News on U.S. government agencies, U.S. politics, companies doing business with U.S. federal government. Read U.S. national and local news. This site is not affiliated with United States Government.
(USGovernment-News.Com, December 12, 2018 ) The smart lock market is expected to be valued at USD 2.67 Billion by 2023 from USD 1.06 Billion in 2016, at a CAGR of 13.11% between 2017 and 2023. The base year considered for the study is 2016, and the forecast has been provided for 2017–2023.
This report segments the smart lock market on the basis of lock type, communication protocol, vertical, and geography. Deadbolts held the largest share of the market based on lock type in 2016. The increased use of deadbolts in the residential and commercial verticals, and benefits provided by deadbolts such as low installation cost, high durability, and effective security against the intense intrusion or attack in the residential, commercial, and other applications contribute to a 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. Wi-Fi can be accessed through various devices, such as smartphones, personal computers, and tablets. The growth of the market for Wi-Fi can be attributed to the factors such as high speed and wireless connectivity offered to smart lock system. Also, the increasing adoption of IoT, globally, is driving the growth of this market.
The residential vertical held the largest share of the smart lock market in 2016. Smart locks are used in the residential applications to prevent invasion, unauthorized access, theft, and burglary. The increasing adoption of Internet-based home security solutions, rising demand for smart homes, and growing urbanization contribute to the growth of the market for this vertical.
The smart lock market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. APAC is expected to witness increased adoption of security systems as the countries in this region are the emerging economies with a growing number of manufacturing bases and increasing demand for connected security devices. Further, a huge population base, large number of research and development (R&D) activities, and increasing urbanization in APAC drive the adoption of smart locks in this region
High cost and perception of unreliability, and lack of awareness among customers act as restraints for the overall smart lock market. Price is a major factor restraining the growth of the market since the smart lock technology cost a lot more than their non-smart counterparts. Also, the switching cost of smart locks is high which makes it less attractive for consumers to invest. Factors such as power failure and hacking contribute to the perception of lack of reliability of smart locks among consumers.
The competitive landscape of this market presents an interesting picture where a large number of big and small players have become a considerable force. The key players in this market 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.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including:
