The smart lock market is expected to reach USD 2.67 billion by 2023 from USD 1.28 billion in 2017
NEW YORK, Oct. 31, 2017 /PRNewswire/ -- "The overall smart lock market is expected to grow at a CAGR of 13.11% between 2017 and 2023"
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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. The growing security and safety concerns is one of the major factors fueling the growth of this market. Moreover, the enhanced features compared with traditional lock systems and rising adoption of smartphones and other connected devices are expected to generate demand for these systems. The key restraining factors for the growth of this market are the high cost and perception of unreliability and lack of awareness among customers.
"Deadbolts is expected to hold the largest share of the smart lock market during the forecast period"
The deadbolts segment is expected to hold the largest share of the smart lock market based on lock type during the forecast period. The benefits associated with deadbolts such as low installation cost, high durability, and high security from the intense intrusion or attack in the residential, commercial, and others applications contribute to 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"
The market for the Wi-Fi communication protocol is expected to grow at the highest CAGR between 2017 and 2023. The connectivity benefits provided by Wi-Fi that make smart locks compatible with various connected devices, such as smartphones, personal computers, and tablets, contribute to the growth of the market for Wi-Fi.
"The residential vertical is expected to hold the largest share of the smart lock market during the forecast period"
The residential vertical is expected to hold the largest share of the smart lock market during the forecast period. In the residential segment, the smart locks are used in both condominiums and individual houses. Checking access to the unauthorized person in residents or any other property is considered as the critical component of security to protect assets. The growth of the market for the residential vertical could be attributed to the increasing demand for smart homes, increasing urbanization, and security solutions.
"The smart lock market in APAC to grow at the highest CAGR between 2017 and 2023"
The market in APAC is expected to grow at the highest CAGR during 2017-2023. The market is expected to grow at a high rate and driven, primarily, by continuously growing infrastructure and increasing demand for the automated security products. The major factors driving the growth of the smart lock market in APAC is the huge population base, research and development (R&D) activities, and increasing urbanization in APAC.
During the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the market. The break-up of primary participants for the report has been shown below:
-- By Company Type: Tier 1 = 37 %, Tier 2 = 47%, and Tier 3 = 16%
-- By Designation: C-Level Executives = 46%, Directors = 36%, and Managers = 18%
-- By Region: North America = 26%, Europe = 30%, APAC = 22%, South America = 13%, and Middle East & Africa = 9%
The report also profiles the key players in the smart lock market and analyzes their market rankings. The prominent players profiled in this report 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.
Research Coverage:
This research report categorizes the overall smart lock market on the basis of lock type, communication protocol, vertical, and geography. Moreover, the report provides the value chain analysis of the smart lock industry. Furthermore, the report discusses the major drivers, restraints, challenges, and opportunities pertaining to the market and the market ranking analysis.
Key Benefits of Buying the Report:
The report would help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall smart lock market and the market based on the considered segments. This report would help the stakeholders to understand the competitive landscape better, gain more insights to position their businesses better in the market, and make suitable go-to-market strategies. The report also helps the stakeholders understand the pulse of the market and provides them the information on key market drivers, restraints, challenges, and opportunities.
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