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Smart Lock Market: Global Forecast until 2023

  • October 2017
  • 132 pages
  • ID: 5169655
In this report:
The market for lever handle product type registered a shipment of ##.## million units in 2016, which is expected to rise to ##.## million units by 2023, at a CAGR of ##.##% during the forecast period.
In 2016, the market for deadbolt product type registered a shipment of ##.## million units, which is expected to rise to ##.## million units by 2023, at a CAGR of ##.##% between 2017 and 2023.

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"The global smart lock market is anticipated to rise at a CAGR (Compound annual growth rate) of ~13.1 percent between 2017 and 2023"

The smart lock market is forecasted to reach ~$2.7B by 2023 from ~$1.3B in 2017, at a compound annual growth rate (CAGR) of ~13.1 percent between 2017 and 2023. The increasing security and safety concerns is one of the main factors fueling the rise of this market. Also, the enhanced features compared with traditional lock systems and growing adoption of smartphones and other connected devices are anticipated to generate demand for these systems. The top restraining factors for the increase of this market are the strong cost and perception of unreliability and lack of awareness among clients.

"Deadbolts is intended to hold the most important share of the smart lock market during the outlook period"

The deadbolts segment is forecasted to hold the biggest share of the smart lock market established on lock type during the estimate period. The profits combined with deadbolts including low installation cost, high durability, and high security from the intense intrusion or attack in the residential, commercial, and others applications contribute to high rise of the market for this industry segment.

"The smart lock market for Wi-Fi is anticipated to grow at the maximal CAGR (Compound annual growth rate) during the outlook period"

The sector for the Wi-Fi communication protocol is anticipated to increase at the maximal compound annual growth rate (CAGR) between 2017 and 2023. The connectivity benefits specified by Wi-Fi that make smart locks compatible with different connected devices, including smartphones, personal computers, and tablets, contribute to the increase of the market for Wi-Fi.

"The residential vertical is anticipated to hold the most important share of the smart lock market during the estimate period"

The residential vertical is anticipated to hold the biggest share of the smart lock market during the outlook 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 increase of the market for the residential vertical could be attributed to the growing demand for smart homes, rising urbanization, and security solutions.

"The smart lock market in Asia-Pac to grow at the highest CAGR (Compound annual growth rate) between 2017 and 2023"

The industry in Asia-Pacific is anticipated to rise at the highest compound annual growth rate (CAGR) during 2017-2023. The sector is anticipated to grow at an important rate and driven, primarily, by continuously increasing infrastructure and growing demand for the automated security products. The main factors driving the increase of the smart lock market in Asia-Pac is the huge population base, analysis and growth activities, and rising urbanization in Asia-Pacific.

During the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions have been managed with main people in the industry. The break-up of primary participants for the market research has been shown below:

• By Company category: Tier 1 = 37 %, Tier 2 = 47.0 percent, and Tier 3 = 16.0 percent

• By Description: C-suite executives = 46.0 percent, Directors = 36.0 percent, and Managers = 18.0 percent

• By Area: North America continent = 26.0 percent, Europe (EU) = 30.0 percent, Asia-Pac = 22.0 percent, South America region = 13.0 percent, and Middle East (ME) & African continent = 9.0 percent

The report also profiles the top actors in the smart lock market and analyzes their market rankings. The main players decribed in this business report are ASSA ABLOY, Allegion, dorma+kaba, Spectrum Brands, Salto Systems, Onity, Cansec Systems, and Master Lock, among others.

Segment Research

This market research classifies the global smart lock market based on lock type, communication protocol, vertical, and area. Furthermore, the industry report offers the value chain study of the smart lock sector. Moreover, the study discusses the main drivers, industry restraints, opportunities, and possibilities pertaining to the market and the market ranking review.

Main highlights

The analysis would benefit the market top players/new sector entrants in this sector by providing them the closest approximations of the revenue numbers for the global smart lock market and the sector established on the considered segments. This industry report would benefit the partners to comprehend the competitive landscape better, gain additional insights to position their businesses better in the market, and make suitable go-to-market approaches. The market research also benefits the partners comprehend the pulse of the sector and offers them the information on main market drivers, market restraints, opportunities, and alternatives.

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