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.
This report segments the smart lock market on the
basis of lock type, communication protocol, vertical, and geography.
Deadbolts held the largest share of the smart lock market based on lock
type in 2016. The increased use of deadbolts in the residential and
commercial verticals, and benefits provided by deadbolts such as low
installation cost, high durability, and effective security against the
intense intrusion or attack in the residential, commercial, and other
applications contribute to a high growth of the market for this segment.
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 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.
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