The report "Smart Lock Market
by Lock Type (Deadbolts, Lever Handles, Padlocks), Communication
Protocol (Bluetooth, Wi-Fi), Vertical (Residential, Commercial,
Institution and Government, Industrial) and Geography - Global Forecast
to 2023", The smart lock market is expected to reach USD 2.67
Billion by 2023 from USD 1.28 Billion in 2017, at a CAGR of 13.11%
between 2017 and 2023. The major factors driving the growth of this
market include growing security and safety concerns, enhanced features
compared with traditional lock systems, and rising adoption of
smartphones and other connected devices.
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Objectives of Study:
- To define, describe, and forecast the smart lock market, in terms of value, on the basis of lock type, communication protocol, vertical, and geography
- To forecast the market size, in terms of value, for the concerned segments with regard to 4 main regions North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To forecast the smart lock market, in terms of volume, on the basis of lock type
- To strategically analyze the micromarkets with regard to the individual growth trends, prospects, and their contribution to the smart lock market
- To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the smart lock market
- To analyze opportunities in the market for stakeholders and the details of the competitive landscape for the market leaders
- To provide a detailed overview of the smart lock value chain
- To benchmark players in the market using proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories pertaining to the business strategies and product portfolios
- To analyze competitive developments such as partnerships, acquisitions, expansions, agreements, collaborations, contracts, and product launches and developments, along with research and development (R&D) in the smart lock market
- To strategically profile key players in the smart lock market and comprehensively analyze their market shares and core competencies
Smart lock market for deadbolts to grow at highest CAGR during forecast period
Smart lock market for deadbolts is expected to grow
at the highest CAGR during the forecast period. Deadbolts are among the
most commonly used exterior residential locks. Further, the factors such
as low installation cost, high durability, and security from the
intense intrusion or attack in residential, commercial, and other
applications contribute to the growth of the market for deadbolts.
Bluetooth to hold largest size of smart lock market based on communication protocol by 2023
The Bluetooth segment held the largest share of the
smart lock market based on communication protocol in 2016. A large size
of the market for Bluetooth can be attributed to the ability of this
protocol to maintain a balance between range, low power consumption,
reliability, bandwidth, and cost. Further, Bluetooth ensures
interoperability and increases consumer confidence in smart data
transfer, leading to more nodes per network and creating value for both
the end users and the service aggregators.
Smart lock market for residential vertical to grow at highest CAGR during forecast period
The smart lock market for the manufacturing vertical
is expected to grow at the highest CAGR between 2017 and 2023. In the
residential segment, smart locks have applications in both condominiums
and individual houses. Checking access to an unauthorized person is
considered as the critical component of security to protect assets. This
growth of the smart lock market for this vertical could be attributed
to the increasing demand for smart home, increasing urbanization, and
security solutions.
North America expected to hold largest share of smart lock market during forecast period
North America is expected to hold the largest share
of the smart lock market during 2017–2023. North America is home to the
major smart lock players such as Spectrum Brands Holdings, Inc. (US),
Onity, Inc. (US), Master Lock Company LLC (US), and August Home (US).
The growth of the market in North America is attributed to the
increasing demand for enhanced home security levels and growing
popularity of integration of smart devices, such as tablets and
smartphones, with smart locks in this region.
The report also profiles the most promising players
in the smart lock market. The competitive landscape of this market
presents an interesting picture where a large number of big and small
players have become a considerable force. The key players in this market
are ASSA ABLOY (Sweden), Allegion (Ireland), dorma+kaba (Switzerland),
Spectrum Brands (US), Salto Systems (Spain), Onity (US), Cansec Systems
(Canada), and Master Lock (US) among others.
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