Growing Security and Safety Concerns driving the growth of Smart Lock Market

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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