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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

IC 172261
Pages: 150
May 2017 | 2073 Views
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Author's : Preksha Verma
Tables: 50
Charts: 19
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Smart Locks Market Overview:

Global Smart Locks Market size in 2016 was valued at $416 million growing at CAGR of 16.4% to reach $1,175 million by 2022. The increasing awareness regarding secure home solutions, steady rise in smart devices, increasing disposable income of consumers, and proliferating Internet and IoT are some of the major factors driving the market growth.

Smart locks provide ease of use and works on either Wi-Fi, Bluetooth, or both. Smartphones are becoming an integral part of today's lifestyles in emerging economies. As the usage of smartphones grows and more users acquire these electronic devices for everyday use, the market for mobile applications will also grow at significant pace.

The global smart locks industry is in its growth stage, and is expected to witness substantial growth in the near future, owing to heavy investment in R&D activities by market players and increased focus of the society towards Internet of Things (IoT). The other factors driving the market include robust growth in demand for portable security devices, development of smart cities, and rise in security threats. However, high cost of devices, fear of privacy intrusion and loss of smartphones hamper the market growth. Furthermore, increase in the number of smartphones and growing popularity of smart technology is anticipated to present new opportunities for the market during the forecast period.

Smart locks market is segmented on the basis of product type, technology, end user, and geography. Based on product type, the smart locks market is segmented into deadbolts, lever handles, padlocks and others. The others segment include footplate locks, rim latch, and wall mounted locks. The technology segment is further categorized into Wi-Fi and Bluetooth. In 2016, the Bluetooth technology accounted about 58% share in the global smart locks market. The end users in the smart locks market include commercial and residential sectors. Enterprises, government institutions, research labs, and others are considered under commercial sector.

Smart locks market-is segmented

The significant factors impacting the industry are diversified areas of applications in the commercial & government sectors, concern for safety & security, unique technology & usage, standards of living, and emerging markets. However, high initial cost and fear of privacy intrusion restrain the market growth. Growing popularity of smart homes and smart technology is anticipated to present new opportunities for the market growth during the forecast period.

Standards of living

Applications in Commercial and Government Sectors

Smart locks technology plays a vital role in the government, residential, and commercial sectors. The safety and security of personal assets & information and law enforcements are the major concerns behind the adoption of smart lock technology in the government sector. Various governments and forensics departments use smart locks in access control of sensitive centers of information, employee authentication, and others. Commercial sectors, especially banking & finance sectors & enterprises, have adopted smart locks technology for various applications including PC/network access and physical access in an effort to provide strong authentication and security mechanisms.

Unique Technology and Usage

Smart lock technology is unique and easy-to-use as compared to conventional methods. The technologies before smart locks were use of ID codes, passwords, mechanical locks, code words, and paper slips, which are tedious to maintain and have a high possibility of data theft or loss. Smart locks work on IoT connectivity, which synchronize with the users smartphone for access control. This characteristic of smart locks makes it unique, reliable, and user-friendly and strengthens its market presence.

Standards of Living

The standard of living of people in the world has increased due to increased awareness of technology, higher disposable incomes, and developments in various industry verticals such as healthcare, government, and infrastructure. People can afford security and safety devices as they feel a need to protect their personal information and belongings from external entities. This factor is projected to impose a crucial impact over the market growth during the forecast period.

Initial Investments

Core technology development is a crucial part in the smart locks market, for which a strong R&D department is necessary, which incurs additional expense for maintenance. Manufacturing of physical components and development of technology requires high initial investments in smart locks. This restricts the entry of new market players to some extent.

Segment Overview

Smart locks are expected to be one of the noticeably promising offers among all the smart devices in the coming years. The global smart locks market is segmented based on product type into deadbolt, lever handle, padlocks, and others. Deadbolt and lever handle, together accounted for about 81% of the total global smart locks market in 2016, with the former constituting around 50%.

Segment overview

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

Key Benefits

  • This report provides an in-depth analysis of the global smart locks market to elucidate the potential investment pockets.
  • The current trends and future scenarios are outlined to determine the overall market potential and single out profitable trends to gain a stronger foothold in the market.
  • This report provides information regarding key drivers, restraints, and opportunities along with their detailed impact analysis.
  • Quantitative analysis of the current market trends and future estimations for 2017-2023 are provided to indicate the financial competency.
  • Porters Five Forces Model of the industry illustrate the potency of the buyers and suppliers.

