Technology

Smart Locks Market by 2023: Future Scenarios and Growth Drivers

Smart Locks Market
Press Release

Increase in concerns regarding safety, high adoption of smart homes, and growing demand for IoT enabled devices have boosted the growth of the global smart locks market. However, connectivity issues in developing countries and the high cost of smart locks hamper the market growth. On the contrary, the rising penetration of smartphones that enable remote control features and improvement in living standards across the world are expected to create lucrative opportunities for market players in the near future. The global smart locks market accounted for $473.1 million in 2017 and is expected to reach $1,175.1 million by 2023, registering a CAGR of 16.4% during the period 2017–2023.

The deadbolt segment accounted for the largest share in the market, contributing about half of the total market in 2017, as it offers enhanced protection against forceful attack in residential and commercial spaces. However, the lever handle segment is expected to register the fastest CAGR of 18.1% during the forecast period, owing to its effectiveness to unlock doors with its keyless solution and wide range of applications in the commercial utility segment such as garages, workshops, offices, and hotels. The report analyzes other segments such as padlock and others.

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The residential segment is projected to manifest the fastest CAGR of 17.8% during the forecast period, owing to the rise in concerns regarding home security and increased inclination of people toward smart home technology to modernize houses. However, the commercial segment held the largest share in 2017, contributing nearly two-thirds of the total revenue, owing to the rise in use of the internet and increased prevalence of data security measures at commercial places.

North America dominated the market in terms of revenue in 2017, contributing more than one-third of the market share, owing to increased investment by the government and defense sector for security & access management. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 18.2% through 2023, owing to rise in security concerns in government offices & research centers and an increase in construction activities in the developing countries. The report analyzes the other regions such as Europe and Latin America, the Middle East and Africa (LAMEA).

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Major market players

The report profiled the major market players including Schlage, Panasonic Corporation, ASSA ABLOY AB, Haven Lock, Inc., Spectrum Brands, Inc., Honeywell International Inc., Vivint, Inc., UniKey Technologies Inc., August Home, and Samsung SDS Co. Ltd.

Smart Locks Market Key Segments:

By Product Type

  • Deadbolts
  • Lever Handles
  • Padlocks
  • Others

By Technology

  • Bluetooth
  • Wi-Fi

By End-User

  • Residential
  • Commercial

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This post was originally published on The Market Plan

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