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.
This research involves the use of secondary sources including directories and databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for the extensive technical and commercial study of the smart lock market. Primary sources mainly comprise several industry experts from the core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, reimbursement providers, technology developers, alliances, standards, and certification organizations related to various parts of the value chain of the industry. In-depth interviews with various primary respondents such as key industry participants, subject matter experts (SMEs), C-level executives of key players, and industry consultants have been conducted to obtain and verify critical qualitative and quantitative information as well as assess prospects.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
This research involves the use of secondary sources including directories and databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for the extensive technical and commercial study of the smart lock market. Primary sources mainly comprise several industry experts from the core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, reimbursement providers, technology developers, alliances, standards, and certification organizations related to various parts of the value chain of the industry. In-depth interviews with various primary respondents such as key industry participants, subject matter experts (SMEs), C-level executives of key players, and industry consultants have been conducted to obtain and verify critical qualitative and quantitative information as well as assess prospects.
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.
Smart lock market for Wi-Fi is expected to grow with highest CAGR of during 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.
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.
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.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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