Smart Locks Market Key Segments:

By Product Type

  • Deadbolts
  • Lever Handles
  • Padlocks
  • Others

By Technology

  • Bluetooth
  • Wi-Fi

By End User

  • Residential
  • Commercial

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Italy
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Singapore
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players

  • Schlage
  • Honeywell International Inc.
  • Panasonic Corporation
  • Vivint, Inc.
  • ASSA ABLOY AB
  • UniKey Technologies Inc.
  • Haven Lock, Inc.
  • August Home
  • Spectrum Brands, Inc.
  • Samsung SDS Co. Ltd.
 

Chapter: 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY

1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

Chapter: 3 MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top impacting factors
3.2.2. Top winning strategies
3.2.3. Top investment pocket

3.3. PORTERS FIVE FORCES ANALYSIS

3.3.1. Moderate bargaining power of suppliers
3.3.2. High bargaining power of buyers
3.3.3. Low threat of substitution
3.3.4. Moderate threat of new entrants
3.3.5. High competitive rivalry

3.4. MARKET DYNAMICS

3.4.1. Drivers

3.4.1.1. Growing application of smart locks technology in commercial and government sectors
3.4.1.2. Increasing concern for safety and security
3.4.1.3. Unique technology with easy usage
3.4.1.4. Increasing standards of living
3.4.1.5. Budding developments in emerging markets
3.4.1.6. Increase in demand for smartphones
3.4.1.7. Increasing trend for IoT

3.4.2. Restraints

3.4.2.1. High initial investments and cost of devices
3.4.2.2. Fear of privacy intrusion

3.4.3. Opportunities

3.4.3.1. Flourishing use in residential sector

Chapter: 4 SMART LOCKS MARKET, BY PRODUCT TYPE

4.1. OVERVIEW

4.1.1. Market size and forecast

4.2. DEADBOLT

4.2.1. Key market trends
4.2.2. Key growth factors and opportunities
4.2.3. Market size and forecast

4.3. LEVER HANDLE

4.3.1. Key market trends
4.3.2. Key growth factors and opportunities
4.3.3. Market size and forecast

4.4. PADLOCK

4.4.1. Key market trends
4.4.2. Key growth factors and opportunities
4.4.3. Market size and forecast

4.5. OTHERS

4.5.1. Key market trends
4.5.2. Key growth factors and opportunities
4.5.3. Market size and forecast

Chapter: 5 SMART LOCKS MARKET, BY TECHNOLOGY

5.1. OVERVIEW

5.1.1. Market size and forecast

5.2. WI-FI

5.2.1. Key market trends
5.2.2. Key growth factors and opportunities
5.2.3. Market size and forecast

5.3. BLUETOOTH

5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast

Chapter: 6 SMART LOCKS MARKET, BY END USER

6.1. OVERVIEW

6.1.1. Market size and forecast

6.2. RESIDENTIAL

6.2.1. Key market trends
6.2.2. Key growth factors and opportunities
6.2.3. Market size and forecast

6.3. COMMERCIAL

6.3.1. Key market trends
6.3.2. Key growth factors and opportunities
6.3.3. Market size and forecast

Chapter: 7 SMART LOCKS MARKET, BY REGION

7.1. OVERVIEW
7.2. NORTH AMERICA

7.2.1. Key market trends
7.2.2. Key growth factors and opportunities
7.2.3. Market size and forecast

7.2.3.1. U.S.
7.2.3.2. Canada
7.2.3.3. Mexico

7.3. EUROPE

7.3.1. Key market trends
7.3.2. Key growth factors and opportunities
7.3.3. Market size and forecast

7.3.3.1. United Kingdom
7.3.3.2. Italy
7.3.3.3. France
7.3.3.4. Germany
7.3.3.5. Rest of Europe

7.4. ASIA-PACIFIC

7.4.1. Key market trends
7.4.2. Key growth factors and opportunities
7.4.3. Market size and forecast

7.4.3.1. China
7.4.3.2. Japan
7.4.3.3. India
7.4.3.4. Singapore
7.4.3.5. Rest of Asia-Pacific

7.5. LAMEA

7.5.1. Key market trends
7.5.2. Key growth factors and opportunities
7.5.3. Market size and forecast

7.5.3.1. Latin America
7.5.3.2. Middle East
7.5.3.3. Africa

Chapter: 8 COMPANY PROFILES

8.1. AUGUST HOME

8.1.1. Company overview
8.1.2. Business performance
8.1.3. Operating business segments
8.1.4. Key strategic moves and developments

8.2. ASSA ABLOY AB

8.2.1. Company overview
8.2.2. Business performance
8.2.3. Operating business segments
8.2.4. Key strategic moves and developments

8.3. HAVEN LOCK, INC.

8.3.1. Company overview
8.3.2. Business performance
8.3.3. Operating business segments
8.3.4. Key strategic moves and developments

