Smart Lock Market is expected to grow from USD 1.1 billion in 2016 to USD 3.4 billion by 2025; it is estimated to grow at a CAGR of 13.1% during 2017–2025.
Growing security and safety concerns, enhanced features compared with traditional lock systems, and rising adoption of smartphones and other connected devices are some of the major factors fueling the growth of this market.
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Deadbolts segment is expected to hold the largest size of the global smart lock market. Deadbolts are among the most commonly used exterior residential locks. Further, the factors such as low installation cost, high durability, and security from the intense intrusion or attack in residential, commercial, and other applications contribute to the growth of the market for deadbolts.
The smart lock market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to witness the increase in adoption of security systems as major countries in this region are the emerging economies with a growing number of manufacturing bases and exhibiting increasing demand for connected security devices. Further, the huge population base, a large number of research and development (R&D) activities, and increasing urbanization in APAC would drive the adoption of smart locks in APAC.
Key players in the market include ASSA ABLOY AB (Sweden), Allegion plc (Ireland), dorma+kaba Holding AG (Switzerland), Spectrum Brands Holdings, Inc. (US), Salto Systems S.L. (Spain), Onity, Inc. (US), Cansec Systems Ltd. (Canada), GANTNER Electronic GmbH (Austria), Master Lock Company LLC (US), MIWA Lock Co. (Japan), Samsung
Electronics Co., Ltd. (South Korea), SentriLock, LLC (US), Avent Security (China), ADEL Group (China), Dessmann (Germany), Haven Lock, Inc. (US), Gate (US), Shenzhen Vians Electric Lock Co., Ltd.(China), Anviz Global (US), Poly-Control International ApS (Denmark), August Home (US), CANDY HOUSE, Inc. (US), Dahua Technology Co., Ltd (China), Amadas Inc.(South Korea), and LockState (US). These players are increasingly undertaking product launches, partnerships, acquisitions, expansions, agreements, collaborations, and contracts to increase their market shares.
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