Smart lock is an electromechanical lock system, which can be operated through an authorized connected device, such as smartphone and tablets. Smart locks are connected with authorized devices through suitable communication protocols and perform the function of locking and unlocking after receiving instructions from these devices. Wireless communication protocol is a digital description that sets the rule for data transfer between devices.
Visionary leaders are the leading market players in terms of product portfolio, geographic reach, innovative technologies, and adoption of growth strategies. The SWIR market is moderately dominated by the players covering a major share of the market. These players have a broad product portfolio that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and well-established brand equity.
Companies under this quadrant are well-established vendors with strong business strategies such as industry coverage, inorganic growth, geographic reach, and technology innovation. However, they have a weaker product portfolio than the innovators in this matrix. They generally focus on a specific type of technology related to the product considered in this market.
The smart lock market is highly dependent on innovators due to the emerging application of smart locks in various verticals such as government, residential, commercial, and industrial.
Emerging players offer niche products and have gradually started gaining traction in the market. They lack effective business strategies, unlike other established players. These players are mostly the new entrants and require more time to gain market visibility.