8.4. HONEYWELL INTERNATIONAL INC.

8.4.1. Company overview
8.4.2. Business performance
8.4.3. Operating business segments
8.4.4. Key strategic moves and developments

8.5. PANASONIC CORPORATION

8.5.1. Company overview
8.5.2. Business performance
8.5.3. Operating business segments
8.5.4. Key strategic moves and developments

8.6. SAMSUNG SDS CO. LTD.

8.6.1. Company overview
8.6.2. Business performance
8.6.3. Operating business segments
8.6.4. Key strategic moves and developments

8.7. SCHLAGE

8.7.1. Company overview
8.7.2. Business performance
8.7.3. Operating business segments
8.7.4. Key strategic moves and developments

8.8. SPECTRUM BRANDS, INC.

8.8.1. Company overview
8.8.2. Business performance
8.8.3. Operating business segments
8.8.4. Key strategic moves and developments

8.9. UNIKEY TECHNOLOGIES INC.

8.9.1. Company overview
8.9.2. Business performance
8.9.3. Operating business segments
8.9.4. Key strategic moves and developments

8.10. VIVINT, INC.

8.10.1. Company overview
8.10.2. Business performance
8.10.3. Operating business segments
8.10.4. Key strategic moves and developments

LIST OF TABLES

TABLE 1. GLOBAL SMART LOCKS MARKET, BY PRODUCT TYPE, 2016-2023 ($MILLION)
TABLE 2. SMART DEADBOLTS MARKET, BY REGION, 2016-2023 ($MILLION)
TABLE 3. SMART LEVER HANDLES MARKET, BY REGION, 2016-2023 ($MILLION)
TABLE 4. SMART PADLOCKS MARKET, BY REGION, 2016-2023 ($MILLION)
TABLE 5. SMART OTHER LOCKS MARKET, BY REGION, 2016-2023 ($MILLION)
TABLE 6. SMART LOCKS MARKET, BY TECHNOLOGY, 2016-2023 ($MILLION)
TABLE 7. SMART LOCKS MARKET REVENUE FROM WI-FI, BY REGION, 2016-2023 ($MILLION)
TABLE 8. SMART LOCKS MARKET REVENUE FROM BLUETOOTH, BY REGION, 2016-2023 ($MILLION)
TABLE 9. GLOBAL SMART LOCKS MARKET BY END USER, 2016-2023 ($MILLION)
TABLE 10. SMART LOCKS MARKET REVENUE FROM RESIDENTIAL USERS, BY REGION, 2014-2022 ($MILLION)
TABLE 11. SMART LOCKS MARKET REVENUE FROM COMMERCIAL USERS, BY REGION, 2016-2023 ($MILLION)
TABLE 12. GLOBAL SMART LOCKS MARKET, BY REGION, 2016-2023 ($MILLION)
TABLE 13. NORTH AMERICA SMART LOCKS MARKET, REVENUE, BY PRODUCT TYPE, 2016-2023 ($MILLION)
TABLE 14. NORTH AMERICA SMART LOCKS MARKET REVENUE, BY COUNTRY, 2016-2023 ($MILLION)
TABLE 15. EUROPE SMART LOCKS MARKET, REVENUE, BY PRODUCT TYPE, 2016-2023 ($MILLION)
TABLE 16. EUROPE SMART LOCKS MARKET, REVENUE, BY COUNTRY, 2016-2023 ($MILLION)
TABLE 17. ASIA-PACIFIC SMART LOCKS MARKET, REVENUE, BY PRODUCT TYPE, 2016-2023 ($MILLION)
TABLE 18. ASIA-PACIFIC SMART LOCKS MARKET, REVENUE, BY COUNTRY, 2016-2023 ($MILLION)
TABLE 19. LAMEA SMART LOCKS MARKET, REVENUE, BY PRODUCT TYPE, 2016-2023 ($MILLION)
TABLE 20. LAMEA SMART LOCKS MARKET, REVENUE, BY COUNTRY, 2016-2023 ($MILLION)
TABLE 21. AUGUST HOME: COMPANY SNAPSHOT
TABLE 22. AUGUST HOME: OPERATING SEGMENT
TABLE 23. AUGUST HOME: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 24. ASSA ABLOY AB: COMPANY SNAPSHOT
TABLE 25. ASSA ABLOY AB: OPERATING SEGMENT
TABLE 26. ASSA ABLOY AB: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 27. HAVEN LOCK, INC.: COMPANY SNAPSHOT
TABLE 28. HAVEN LOCK, INC.: OPERATING SEGMENT
TABLE 29. HAVEN LOCK, INC.: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 30. HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
TABLE 31. HONEYWELL INTERNATIONAL INC.: OPERATING SEGMENT
TABLE 32. HONEYWELL INTERNATIONAL INC.: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 33. PANASONIC CORPORATION: COMPANY SNAPSHOT
