Latin America Smart Locks Market, By Type (Deadbolts, Lever Handles, Padlocks and Other Locks), Communication Protocol (Bluetooth, Wi-Fi and Other Protocols), Application (Commercial, Residential, Institution & Government and Industrial), Country (Brazil, Argentina and Rest of Latin America) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Latin America Smart Lock Market
Smart lock market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing at a CAGR of 11.9% in the forecast period of 2021 to 2028and expected to reach USD 610,404.80 thousand by 2028. Increase in the construction of commercial offices in the Argentina is expected to boost the market for the smart locks in the region.
A smart lock is a kind of electromechanical lock designed lock which performs locking and unlocking operations on a door after receiving instructions from an authorized smart device using a wireless protocol and a cryptographic key to execute the locking and unlocking process in smart lock. A smart lock device has an inbuilt Wi-Fi or bluetooth and allows users to unlock their device remotely also smart locks have enhanced security features and tons of customizations.
Smart locks have several features which ensure the high security. The smart locks are connected to the phones through internet which can show the real time data for the opening and closing of smart lock. The smart locks also monitor who is entering and leaving your home while person is away from home. The latest smart locks offer things like voice activation, geofencing, and auto-locking features.
This smart lock market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Latin America Smart Lock Market Scope and Market Size
Latin America smart lock market is segmented of the basis into type, communication protocol, and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the Latin America smart locks market is segmented into deadbolts, lever handles, padlocks and other locks. In 2021, the deadbolts segment is expected to dominate the market as these are available in small sizes and consume less space which increases its demand in the market.
- On the basis of communication protocol, the Latin America smart locks market is segmented into bluetooth, Wi-Fi and other protocols. In 2021, Wi-Fi is expected to dominate in communication protocol segment as power consumption on Wi-Fi technology is very less and don not drain the battery of smart locks which increases the demand for the Wi-Fi based smart locks in the market.
- On the basis of application, the Latin America smart locks market is segmented into commercial, residential, institution & government and industrial. All segments are further segmented by type into deadbolts, lever handles, padlocks and other locks. In 2021, the commercial segment is expected to dominate the market due to their requirement in the school and at banks.
Smart lock Market Country Level Analysis
Latin America market is analysed and market size information is provided by country, type, communication protocol, and application as referenced above.
The countries covered in the Latin America smart lock market report are Brazil, Argentina and Rest of Latin America.
Brazil country is dominating in Latin America smart lock market due to increasing adoption of smart products in country which creates a large customer base for the smart lock market.
From the above diagram the demand of the deadbolts is increasing in Latin America region. In Brazil country the demand of the deadbolts is increasing as deadbolts are small in size and gives high security. In Argentina, the demand of the deadbolts is increasing as deadbolts can easily be operated through smart phones. In Rest of Latin America, the demand of deadbolts is increasing as product provides high security in hotel industry.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Latin America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growth in the Smart Lock Industry
Latin America smart lock market also provides you with detailed market analysis for every country growth in installed base of different kind of products for smart lock market, impact of technology using life line curves and changes in infant formula regulatory scenarios and their impact on the smart lock market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Smart Lock Market Share Analysis
Latin America smart lock market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to Latin America smart lock market.
The major players covered in the report are Onity (A Subsidary of Carrier), GANTNER Electronic GmbH, SentriLock, LLC, CANDY HOUSE, INC., Spectrum Brands, Inc., Master Lock Company LLC., Avent Security., SAMSUNG SDS., and igloocompany Pte Ltd. among other players domestic and regional. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
For instance,
- In June 2020, Kwikset brand of Spectrum Brands, Inc., has decided to introduce Halo™ Touch Wi-Fi Smart Lock at CES 2020. Using the latest technology to create a convenient and secure smart home experience, Halo Touch Smart Lock provides homeowners access to their homes via fingerprint. This development helps the company to increase revenue.
- In May 2021, SAMSUNG SDS has decided to expand its intelligent AI contact center business, which helps maintain data security. This development helps the company to increase revenue.
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