Smart Lock Market 2018 to 2023 by Global Leaders: Spectrum Brands Holdings, Inc, Salto Systems, Onity Inc., Cansec Systems Ltd, Master Lock, August, Kwikset

Market Scenario:

Companies such The Assa Abloy Group (Sweden), Allegion Plc. (Ireland), Dormakaba Holding AG (Switzerland), Spectrum Brands Holdings, Inc. (U.S), Salto Systems S.L. (Spain), are the leading providers of smart lock in the global market. In 2017, The Assa Abloy Group has acquired August Home, a leading provider of smart locks in the market. With this acquisition, companies have strengthen their smart locks integrated with sensors and two generations of digital doorbells.

Emergence of internet of things and implementation of advanced technology are the driving factors of the growth of smart locks market. The advanced technologies such as near-field communication, Bluetooth, ZigBee, and others, help in synchronizing with smart locks at any time. With the increasing demand of cloud services, the market growth is also experiencing the upsurge. With these cloud services, the wireless cloud based smart lock technology are widely used in all sizes of companies.

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he global smart lock market is segmented into lock type, products type, communication protocol, end user, and region. The locks type is segmented into deadbolt, lever handles, padlocks and others. The products type are segmented into Bluetooth-based smart lock, Wi-Fi-based smart lock and others. The communication protocol are segmented Bluetooth, WI -Fi, ZigBee, Z-Wave, Thread, NFC, and others. The end users are segmented into commercial, residential, institution & government, industrial and others. The market is spanned across regions including North America, Europe, Asia Pacific, and rest of the world.

The regional analysis of smart lock market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is one of the leading regions across the world in terms of market share. The smart lock market in this region has a huge demand due to increase in the sales of security systems propelling the market growth to a large extent. The smart lock market in Europe region is expected to witness rapid growth in the forthcoming period. Whereas, Asia Pacific countries such as China, Japan, and India is an emerging market for smart lock market is expected to be the highest CAGR in the coming years due to increasing focus of various key players on targeting the smart lock in these market to meet the requirement of customers’ security need.

The global smart lock market is expected to grow at USD ~2 billion by 2023, at a CAGR of ~11% during the forecast period 2017-2023.

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.

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