According to a new market research report published by Credence Research “Smart Locks Market(Product Type – Lever Handles, Deadbolts, Padlocks and Others; Application – Residential, Commercial, Hospitality, Industrial and Others) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global smart locks market is estimated to hit US$ 3.50 Bn by 2025.
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Market Insights
Security is one of the most crucial concerns faced by the consumers willing to invest in home automation systems. This makes smart locks one of the most prominent aspects of home automation, thereby creating multiple market growth opportunities. Superior benefits offered by smart locks over conventional locks has contributed greatly to the potential of their adoption across residential as well as commercial applications. Smart locks can be programmed to offer several features including integration with video surveillance, smartphones and security alarms. This ensures optimum convenience to the users along with enhanced security. These advantages are estimated to ensure promising opportunities for smart lock vendors in the following years.
The overall smart locks market is primarily driven by the growing safety and security concerns coupled with the enhanced features it offers compared to traditional locks. Moreover, the concept of smart home has also contributed substantially for the market growth. Today, people are more inclined towards the idea of home automation due to factors such as growing technological advancement in the IoT sector as well as increasing discretionary income. This in turn positively impacts the demand for smart locks. Smart locks can be easily accessed using a smartphone without any need for keys. Thus, it becomes possible for the users to operate the lock irrespective of their location. Consistently rising penetration of smartphones and low-energy communication transfer protocols have created an environment favorable for the smart locks market growth over the forecast period.
Despite the aforementioned benefits of smart locks, the major factor limiting the market growth is the reluctance of people towards adoption of new technology. In addition, high cost of these locks along with discrepancies in communication standards with respect to different regions too play as prominent inhibitors to the market growth. Smart locks typically have limitations such as vulnerability to hacking and power failure. This is another significant factor restraining the market growth.
The overall smart locks market is categorized on the basis of product type and application. Based on the product type, the market is classified into lever handles, deadbolts, padlocks and others. In terms of application, the market has been categorized into residential, commercial, hospitality, industrial and others. As of 2016, the market is led by the residential segment, accounting for more than one fourth of the total market revenue generated worldwide.
Key Trends
- Partnerships between manufacturers and technology providers is one of the common trends
- Increasingly being adopted in the hospitality sector
ToC:
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Secondary Research
1.4.2 Phase II – Primary Research
1.4.3 Phase III – Expert Panel Review
1.4.4 Assumptions
1.4.5 Approach Adopted
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Smart Lock Market
2.2 Global Smart Lock Market, By Product Type
2.3 Global Smart Lock Market, By Application
2.4 Global Smart Lock Market, By Geography
Chapter 3 Market Dynamics
3.1 Market Overview
3.1.1 Global Smart Lock Market Revenue and Growth, 2015 – 2025, (US$ Mn) (Y-o-Y %)
3.2 Market Drivers
3.3 Market Growth Inhibitors
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Key Market Trends and Future Outlook
3.5 Attractive Investment Proposition
3.6 Competitive Analysis
3.6.1 Market Positioning of Key Vendors
3.6.2 Key Strategies Adopted by the Leading Players
Chapter 4 Global Smart Lock Market Analysis, by Product Type
4.1 Market Analysis
4.2 Lever Handles
4.3 Deadbolts
4.4 Padlocks
4.5 Others
………….toc continued
Browse the full report at https://www.credenceresearch.com/report/smart-lock-market
Research methodology devised for this study:
Our methodology comprises a blend of primary and secondary research for engineering the market size, shares and estimations for global “Smart Locks” market specific to key segments, and regional segmentation.
- Secondary Research
Some of the basic, but most important sources referred during the study included company annual reports, press releases, and relevant documents throwing light upon the recent developments in the global “Smart Locks” market. Reliable sources such as scientific journals, university research papers and government websites were equally referred for recognizing business opportunities in various geographical markets and market penetration of various products/services. In addition, paid databases were referred to collect information useful for extensive commercial study of the key players operating in “Smart Locks” market. In case where no data was available on the public domain, we used modeling and estimates to arrive at comprehensive data sets. Secondary research helped to prepare a base for “Smart Locks” market study.
- Primary Research
The extensive secondary research carried out was complemented by extensive primary research to validate data and analysis. Primary research involved telephonic interviews, e-mail interactions as well as face-to-face interviews with the leading industry experts.
The participants tracked for primary interviews include:
- Vice President/ CEOs
- Marketing/product managers
- Market intelligence managers
- National sales managers
- Purchasing managers
- Distributors
- Other stakeholders
How this report is useful?
The “Smart Locks” report will facilitate strategic decision-making with reliable and authentic market data. It also maps the key competitors and their strategies and positioning in the “Smart Locks” market. The study also deals with innovative and upcoming technological trends that basically aims to give you an edge over competitors. Various industry models, market dynamics and data covered in the report offers clarity on various markets across the value chain. The report also provides decisive strategies with an objective to support the decision making regarding market entry and exit. The study also highlights the revenue pockets and investment opportunities present in the market.
Who should buy this report?
- Stakeholders across the “Smart Locks” market value chain.
- Business development managers
- CEO’s
- COO’s
- Marketing managers
- Technologists
- Suppliers
- Investors
- Banks
- Government agencies
Scope of the Report
- Global “Smart Locks” market forecasts from 2018-2026
- Regional “Smart Locks” market forecasts from 2018-2026 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America;
- Country level forecasts from 2018-2026 covering major countries from aforementioned regions
- “Smart Locks” submarket forecasts from 2018-2026 covering submarket 1, submarket 2 submarket 3
- Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to “Smart Locks” market
- Analysis of the key factors driving and restraining the growth of the global, regional and country level “Smart Locks” markets from 2018-2026
- Competitive Landscape and market positioning of top 10 players operating in the “Smart Locks” market
- Profiles and market share of the leading 10 companies in 2017 at a global level
Key questions answered in this report
- Who are the distributors, traders and dealers of “Smart Locks” market?
- What are expected largest segments in the “Smart Locks” market during the forecast period from 2018 to 2026?
- What are the fastest growing segments in the “Smart Locks” market for the forecast period?
- What are the current market trends in the “Smart Locks” market and valuable opportunities for the players?
- How the regulatory framework affects the global as well as the regional “Smart Locks” markets?
- Which are the key players operating in the global “Smart Locks” market and what are the strategies adopted by them?
- What are sales, revenue, business strategy and product portfolio of top manufacturers of “Smart Locks” market?
- What is the market size and trend in emerging and developed markets?
Browse the full report at https://www.credenceresearch.com/report/smart-lock-market
About Us
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