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. Rising adoption of smartphones and other connected devices acts as a driver for the growth of the smart lock market. Moreover, growing security and safety concerns and enhanced features compared with traditional lock systems also drive the growth of this market.
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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.
The smart lock market for Wi-Fi is expected to grow at the highest CAGR during the forecast period. Wi-Fi can be accessed through various devices, such as smartphones, personal computers, and tablets. The growth of the market for Wi-Fi can be attributed to the factors such as high speed and wireless connectivity offered to smart lock system. Also, the increasing adoption of IoT, globally, is driving the growth of this market.
The residential vertical held the largest share of the smart lock market in 2016. Smart locks are used in the residential applications to prevent invasion, unauthorized access, theft, and burglary. The increasing adoption of Internet-based home security solutions, rising demand for smart homes, and growing urbanization contribute to the growth of the market for this vertical.
The smart lock market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. APAC is expected to witness increased adoption of security systems as the countries in this region are the emerging economies with a growing number of manufacturing bases and increasing demand for connected security devices. Further, a huge population base, large number of research and development (R&D) activities, and increasing urbanization in APAC drive the adoption of smart locks in this region
High cost and perception of unreliability, and lack of awareness among customers act as restraints for the overall smart lock market. Price is a major factor restraining the growth of the market since the smart lock technology cost a lot more than their non-smart counterparts. Also, the switching cost of smart locks is high which makes it less attractive for consumers to invest. Factors such as power failure and hacking contribute to the perception of lack of reliability of smart locks among consumers.
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