Cart
0

Smart Locks Market Expected to Reach $1,175 Million, Globally, by 2023

 
 

quote Smart home devices are considered as the most evolutionary innovation for the residential & commercial spaces, owing to their convenient, secure, and sustainable features. The global smart locks market is expected to evidence significant growth due to rise in security concerns and enhanced safety features provided through smart automation & security systems. With an increase in the working population, safety concerns with respect to aged parents and children is the biggest challenge. Smart locks address these issues with highly-sophisticated remote monitoring technologies. quote

Deepankar Bose
Manager, Consumer Goods at AMR

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

Smart Locks Market Report, published by Allied Market Research, forecasts that the global market size was valued at $416 million in 2016, and is estimated to reach at $1,175 million by 2023, growing at a CAGR of 16.4% from 2017 to 2023. North America accounted for around 34.6% share of the overall market revenue in 2016, owing to rise in security concerns among consumers, technological advancements, and increase in trend of smart homes. Asia-Pacific is anticipated to grow at the highest CAGR of 18.2% from 2017 to 2023.

Access Full Summary at: https://www.alliedmarketresearch.com/smart-locks-market

Smart locks are electronic locks installed on the doors, which can be operated through various apps on users smartphones. These are keyless locks that operate on either Wi-Fi, Bluetooth, or both. The smart locks industry is anticipated to grow at a significant pace, owing to increase in security & privacy concerns, advancements in wireless communication technologies, rise in disposable income of consumers, surge in urbanization, and the growth in need to establish connectivity across all the electronic equipment of the house. Furthermore, reduction in expenses of cloud infrastructure & broadband services and increase in user convenience to remotely control the house further supplemented the electronic locks market growth. Emergence of Internet of Things (IoT) and integrated connectivity & access to smart locks through smartphones, growth in implementation of advanced technology, such as near-field communication (NFC), low-power Bluetooth, and Z-wave/ZigBee, and increase in penetration of smartphones among consumers, are expected to offer potential growth opportunities to the market.

The global smart locks market is categorized based on the type of product into deadbolts, lever handles, padlocks, and others. Deadbolts segment generated a higher revenue in 2016, and is expected to dominate the market throughout the forecast period, owing to its strong and enhanced protection against forceful physical attacks.

The commercial end-user segment led the smart locks market in 2016; however, the residential segment is expected to grow at the highest CAGR due to rise in crime rates globally and ease of usage as smart locks are enabled with features, such as motion detectors, remote door locking & unlocking, and remote door opening sensors with the phone app of the lock. The residential segment is expected to grow at a CAGR of 17.8% during the forecast period. Increase in need for automated keyless unlocking mechanism and surge in demand for smart security solutions are expected to foster the market growth.

According to the data released by the FBI regarding the crime statistics in 2015, in the U.S., the property crime rate was 2,487.0 offenses per 100,000 inhabitants and the violent crime rate increased by 3.1% compared to previous year. In such scenario, smart locks prevent thefts, lock bumping, and picking at residential properties. Smart lock manufacturers are now targeting the developing nations, such as India and China, as the potential markets, owing to increase in penetration of smart locks in the global market. However, high cost of smart lock devices and lack of awareness hamper the market growth.

The North American smart locks market is anticipated to offer beneficial growth opportunities during the forecast period, owing to well-established technological infrastructure, high consumer awareness, rise in security concerns, increase in government supports, and high investment from major IoT players. In North America, the U.S. dominates with highest share in smart locks market. Asia-Pacific is anticipated to grow at the highest rate in the near future, owing to increase in urbanization & disposable income, rise in awareness about automated solutions, surge in penetration of internet-based services, advancements in communication technology & broadband services, and growth in trend of smart homes market in Indian and Chinese market.

Key Findings of the Smart Locks Market:

  • The lever handle smart locks segment is expected to grow at the highest CAGR of 18.1% from 2017 to 2023.
  • U.S. accounted for the highest customer base in the North American smart locks market in 2016, and is anticipated to dominate the market throughout the forecast period.
  • The commercial segment is expected to dominate the market, owing to rise in penetration in hospitality industry, government offices, and office buildings.
  • Rise in construction activities in Asia-Pacific are expected to fuel the demand for smart locks in the market.

The major players active in the smart locks market are August Home, ASSA ABLOY AB, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung SDS Co. Ltd., Schlage, Spectrum Brands, Inc., UniKey Technologies Inc., and Vivint, Inc. These market leaders have maintained their market position with proposed quality maintenance and use of innovative technology.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1⟨855⟩ 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Abhinav Rautela
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
mediacommunications@alliedanalytics.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Smart Locks Market by Product Type (Deadbolts, Lever handles, Padlocks, and Others), Technology (Wi-Fi and Bluetooth), and End User (Commercial and Residential) - Global Opportunity Analysis and Industry Forecast, 2017-2023 quote

View Report
 
 

Why Allied Market Research

 

Infallible Methodology

To ensure high level data integrity, accurate analysis and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to eliminate redundant information to provide valued information and save time of the reader

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interest you.

 
Get Industry Data Alerts