Smart Lock Market Key Players by 2024: Assa Abloy, Allegion, Panasonic Corp., Spectrum Brands, Salto Systems, Onity, UniKey, Haven, Canseco Systems, and Master Lock

Market Overview: -

Smart Lock Market size is anticipated to grow owing to the rising security concerns amongst consumers and the rising proliferation of home automation systems. Thefts and burglaries have risen significantly in the recent years. For instance, in 2016, an estimated 2.5 million home invasions and property thefts were registered in the U.S. with an average estimated loss of USD 2,230 per break-in. This has fueled the demand for smart locks and has led consumers to transition away from traditional lock systems owing to the higher security and convenience that these systems provide. Additionally, these detect tampering and alert the users and the authorities discretely before a property break-in occurs, allowing higher rates of arrests of the guilty parties.

Request for an in-depth table of contents for this report @ https://www.gminsights.com/request-toc/upcoming/2501

In the light of the rising trend of IoT in the recent years, intelligent and connected devices have found increasing applications in personal and commercial settings, propelling the smart lock market growth. These devices use connective technologies such as Wi-Fi, Bluetooth, infrared, and NFC to connect to handheld and controlling devices over a short range and internet to connect to the devices over a long range. The users can access their home security systems from a remote location by connecting through the internet. The proliferation of smart lock market is projected to grow at a rapid rate as they are equipped with advanced technological features such as remote access and intercom and camera facilities.

Top Key Players: -

Key players in the smart lock market include Assa Abloy, Allegion, Panasonic Corp., Spectrum Brands, Salto Systems, Onity, UniKey, Haven, Canseco Systems, and Master Lock. Major players in the industry are focusing on manufacturing sustainable products, entering into mergers & acquisitions, and partnerships to sustain growth in the global marketplace. In June 2017, ASSA ABLOY announced the acquisition of the Atlantic Door Control, which provides automatic door and entrance systems. This strategy was undertaken to strengthen their presence across the world and increase their product offerings; strengthening their presence in the smart lock market.

Market share calculation in this report is not done based on companies covered in it. The calculation of smart lock market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

Europe is among the major consumers of smart lock market. The rise of new investors in the region after the decline of Europe debt crisis has offered substantial opportunities for the market growth. Additionally, consumers in the region also possess the technical expertise required to operate these devices and are more inclined to adopt new and advanced technologies. Strong local manufacturing of the products and technology, the abundance of low-cost labor and raw materials, and the increasing construction of broadband infrastructure contribute to the rapid growth in the Asia Pacific smart lock market. Various economies in the region including China and India are at the forefront of the industrial boom. This is leading to the increase in the disposable income of the general population owing to which consumers are now able to purchase high-end and advanced technologies.

Request for customization @ https://www.gminsights.com/roc/2501

A major factor impeding the smart lock market growth is the high cost of purchasing and deploying these systems. The equipment is priced relatively higher than its traditional counterparts and requires technical expertise to be operated. However, the declining costs of raw materials and labor for manufacturing the equipment are aiding in overcoming the hurdle. Another challenge hindering the smart lock market is the perception of the unreliability of these security electronics and consumer reluctance to adopt them. As a major portion of the functionality is in the digital platform, these are highly susceptible to third-party cyber-attacks. Hacking and malware attacks can lead to the loss of financial funds and physical properties. Additionally, safety issues can lead to the loss of reputation in organizations, causing a decline in the customer trust and an inflow of new customers.

Smart lock market segmentation by connectivity technologies indicates that the Wi-Fi segment dominated in terms of revenue in 2017 as it provides long-range connectivity, strong connectivity, and is the most favorable technology in smart devices. Wi-Fi comes is relatively more expensive than Bluetooth and requires a dedicated power source contributing to the strong projected growth of the Bluetooth smart lock market over the forecast time period. These are equipped with battery systems and can function effectively even during times of power outages.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

This release was published on openPR.