Market Highlights:
The strong emergence of the internet of things (IoT) and the adoption & implementation of rapidly advancing technology are principal factors driving robust growth for the global smart locks market. Advancement of low power, near-field communication technologies are expected to provide efficient connectivity with smart locks, leading to a high success rate when using the same. The robust penetration of smartphones on a global scale is another driving factor for market growth. Moreover, there has been a rapid increase in the adoption of wireless and cloud services which has prompted an upsurge in the demand for smart locks and as a result market growth. Sophisticated lock technologies are needed across all types of end-users as physical threats continue to evolve.
Hacking of phones and back-end cloud may pose threats to the market. However, the market has yet to realize its potential, and growing opportunities and advancements in technologies are expected to facilitate overall growth.
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Major Key Players:
Onity Inc. (U.S.),
Master Lock (U.S.),
August, Inc. (U.S.),
Spectrum Brands Holdings, Inc. (U.S.),
The Assa Abloy Group (Sweden),
Allegion Plc (Ireland),
Dormakaba Holding AG (Switzerland),
Cansec Systems Ltd. (Canada),
Salto Systems S.L. (Spain),
Kwikset (U.S.), Haven Holidays (U.K), and among others.
According to the Market Research Future analysis, the global Smart Lock Market has been valued at USD ~2 billion by the end of forecast period at a CAGR of ~11% during forecast period 2017-2023.
Market Segmentation
The global smart lock market has been analyzed by segmentation to provide an extensive view of the market and its components. Segmentation has been performed by lock types, product type, communication protocol, end-user, and region.
By lock type, the market is segmented to include deadbolt, lever handles, padlocks and others.
By product type, the market has been segregated into the Bluetooth-based smart lock, Wi-Fi-based smart lock and others.
By communication protocol, the market has been divided to include Bluetooth, wi-fi, ZigBee, Zwave, Thread, NFC, and others.
By end-user, the market has been categorized into commercial, residential, institution & government, industrial and others.
By region, the market has been divided to include North America, Europe, Asia Pacific and the Rest of the World.
Regional Analysis
North America and Europe are leading markets of smart locks due to the rapid adoption of the latest technology in these regions. There has been a trend of installing security systems and investing in the most advanced security measures which have facilitated strong growth for these regions. The advancements in technology and the growing use of AI home assistants such as Alexa and Google Assistant as well as smart lock manufacturers collaborating with these assistants to provide a seamless yet secure experience is expected to boost the market in the coming years.
Meanwhile, the Asia Pacific is an emerging market for smart locks and is expected to grow at the highest CAGR during the forecast period. Developing economies such as India and China are witnessing a growing demand for advanced security technologies that are available in developed countries across the world. The presence of a large consumer population with rising disposable incomes is expected to motivate further growth in the next few years.
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Intended Audience
- Smart lock companies
- Smart lock providers
- Technical universities
- System integrators
- Managed Security Service Providers
- Professional service providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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