Smart Lock Market estimated to reach 2.67 Billion USD by 2023


Posted July 17, 2018 by poojapatange

Smart Lock Market by Lock Type (Deadbolts, Lever Handles, Padlocks), Communication Protocol (Bluetooth, Wi-Fi), Vertical (Residential, Commercial, Institution and Government, Industrial) and Geography - Global Forecast to 2023

 
The report "Smart Lock Market by Lock Type (Deadbolts, Lever Handles, Padlocks), Communication Protocol (Bluetooth, Wi-Fi), Vertical (Residential, Commercial, Institution and Government, Industrial) and Geography - Global Forecast to 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. The major factors driving the growth of this market include growing security and safety concerns, enhanced features compared with traditional lock systems, and rising adoption of smartphones and other connected devices.

Download PDF Brochure:-
https://www.marketsandmarkets.com/pdfdownload.asp?id=82787906

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

Smart lock market for deadbolts to grow at highest CAGR during forecast period

Smart lock market for deadbolts is expected to grow at the highest CAGR during the forecast period. Deadbolts are among the most commonly used exterior residential locks. Further, the factors such as low installation cost, high durability, and security from the intense intrusion or attack in residential, commercial, and other applications contribute to the growth of the market for deadbolts.

Bluetooth to hold largest size of smart lock market based on communication protocol by 2023

The Bluetooth segment held the largest share of the smart lock market based on communication protocol in 2016. A large size of the market for Bluetooth can be attributed to the ability of this protocol to maintain a balance between range, low power consumption, reliability, bandwidth, and cost. Further, Bluetooth ensures interoperability and increases consumer confidence in smart data transfer, leading to more nodes per network and creating value for both the end users and the service aggregators.

Smart lock market for residential vertical to grow at highest CAGR during forecast period

The smart lock market for the manufacturing vertical is expected to grow at the highest CAGR between 2017 and 2023. In the residential segment, smart locks have applications in both condominiums and individual houses. Checking access to an unauthorized person is considered as the critical component of security to protect assets. This growth of the smart lock market for this vertical could be attributed to the increasing demand for smart home, increasing urbanization, and security solutions.

North America expected to hold largest share of smart lock market during forecast period

North America is expected to hold the largest share of the smart lock market during 2017–2023. North America is home to the major smart lock players such as Spectrum Brands Holdings, Inc. (US), Onity, Inc. (US), Master Lock Company LLC (US), and August Home (US). The growth of the market in North America is attributed to the increasing demand for enhanced home security levels and growing popularity of integration of smart devices, such as tablets and smartphones, with smart locks in this region.

The report also profiles the most promising players in the smart lock market. The competitive landscape of this market presents an interesting picture where a large number of big and small players have become a considerable force. The key players in this market are ASSA ABLOY (Sweden), Allegion (Ireland), dorma+kaba (Switzerland), Spectrum Brands (US), Salto Systems (Spain), Onity (US), Cansec Systems (Canada), and Master Lock (US) among others.

Make an Inquiry:
https://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=82787906

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Puja
Country United States
Categories Consumer , Electronics
Tags market , security , smart home , smart lock
Last Updated July 17, 2018