Smart Lock Market Global Insights and Trends, Forecasts to 2023

Market Research Future published a research report on "Smart Lock Market Research Report - Global Forecast till 2023" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Overview

The report published by Market research Future (MRFR) projects that the global smart lock market is marked to exhibit significant expansion at a CAGR of 11% during the forecast period of 2017-2023 and reach the market valuation of USD 2 Bn by the end of the assessment period. Rapid adoption of technologically advanced security and safety solutions in the developed and developing regions are majorly propelling the expansion of the global Smart Lock Market. Increased reliance on biometric security systems as a result of increased criminal activities and rise in popularity of smart homes that are equipped with smart solutions are also fueling the growth of the global smart lock market. However, high cost and complexities related to the calibration of systems are restraining the growth of the global smart lock market during the assessment period.

Key Players

Some of the prime players profiled by Market Research Future (MRFR) that are operating in the global smart lock market are The Assa Abloy Group (Sweden), Allegion Plc. (Ireland), Dormakaba Holding AG (Switzerland), Spectrum Brands Holdings, Inc. (U.S.), Salto Systems S.L. (Spain), Onity Inc. (U.S.), Cansec Systems Ltd. (Canada), Master Lock (U.S.), August, Inc. (U.S.), Kwikset (U.S.), Haven Holidays (U.K), and others.

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Global Smart Lock Market: Segmental Analysis

The global smart lock market has been segmented into lock type, products type, communication protocol, end users, and region. Based on lock type, the global smart lock market has been segmented into deadbolt, lever handles, padlocks and others. Based on product type, the global smart lock market has been segmented into Bluetooth-based smart lock, Wi-Fi-based smart lock and others. Based on communication protocol, the global smart lock market has been segmented into Bluetooth, Wi-Fi, ZigBee, Z-Wave, Thread, NFC, and others. Based on end users, the global smart lock market has been segmented into commercial, residential, institution & government, industrial and others.

Regional Analysis

Geographically, the global smart lock market has been segmented into four major regions such as North America, Asia Pacific (APAC), Europe, and the rest of the world. The North America region commands the maximum share of the global smart lock market owing to the increasing popularity of smart homes that have smart locks installed in them, increased incorporation of technologically advanced solutions to strengthen the security of commercial as well as residential premises and high demand for biometrics systems in government offices and other medium to large scale organizations for optimum security in this region. The Europe region commands the second largest share of the global smart lock market owing to the rise in popularity of keyless entry in commercial and residential buildings, rapid technological advancement and increased reliance on technologically advanced security systems over traditional locking systems in this region. The Asia Pacific region is expanding at the fastest growth rate in the global smart lock market owing to the increasing awareness regarding the benefits of technologically advanced security systems for commercial as well as residential purposes, high demand for keyless locks as a result of increased criminal activities and property theft in the urban areas and rapid infrastructural development in the emerging economies of this region.

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