The smart lock market is expected to be valued at USD 2.67 Billion by 2023 from USD 1.06 Billion in 2016, at a CAGR of 13.11% between 2017 and 2023. The base year considered for the study is 2016, and the forecast has been provided for 2017–2023.

Smart lock market for Wi-Fi is expected to grow with highest CAGR of during forecast period

Wi-Fi can be accessed through various devices, such as smartphones, personal computers, and tablets. The growth of the market for Wi-Fi can be attributed to the factors such as high speed and wireless connectivity offered to smart lock system. Also, the increasing adoption of IoT, globally, is driving the growth of this market.

Residential vertical held the largest share of the smart lock market in 2016

Smart locks are used in the residential applications to prevent invasion, unauthorized access, theft, and burglary. The increasing adoption of Internet-based home security solutions, rising demand for smart homes, and growing urbanization contribute to the growth of the market for this vertical.

Smart lock market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.

APAC is expected to witness increased adoption of security systems as the countries in this region are the emerging economies with a growing number of manufacturing bases and increasing demand for connected security devices. Further, a huge population base, large number of research and development (R&D) activities, and increasing urbanization in APAC drive the adoption of smart locks in this region.

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 7500 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, "Knowledgestore" 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