Global Touchless Smart Lock Market to Grow Substantially Over 2021-2026

February 01, 2021

According to the latest study on ‘Global Touchless Smart Lock Market Analysis, 2020’, available with Market Study Report LLC, worldwide touchless smart lock market is anticipated to record a considerable compound annual growth rate through 2026.

Booming population, leading to rapid urbanization, and consequent adoption of advanced security systems in order to prevent burglary, theft, and unauthorized access are propelling the growth of global touchless smart lock market. Further, rising popularity of novel technologies, like smart locks with features like Bluetooth and wi-fi connectivity, alongside investment towards setup of smart cities are augmenting the market outlook.

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Speaking of COVID-19 impact, global touchless smart lock industry has gained substantial traction over the last year, owing to increasing cognizance to avoid contact with handles, thereby minimizing the risk of virus spread.

Based on type, the market is divided into touchless sensing, and gesture recognition. As per module terrain, worldwide touchless smart lock market is classified into mechanical module, processing unit module, Bluetooth communication module, and power distribution module.

Moving on communication ambit, the industry is segmented into Bluetooth, wi-fi, and others (NFC, thread, ZigBee, Z-wave). While different technologies considered are voice assistance, camera enabled, OTP/mobile app, touchless biometrics, and RFID card.

Considering the end-user spectrum, institution & government, industrial, residential, and commercial are the different verticals. As per the report, global touchless smart lock market share from residential sector is reckoned to surge through 2026, owing to increasing crime rate, in consort with funding towards smart city development. Meanwhile, commercial segment is also slated to contribute towards market remuneration over the analysis timeframe, on account of widespread incorporation of smart locks in hotels and hospitality sector.

Key players in worldwide touchless smart lock industry sphere are Nuki Home Solutions GmbH, Master Lock Company LLC, GANTNER Electronic GmbH, Cansec Systems Ltd., SALTO Systems LLC, Spectrum Brands Holdings Inc., Assa Abloy AB, ZKTeco Co. Ltd., Ozone Security Solutions, and U-tec (Ultraloq smart lock).

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