Products/ Services Offered
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 dormakaba Group (Switzerland)
14.3.1 Company Overview
14.3.2 Financial
14.3.3 Products/ Services Offered
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 ASSA ABLOY AB (Sweden)
14.4.1 Company Overview
14.4.2 Financial
14.4.3 Products/ Services Offered
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 SDS Smart Locks Spectrum Brands, Inc. (US)
14.5.1 Company Overview
14.5.2 Financial
14.5.3 Products/ Services Offered
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 Honeywell International Inc.
14.6.1 Company Overview
14.6.2 Financial
14.6.3 Products/ Services Offered
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 SALTO Systems, S.L. (Spain)
14.7.1 Company Overview
14.7.2 Financial
14.7.3 Products/ Services Offered
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 Allegion plc (Ireland)
14.8.1 Company Overview
14.8.2 Financial
14.8.3 Products/ Services Offered
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 Onity Inc. (Carrier Global Corporation)
14.9.1 Company Overview
14.9.2 Financial
14.9.3 Products/ Services Offered
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 Zigbang Co., Ltd.
14.10.1 Company Overview
14.10.2 Financial
14.10.3 Products/ Services Offered
14.10.4 SWOT Analysis
14.10.5 The SNS View

15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
15.3.1 Industry News
15.3.2 Company News
15.3.3 Mergers & Acquisitions

16. Use Case and Best Practices

17. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

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