Wi-Fi based Smart Locks Market Analysis

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.

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.

Want to get a free sample? Register Here

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.

COVID-19 Impact

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.

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).

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 Insights

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.

Want to get a free sample? Register Here

Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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 to [email protected].