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% during the forecast period. In 2016, the market was dominated by 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.

This research involves the use of secondary sources including directories and databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for the extensive technical and commercial study of the smart lock market. Primary sources mainly comprise several industry experts from the core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, reimbursement providers, technology developers, alliances, standards, and certification organizations related to various parts of the value chain of the industry. In-depth interviews with various primary respondents such as key industry participants, subject matter experts (SMEs), C-level executives of key players, and industry consultants have been conducted to obtain and verify critical qualitative and quantitative information as well as assess prospects.

ASSA ABLOY (Sweden) ranked first in the smart lock market in 2016. ABLOY is the leading player involved in design, manufacture, and sale of the digital and mobile door opening solutions. The company offers smart lock solutions under various brand names, such as Mul-T-Lock, HID Global Corporation, Yale, and iRevo. The company offers an extensive range of mechanical and electromechanical locks; digital door locks; security doors; and entrance automation solutions for the commercial, institutional, and residential markets. Under the brand name Yale, the company offers various smart locks such as Yale Smart Home GuideVisa navigation, Yale Real LivingVisa navigation, Yale LinusVisa navigation, Yale nexTouch, WirelessVisa navigation, Yale Multi-Family SolutionsVisa navigation, and YH Collection. The company focuses on the organic and inorganic strategies of product launches and acquisitions, respectively, to strengthen its position in the smart lock market. For instance, in July 2017, ASSA ABLOY launched new keyless touchscreen smart locks with capacitive touchscreen and weather-tight construction feature. Further, in June 2017, it acquired Atlantic Door Control (US), a provider of automatic door and entrance systems, to strengthen its presence in the North American smart lock market.

Allegion (Ireland) ranked second in the smart lock market in 2016. Allegion engages in the manufacture and supply of various wireless, wired, and stand-alone smart locks. The company offers various products through more than 25 global brands, such as CISA, Interflex, LCN, Schlage, and Von Duprin. Products offered under the Schlage brand include networked wireless, networked wired, stand-alone, and wireless accessories. The company also focuses on empowering its business through inorganic strategies, such as acquisitions, and organic strategies, such as product launches, to strengthen its market position. For instance, June 2016, the company acquired Trelock GmbH (Germany), a portable safety and security solution provider. This acquisition would help the company enhance its smart lock portfolio in the bicycle locks segment. In March 2015, Allegion launched updated feature for its Schlage advanced locks for Wink app. This new feature includes vacation mode, customizable user code, and battery level indication.

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