Smart Lock Market Research Report – Global Forecast till 2023
Smart locks are electromechanical locks that offer higher degree of reliability and security. The global smart lock market has been studied in this report by Market Research Future (MRFR). It reveals that the market is projected to expand at 11% CAGR during the forecast period 2017 to 2023. Also, the valuation is likely to touch USD 2 Bn mark by 2023.
Increasing investments in the construction of smart homes are expected to boost revenue growth of the smart lock market in the upcoming years. In addition, the increase in commercial applications is also projected to drive the growth of the market over the assessment period. Other factors, such as rising income levels, rising standards of living, etc. are further anticipated to work in favor of the smart lock market in the nearby future.
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On the basis of lock type, the global smart lock market has been segmented into lever handles, padlocks deadbolt, and others.
By product type, the smart lock market has been segmented into Wi-Fi-based smart lock, Bluetooth-based smart lock, and others.
On the basis of communication protocol, the smart lock market has been segmented into NFC, Bluetooth, ZigBee, Z-Wave, Wi-Fi, Thread, and others.
By end-users, the smart lock market has been segmented into residential, institution & government, commercial, industrial, and others.
The regional evaluation of the global smart lock market spans across North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These regional segments are then studied in detail on the basis of prime country-level markets. North America is expected to hold the dominant position over the next couple of years. Increasing investments in smart homes are projected to lead the growth rate of the smart lock market in the region during the review period. In addition, technological innovations and its quick adoption are also prognosticated to drive the growth of the market in the foreseeable future. The deployment of biometric technology-based smart locks in governments and private organizations are also projected to lead the proliferation of the smart lock market in the upcoming years.
Europe is likely to stand at the second position and maintain it in the forthcoming years. The rising demand for contactless locks in the region is likely to boost the expansion pace of the smart lock market across the assessment period. Also, the increasing number of commercial as well as residential smart building projects are poised to benefit the future trajectory of the market in the years to come. Asia Pacific, on the other side, is anticipated to expand at the most stellar CAGR during the review period. The demand for keyless locks is projected to lead the growth of the smart lock market in the region. Also, the growing middle-income population, in conjunction with rising disposable income, is poised to drive the expansion of the regional smart lock market in the near future.
Assa Abloy Group (Sweden), Dormakaba Holding AG (Switzerland), Allegion Plc (Ireland), Spectrum Brands Holdings, Inc. (U.S.), Onity Inc. (U.S.), Salto Systems S.L. (Spain), Cansec Systems Ltd. (Canada), August, Inc. (U.S.), Master Lock (U.S.), Kwikset (U.S.), and Haven Holidays (U.K) are few of the prominent players of the global smart lock market assessed in this MRFR report. The future trajectory of the market is expected to remain highly competitive over the next couple of years. Key players are likely to increase investments in research & development and technological developments for increasing their control over the market place. Also, the competition in the smart lock market is poised to motivate the players to opt for growth strategies such as mergers & acquisitions, collaborations, partnerships, etc. An influx of new participants is also expected, owing to the boom witnessed in the culture of tech startups.
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Global Smart Lock Market, By Lock Type (Deadbolt, Lever Handles, Padlocks), Products Type (Bluetooth-Based, Wi-Fi-Based), by Communication Protocol (Bluetooth, Wi-Fi, ZigBee, NFC), by End User (Commercial, Residential, Government) – Forecast Till 2023
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