Smart Lock Market Growth opportunities and global trends by 2023

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.

Objectives of Study:

• To define, describe, and forecast the smart lock market, in terms of value, on the basis of lock type, communication protocol, vertical, and geography
• To forecast the market size, in terms of value, for the concerned segments with regard to 4 main regions North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• To forecast the smart lock market, in terms of volume, on the basis of lock type
• To strategically analyze the micromarkets with regard to the individual growth trends, prospects, and their contribution to the smart lock market
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the smart lock market
• To analyze opportunities in the market for stakeholders and the details of the competitive landscape for the market leaders
• To provide a detailed overview of the smart lock value chain
• To benchmark players in the market using proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories pertaining to the business strategies and product portfolios
• To analyze competitive developments such as partnerships, acquisitions, expansions, agreements, collaborations, contracts, and product launches and developments, along with research and development (R&D) in the smart lock market
• To strategically profile key players in the smart lock market and comprehensively analyze their market shares and core competencies

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 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.

High cost and perception of unreliability, and lack of awareness among customers act as restraints for the overall smart lock market. Price is a major factor restraining the growth of the market since the smart lock technology cost a lot more than their non-smart counterparts. Also, the switching cost of smart locks is high which makes it less attractive for consumers to invest. Factors such as power failure and hacking contribute to the perception of lack of reliability of smart locks among consumers.

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