TABLE 34. PANASONIC CORPORATION: OPERATING SEGMENT
TABLE 35. PANASONIC CORPORATION: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 36. SAMSUNG SDS CO. LTD.: COMPANY SNAPSHOT
TABLE 37. SAMSUNG SDS CO. LTD.: OPERATING SEGMENT
TABLE 38. SAMSUNG SDS CO. LTD.: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 39. SCHLAGE: COMPANY SNAPSHOT
TABLE 40. SCHLAGE: OPERATING SEGMENT
TABLE 41. SCHLAGE: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 42. SPECTRUM BRANDS, INC.: COMPANY SNAPSHOT
TABLE 43. SPECTRUM BRANDS, INC.: OPERATING SEGMENT
TABLE 44. SPECTRUM BRANDS, INC.: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 45. UNIKEY TECHNOLOGIES INC.: COMPANY SNAPSHOT
TABLE 46. UNIKEY TECHNOLOGIES INC.: OPERATING SEGMENT
TABLE 47. UNIKEY TECHNOLOGIES INC.: STRATEGIC MOVES AND DEVELOPMENTS
TABLE 48. VIVINT, INC.: COMPANY SNAPSHOT
TABLE 49. VIVINT, INC.: OPERATING SEGMENT
TABLE 50. VIVINT, INC.: STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 1. SMART LOCKS MARKET SEGMENTATION
FIGURE 2. TOP IMPACTING FACTORS OF SMART LOCKS MARKET
FIGURE 3. TOP WINNING STRATEGY ANALYSIS
FIGURE 4. TOP WINNING STRATEGIES, BY COMPANY, 2013-2016 (%)
FIGURE 5. TOP INVESTMENT POCKETS
FIGURE 6. PORTERS FIVE FORCE MODEL
FIGURE 7. GDP PER CAPITA PPP FOR MAJOR COUNTRIES IN THE WORLD, 2012-2015
FIGURE 8. GLOBAL SMART LOCKS MARKET, BY PRODUCT TYPE, 2016 (%SHARE)
FIGURE 9. GLOBAL SMART DEADBOLTS MARKET, REVENUE, 2016-2023 ($MILLION)
FIGURE 10. GLOBAL SMART LEVER HANDLES MARKET, REVENUE, 2016-2023 ($MILLION)
FIGURE 11. GLOBAL SMART PADLOCKS MARKET, REVENUE, 2016-2023 ($MILLION)
FIGURE 12. GLOBAL SMART OTHER LOCKS MARKET, REVENUE, 2014-2022 ($MILLION)
FIGURE 13. GLOBAL SMART LOCKS MARKET, BY TECHNOLOGY, 2016 (%SHARE)
FIGURE 14. GLOBAL SMART LOCKS MARKET REVENUE FROM WI-FI, 2016-2023 ($MILLION)
FIGURE 15. GLOBAL SMART LOCKS MARKET REVENUE FROM BLUETOOTH, 2016-2023 ($MILLION)
FIGURE 16. GLOBAL SMART LOCKS MARKET, BY END USER, 2016 (%SHARE)
FIGURE 17. GLOBAL SMART LOCKS MARKET REVENUE FROM RESIDENTIAL END USERS, 2016-2023 ($MILLION)
FIGURE 18. GLOBAL SMART LOCKS MARKET REVENUE FROM COMMERCIAL USERS, 2016-2023 ($MILLION)
FIGURE 19. GLOBAL SMART LOCKS MARKET SHARE, BY REGION, 2016 (%)

 

The global smart locks market is anticipated to grow at a considerable rate during the forecast period. North America is expected to generate highest revenue and maintain its dominance. The market in Asia-Pacific is estimated to grow at the highest CAGR during the analysis period, owing to growth in adoption of advanced security and authentication solutions in various end user verticals, such as healthcare, public, residential, and manufacturing sector.

Smart locks have gained huge popularity in various end user verticals, such as commercial and residential users, owing to rise in focus on digitization, growth in technological awareness, advanced security features, and focus to improve customer experience. Increase in government initiatives to provide advanced security solutions is anticipated to create significant growth opportunities for major players.

Key players operating in the market are estimated to emphasize on continuous increment on R&D activities to come up with advanced smart lock solutions that ensure higher security and privacy. In addition, these players are anticipated to concentrate on acquisitions & mergers to increase their global footprints and profit margins.

 

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