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    Wi Fi Based Smart Locks Market Report

    Wi Fi Based Smart Locks Market Report
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    Wi-Fi-based Smart Locks Market Trends, Dynamics & Market Insights
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    Impact of COVID-19 on Wi Fi Based Smart Locks Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Wi Fi Based Smart Locks Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Wi-Fi-based Smart Locks market is projected to grow from USD 1.4 billion in 2020 to USD 5.2 billion by 2026 at a CAGR of around 25.2% during the forecast period.

    Figure: Wi-Fi-based Smart Locks Market Size, 2020-2026 (USD Billion)

    Wi-Fi-based-Smart-Locks-Market-Forecast

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    What is a smart lock?

    The smart lock can be defined as an electromechanical lock which is designed to lock and unlock operations on a door when it receives instructions from an authorized device using a wireless protocol and a cryptographic key to implement the authorization process Wi-Fi-based smart locks are smart locks that have a built-in Wi-Fi connection which allows access to notifications and camera.

    Key Players

    Key players operating in the Wi-Fi-based Smart Locks market are-

    • August, Inc. (US)
    • Goji (US)
    • UniKey Technologies (US)
    • Yale (US)
    • Danalock (Denmark)
    • Lockitron Bolt (US)
    • LockState, Inc. (US)
    • Haven (Switzerland)
    • Sesame (Canada)
    • Kwikset (US)
    • Ola Locks (China).

    Market Dynamics

    The growth of the Wi-Fi-based smart locks market is primarily driven by widespread product use in the household and industrial sectors. Expanding the building and construction industry with rising investment in the development of smart cities is likely to drive the growth of the Wi-Fi-based smart locks market at a significant rate during the review period. In addition to this, increasing demand for smart locks in developing countries is likely to create lucrative opportunities for the players operating in the global market in the coming years.

    Segment Analysis

    Application Trends

    By application, the Wi-Fi-based smart locks market has been bifurcated into the household, commercial, and others. Under these, the household accounted for the largest market share in 2020 and is projected to register significant growth during the review period. This can be attributed to the increasing construction of smart houses across geographies.

    Regional Trends

    By region, the market in North America accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth can be attributed to the high adoption rate of advanced technologies coupled with the presence of key market players such as August, Inc. (US) and Goji (US). The market growth in the Asia-Pacific region is expected to be driven by increasing emphasis on the development of smart cities in developing countries particularly China and India.

    COVID-19 Impact on Wi-Fi-based Smart Locks Market

    The covid-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the Wi-Fi-based smart locks market negatively as the imposition of complete lockdown and restrictions on trade affected the product supply in the end-use industries for a short period.

    Critical Questions Answered in the Report

    • What are the key trends in the Wi-Fi-based Smart Locks market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the Wi-Fi-based Smart Locks market?
    • What are the key strategies adopted by the major vendors to lead in the Wi-Fi-based Smart Locks market?
    • What is the market share of the top vendors?

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    Target Audience

    Here is the list of the group of customers that the Wi-Fi-besed smart locks market hopes to have the greatest opportunity to convert-

    • Wi-Fi-based smart locks distributors
    • Wi-Fi-based smart locks suppliers
    • Wi-Fi-based smart locks manufacturers
    • Logistics organizations
    • Government bodies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The Wi-Fi-based smart locks market is expected to witness an impressive growth of 25.2% CAGR in the coming years.

    August, Inc. (US), Goji (US), UniKey Technologies (US), Yale (US), Danalock (Denmark), Lock-itron Bolt (US), LockState, Inc. (US), Haven (Switzerland), Sesame (Canada), Kwikset (US) and Ola Locks (China) are among the key players in the Wi-Fi-based smarts market.

    The Wi-Fi-based smart locks market size is expected to reach USD 5.2 billion in the foreseeable future.

    The household segment accounted for the largest share in the Wi-Fi-Based smart locks market in 2020.

    North America is expected to grow at a significant CAGR in the Wi-Fi-based smart locks market in the coming years.

    Wi-Fi-based smart locks distributors, Wi-Fi-based smart locks suppliers, Wi-Fi-based smart locks manufacturers, Logistics organizations, Government bodies are the target audience in the Wi-Fi-based smart locks market.

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