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% during the forecast
period. In 2016, the market was dominated by 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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ASSA ABLOY (Sweden) ranked first in the smart
lock market in 2016. ABLOY is the leading player involved in design,
manufacture, and sale of the digital and mobile door opening solutions.
The company offers smart lock solutions under various brand names, such
as Mul-T-Lock, HID Global Corporation, Yale, and iRevo. The company
offers an extensive range of mechanical and electromechanical locks;
digital door locks; security doors; and entrance automation solutions
for the commercial, institutional, and residential markets. Under the
brand name Yale, the company offers various smart locks such as Yale
Smart Home GuideVisa navigation, Yale Real LivingVisa navigation, Yale
LinusVisa navigation, Yale nexTouch, WirelessVisa navigation, Yale
Multi-Family SolutionsVisa navigation, and YH Collection.
The company
focuses on the organic and inorganic strategies of product launches and
acquisitions, respectively, to strengthen its position in the smart lock
market. For instance, in July 2017, ASSA ABLOY launched new keyless
touchscreen smart locks with capacitive touchscreen and weather-tight
construction feature. Further, in June 2017, it acquired Atlantic Door
Control (US), a provider of automatic door and entrance systems, to
strengthen its presence in the North American smart lock market.
Allegion (Ireland) ranked second in the smart lock
market in 2016. Allegion engages in the manufacture and supply of
various wireless, wired, and stand-alone smart locks. The company offers
various products through more than 25 global brands, such as CISA,
Interflex, LCN, Schlage, and Von Duprin. Products offered under the
Schlage brand include networked wireless, networked wired, stand-alone,
and wireless accessories.
The company also focuses on empowering its
business through inorganic strategies, such as acquisitions, and organic
strategies, such as product launches, to strengthen its market
position. For instance, June 2016, the company acquired Trelock GmbH
(Germany), a portable safety and security solution provider. This
acquisition would help the company enhance its smart lock portfolio in
the bicycle locks segment. In March 2015, Allegion launched updated
feature for its Schlage advanced locks for Wink app. This new feature
includes vacation mode, customizable user code, and battery level
indication.
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Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441