Smart Lock Market Worth USD 2 bn by 2023 | Historical Analysis, Key Findings, Emerging Technology, Segmentation, Future Plans and Industry Potential

Market Highlights:

The Global Smart Lock Market, By Lock Type (Deadbolt, Lever Handles, Padlocks), Products Type (Bluetooth-Based, Wi-Fi-Based), by Communication Protocol (Bluetooth, Wi-Fi, ZigBee, NFC), by End User (Commercial, Residential, Government) - Forecast Till 2023. This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global Smart Lock Market over the forecast period.

The strong emergence of the internet of things (IoT) and the adoption & implementation of rapidly advancing technology are principal factors driving robust growth for the global smart locks market. Market Research Future has discovered that this fledgling market is expected to grow to USD 2 billion by the end of 2023 and achieve an impressive CAGR of 11% during the forecast period of 2017 to 2023.

According to the Market Research Future analysis, the global Smart Lock Market has been valued at USD ~2 billion by the end of forecast period at a CAGR of ~11% during forecast period 2017-2023.

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Major Key Players:

Some of the prominent players in the global smart lock market: The Assa Abloy Group (Sweden), Allegion Plc (Ireland), Dormakaba Holding AG (Switzerland), Spectrum Brands Holdings, Inc. (U.S.), Salto Systems S.L. (Spain), Onity Inc. (U.S.), Cansec Systems Ltd. (Canada), Master Lock (U.S.), August, Inc. (U.S.), Kwikset (U.S.), Haven Holidays (U.K), and among others.

Advancement of low power, near-field communication technologies are expected to provide efficient connectivity with smart locks, leading to a high success rate when using the same. The robust penetration of smartphones on a global scale is another driving factor for market growth. Moreover, there has been a rapid increase in the adoption of wireless and cloud services which has prompted an upsurge in the demand for smart locks and as a result market growth. Sophisticated lock technologies are needed across all types of end-users as physical threats continue to evolve.

Advancement of low power, near-field communication technologies are expected to provide efficient connectivity with smart locks, leading to a high success rate when using the same. The robust penetration of smartphones on a global scale is another driving factor for market growth. Moreover, there has been a rapid increase in the adoption of wireless and cloud services which has prompted an upsurge in the demand for smart locks and as a result market growth. Sophisticated lock technologies are needed across all types of end-users as physical threats continue to evolve.

Hacking of phones and back-end cloud may pose threats to the market. However, the market has yet to realize its potential, and growing opportunities and advancements in technologies are expected to facilitate overall growth.

Latest Industry News

Schlage has announced that it's Schlage Sense Smart Deadbolt now works with Google Assistant. The news follows Schalge's collaboration with Amazon's Alexa for unlocking via the use of a PIN.
Yale has joined Schalge and added Alexa voice unlocking capabilities to its smart locks. Previously it was possible to secure the lock using Alexa; however, now consumers can use a special PIN to unlock using the AI assistant as well

Market Segmentation

The global smart lock market has been analyzed by segmentation to provide an extensive view of the market and its components. Segmentation has been performed by lock types, product type, communication protocol, end-user, and region.
By lock type, the market is segmented to include deadbolt, lever handles, padlocks and others.
By product type, the market has been segregated into the Bluetooth-based smart lock, Wi-Fi-based smart lock and others.
By communication protocol, the market has been divided to include Bluetooth, wi-fi, ZigBee, Zwave, Thread, NFC, and others.
By end-user, the market has been categorized into commercial, residential, institution & government, industrial and others.
By region, the market has been divided to include North America, Europe, Asia Pacific and the Rest of the World.

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Regional Analysis
The use of smart locks in commercial, residential, industrial, and other sectors, are gaining momentum due to its proximity-based unlocking techniques used in these locks. The companies are investing in providing smart locks embedded with biometrics, touchscreen, RFID and other advanced features. It also features the use of advanced RFID technology which is integrated with LED indicator and inbuilt buzzer. It is designed in rugged, sleek and compact way, which is gaining more demand in the smart locks market that meets the requirement of consumers at a reasonable cost.

By region, the global smart lock market is analyzed across key geographies namely North America, Europe, China, Japan, and India among others. In North America region, the smart lock is gaining demand from various sectors including commercial, residential, institution & government, industrial and others. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.

Intended Audience
• Smart lock companies
• Smart lock providers
• Technical universities
• System integrators
• Managed Security Service Providers
• Professional service providers
• Research and development companies
• Market research and consulting firms
• Solution providers
• Technology standards organizations
• Technology investors
• System Integrators

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