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 market. Moreover, growing security and safety concerns and enhanced features compared with traditional lock systems also drive the growth of this market.
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Based on lock type, Deadbolts is expected to hold a larger size of the global smart lock market
Based on communication protocol, smart lock market for Wi-Fi to grow at highest CAGR from 2017 to 2025
Smart lock market for residential vertical to grow at highest CAGR during forecast period
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 in APAC to grow at highest CAGR during forecast period
The smart lock market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to witness the increase in adoption of security systems as major countries in this region are the emerging economies with a growing number of manufacturing bases and exhibiting increasing demand for connected security devices. Further, the huge population base, a large number of research and development (R&D) activities, and increasing urbanization in APAC would drive the adoption of smart locks in APAC.
Key players in the market include ASSA ABLOY AB (Sweden), Allegion plc (Ireland), dorma+kaba Holding AG (Switzerland), Spectrum Brands Holdings, Inc. (US), Salto Systems S.L. (Spain), Onity, Inc. (US), Cansec Systems Ltd. (Canada), GANTNER Electronic GmbH (Austria), Master Lock Company LLC (US), MIWA Lock Co. (Japan), Samsung
Electronics Co., Ltd. (South Korea), SentriLock, LLC (US), Avent Security (China), ADEL Group (China), Dessmann (Germany), Haven Lock, Inc. (US), Gate (US), Shenzhen Vians Electric Lock Co., Ltd.(China), Anviz Global (US), Poly-Control International ApS (Denmark), August Home (US), CANDY HOUSE, Inc. (US), Dahua Technology Co., Ltd (China), Amadas Inc.(South Korea), and LockState (US). These players are increasingly undertaking product launches, partnerships, acquisitions, expansions, agreements, collaborations, and contracts to increase their market shares.
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