Press release
Smart Lock Market to Experience Massive Growth by 2023 - Strategic Analysis of Major Industry Players Such as Schlage, Honeywell, Panasonic, Vivint Inc., ASSA ABLOY AB, UniKey Technologies Inc., Haven Lock Inc., August Home, Spectrum Brands Inc., Samsung
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The smart lock industry is anticipated to grow at a significant pace, owing to increase in security & privacy concerns, advancements in wireless communication technologies, rise in disposable income of consumers, the surge in urbanization, and the growth in need to establish connectivity across all the electronic equipment of the house.
The global smart lock market is categorized based on the type of product into deadbolts, lever handles, padlocks, and others. Deadbolts segment generated higher revenue in 2016 and is expected to dominate the market throughout the forecast period, owing to its strong and enhanced protection against forceful physical attacks.
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Competitive Analysis of Smart Lock Industry Prominent Players:
-Schlage
-Honeywell International Inc.
-Panasonic Corporation
-Vivint Inc.
-ASSA ABLOY AB
-UniKey Technologies Inc.
-Haven Lock Inc.
-August Home
-Spectrum Brands Inc.
-Samsung SDS Co. Ltd.
The commercial end-user segment led the smart lock market in 2016; however, the residential segment is expected to grow at the highest CAGR due to the rise in crime rates globally and ease of use as smart locks are enabled with features, such as motion detectors, remote door locking & unlocking, and remote door opening sensors with the phone app of the lock.
According to the data released by the FBI regarding the crime statistics in 2015, in the U.S., the property crime rate was 2,487.0 offenses per 100,000 inhabitants and the violent crime rate increased by 3.1% compared to previous year.
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