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 smart lock 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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This report segments the smart lock market on the basis of lock type, communication protocol, vertical, and geography. Deadbolts held the largest share of the smart lock market based on lock type in 2016. The increased use of deadbolts in the residential and commercial verticals, and benefits provided by deadbolts such as low installation cost, high durability, and effective security against the intense intrusion or attack in the residential, commercial, and other applications contribute to a high growth of the market for this segment.

The smart lock market for Wi-Fi is expected to grow at the highest CAGR during the 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.

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.

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