Smart Lock Market 2018 Global Industry Analysis by Key Leaders: Salto Systems, Master Lock, August, Haven Holidays, Dormakaba Holding, Assa Abloy Group

Market Highlights:

Smart locks have increased their adoption primarily due to the utility they offer in line with smart and integrated lifestyles globally. Market reports associated with the semiconductors and electronics industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is projected to progress with an 11% CAGR while earning revenues worth USD 2 billion in the forecast period.

The emergence of the Internet of Things has reinvigorated the innovations and the growth pace of the market substantially. The deployment of advanced production methods is increasing the efficiency of the product range available in the market. The upsurge observed in demand for cloud services is expected to raise the market share considerably through the forecast period.

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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.

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.
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.

Latest Industry News

Oct 2018 August internet-connected deadbolts have declared enhanced Google Assistant integration for the August Smart Lock, together with Amazon Alexa and IFTTT-powered features for the August Doorbell Cam Pro for opening the front door hands-free.

Oct 2018 Taiwan startup NextDrive has lately declared the newest application of its cube devices, a smart IoT gateway, to remote-control smart locking system built in collaboration with Rohm Semiconductor and OHGA SmartThings, which is anticipated to produce new business prospects in Taiwan's smart home market.

Competitive Analysis

The market is at an optimally productive level and will be capable of generating greater value for the firms in the market and its shareholders. Although, the market has also considerably neutralized the market advantages and thus is promoting an increase in the number of firms in the market. The diversification of the product assortment in the market is increasing the opportunity for the progress of the market. The governance style in the market is reinforcing the level of growth that can be achieved in the present market scenario. The fruition of plans is reviewed in tandem to the customer likings to realize the greatest growth, and in the long run, viability. The ability to utilize the economies of scale is further proving to be beneficial for comprehensive market growth.

Market Segmentation

The smart lock market is segmented into products type, lock type, end user, communication protocol, and region. The locks type is segmented into lever handles, padlocks, deadbolt, and others. The products type segment of the market comprises of Wi-Fi-based smart lock, Bluetooth-based smart lock and others. The communication protocol segment of the smart lock market comprises of ZigBee, WI-Fi, Bluetooth, Z-Wave, NFC, Thread and others. The end-users’ segment of the market comprises of commercial, institution & government, residential, industrial and others. The market spans regions such as Europe, North America, 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

TABLE OF CONTENTS

1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape

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LIST OF TABLES
Table 1 World Population by Major Regions (2017 To 2030)
Table 2 Global Smart Lock Market: By Region, 2017-2023
Table 3 North America Smart Lock Market: By Country, 2017-2023
Table 4 Europe Smart Lock Market: By Country, 2017-2023
Table 5 Asia-Pacific Smart Lock Market: By Country, 2017-2023
Table 6 Middle East & Africa Smart Lock Market: By Country, 2017-2023

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