According to a market report by Lucintel, the future of the smart lock market looks promising with opportunities in the commercial, residential, institution and government, and industrial sectors. The smart lock market is expected to grow with a CAGR of 13% from 2019 to 2024. The major drivers for this market are growing security and safety concerns, enhanced features compared with traditional lock systems, and rising adoption of smartphones and other connecting devices.
In this market, deadbolts, lever handles, and padlocks are the major lock types. Within the smart lock market, commercial, residential, institution and government, and industrial are the major end use industries. Residential is the largest segment for smart locks market.
Bluetooth, Wi-Fi, and other protocols (Zigbee, Z-wave, thread, and NFC) are the major communication protocol types of the smart lock market. APAC will remain the largest market over the forecast period.
ASSA ABLOY, Allegion, Dormakaba Holding, Spectrum Brands, Salto Systems, Onity, Cansec Systems, Samsung Electronics, Haven Lock and Master Lock are among the major manufacturers of smart lock
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart lock market by lock type, communication protocol, end use industry, and region. Lucintel has prepared a comprehensive research report entitled “Smart Lock Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the smart lock market by lock type, communication protocol, end use industry, and region as follows:
By Lock Type [$M shipment analysis for 2013 – 2024]:
• Deadbolts
• Lever Handles
• Padlocks
• Other Locks
By Communication Protocol [$M shipment analysis for 2013 – 2024]:
• Bluetooth
• Wi-Fi
• Other Protocols (Zigbee, Z-Wave, Thread, and NFC, among others)
By End Use Industry [$M shipment analysis for 2013 – 2024]:
• Commercial
• Residential
• Institution & Government
• Industrial
By Region [$M shipment analysis for 2013 – 2024]:
• North America
– United States
– Canada
– Mexico
• Europe
– Germany
– UK
– Italy
• Asia Pacific
– China
– Japan
– India
• Rest of the World

This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the smart lock market by lock type (deadbolts, lever handles, padlocks, other locks (knob locks, rim/mortise locks and rim cylinders, and rim latch locks), communication protocol ( bluetooth, Wi-Fi, other protocols (Zigbee, Z-wave, thread, and NFC among others), end use industry (commercial, residential, institution & government and industrial), and region (North America, Europe, Asia pacific (APAC), rest of the world (ROW))?
Q.2 which segments will grow at a faster pace and why?
Q.3 which regions will grow at a faster pace and why?
Q.4 what are the key factors affecting market dynamics? What are the drivers and challenges of the smart lock market?
Q.5 what are the business risks and threats to the smart lock market?
Q.6 what are emerging trends in this smart lock market and the reasons behind them?
Q.7 what are some changing demands of customers in the smart lock market?
Q.8 what are the new developments in the smart lock market? Which companies are leading these developments?
Q.9 who are the major players in this smart lock market? What strategic initiatives are being implemented by key players for business growth?
Q.10 what are some of the competitive products and processes in this smart lock area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this, smart lock market?