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Smart Lock Market in residential segment will be driven by rising demand for home automation solutions | Key Players include Assa Abloy, Allegion, Panasonic Corp., Spectrum Brands, Salto Systems, Onity, UniKey, Haven, Canseco Systems, Master Lock

04-02-2019 08:55 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Smart Lock Market

Smart Lock Market

Global Market Insights, Inc. has added a new report on smart lock market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of market in tandem with its competitive terrain.

The residential segment is anticipated to lead the smart lock market owing to the rising consumer awareness and the rising demand for home automation solutions that provide higher security and convenience. The commercial segment holds the largest market share as locations such as banks, government agencies, and places containing large financial and physical assets, require multiple layers of protection against thefts. BSFI is expected to be the largest adopter of the smart lock market over the forecast timespan. Banks pose high risks of security breaches due to a large flow of cash.

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

Rising construction of smart homes and the rising penetration of home automation security systems are providing an avenue for the growth of the smart lock market. Economies including China and India are experiencing heavy investments in the development of the urban locations for residential and commercial purposes owing to the decline in the labor and raw materials and the rising rate of urbanization.

Product type segmentation of the smart lock market by product indicates that the deadbolt segment holds the largest market share owing to their high adoption in the residential sector. These have lower installation costs and higher durability. Lever handles segment of the smart lock market is projected to witness a significant growth as they prevent door knob stains, contributing to the high adoption in workshops or garages, bathroom doors, and handicap accessibility locations.

Global Smart Lock Market 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 customization of this report @ https://www.gminsights.com/roc/2501

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.

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.

Browse Full Report: https://www.gminsights.com/industry-analysis/smart-lock-market

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: www.gminsights.com
Blog: www.industry-source.org

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