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.
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.
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.
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.
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%.
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.
- 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
- Lever Handles
By End User
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- 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.