Overview

• The Near Field Communication (NFC) is one of the segments in the communication protocols/technology in the smart lock market; others comprising: Bluetooth, Wi-Fi, RFID, and more.
• The use of smart locks is on the increase in luxury apartments and other residential properties, enterprises, government institutions, educational institutions, research labs, and in the industrial domain.

Smart Locks by Application or End-User Segments

• Residential: this segment dominated the market in 2019, with a share of over 65% of the global revenue. This segment is expected to retain its dominance between 2020 and 2027.
• Hospitality: this segment is expected to realize a higher growth rate of over 23.0% from 2020 to 2027. "Hotels across the globe are increasingly implementing wireless protocol-based advanced locks in their rooms to cater to the safety needs of international customers, and to increase in a hotel’s brand value."
• Commercial: sectors in this segment such as banking and finance have adopted "smart lock technology for various applications including PC/network access and physical access in an effort to provide strong authentication and security mechanisms."
• Government: various governments and forensics departments use smart locks to "control access of sensitive centers of information, employee authentication, and others."

Summary of Findings

• In our preliminary research, we found that information on sectors or industries that specifically use NFC smart locks may not be readily available, as this is one of the segments in the smart lock market when demarcating the market by communication protocol/technology. Others include RFID, Bluetooth, and Wi-Fi. We therefore expanded the search to the broader smart lock market, and provided some insights on sectors that are applying these locks.
• We assumed a global focus in the research. If another focus is preferred, for example the U.S., this would have to be communicated to us in any reply.

Proprietary Research Available