Rising Penetration of Smartphone is Expected to Spur the Growth of the Global Touchless Smart Lock market

The Global Touchless Smart Lock market is projected to grow at a rapid pace on account of The rising customer inclination towards home security systems, boost in government spending on infrastructure and launch of various innovative touchless smart lock with features such as unlocking the door, a mobile app, fingerprint, password, touchless smart card and a mechanical key. Besides these, perennial development and deployment of advance technologies such as Z-wave/ZigBee, Near Field Communication (NFC), and Bluetooth Low Energy (BLE), growing awareness among people along with this, snowballing penetration of smartphone and burgeoning adoption among residential sector are some of the factor placing a positive impact towards the growth of the market in the forecast period.

According to MarkNtel Advisors’ research report “Global Touchless Smart Lock Market Analysis, 2020”, the Global Touchless Smart Lock market is anticipated to grow at a considerable CAGR during 2021-26F. Based on Modules, Power Distributed Modules acquired the significant market share in 2019. The touchless smart lock with power distributed modules required electronic devices which run of power supply module which is composed of several batteries and power distribution wires to supply the power necessary for each individual component. However, Bluetooth communication module is gaining popularity at a rapid rate as the technology is already integrated into many Android devices which is used as a wireless connection protocol, thus it fits well into the design requirements of the lock for a short range, wireless connection method.

“Global Touchless Smart Lock Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Touchless Smart Lock providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Asia Pacific Registers fastest Growth

Asia-Pacific is expected to register fastest growth in Global Touchless Smart Lock market in 2019. The market growth of attributed to burgeoning number of new construction and renovation activities, growing presence of low-cost local suppliers, and rising adoption of touchless smart lock among end-user such as commercial and residential. However, North America acquired the considerable market share in 2019. The burgeoning deployment of smart technologies in the smart lock, increase in crime rate along with robust urbanization and surging demand for smart homes are some of the factors anticipated to bolster the growth of the Touchless Smart Lock Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Touchless Smart Lock Market Analysis, 2020”.

According to MarkNtel Advisors’, the key players with a considerable market share in the Global Touchless Smart Lock market are U-Tech, Ozone, ZK Teco, Assa Abloy AB, Spectrum Brands Holding, Salto Systems LLC, Cansec Systems Ltd., Gantner Electronics, MasterLock Company LLC, Nuki Home Solutions GmbH etc.

Market Segmentation:

1. By Type (Gesture Recognition, Touchless Sensing)
2. By Modules (Power Distribution Module, Bluetooth Communication Module, Processing Unit Module, Mechanical Locking Module)
3. By Communication Type (Wi-Fi, Bluetooth, Others (Z-Wave, ZigBee, Thread, NFC)
4. By Technology Type (RFID Card, Biometrics, OTP/ Mobile App, Camera Enabled, Voice Assistance)
5. By End-User (Commercial, Residential, Industrial, Institution and Government, Others)
6. By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
7. By Country (US, Canada, Mexico, Brazil, UK, Germany, France, Italy, Spain, China, Japan, South Korea, India, Australia, UAE, Saudi Arabia, South Africa),
8. By Company (U-Tech, Ozone, ZK Teco, Assa Abloy AB, Spectrum Brands Holding, Salto Systems LLC, Cansec Systems Ltd., Gantner Electronics, MasterLock Company LLC, Nuki Home Solutions GmbH etc.)

Key questions answered in the study:

1. What are the current and future trends of the Touchless Smart Lock industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Touchless Smart Lock industry?
5. What is the customer orientation, purchase behavior, and expectations from the Touchless Smart Lock firms across various regions?