Global Smart Lock Market to Witness a CAGR of 17.3% During 2018-2024
NEW YORK, Nov. 22, 2018 (GLOBE NEWSWIRE) -- The global smart lock market was valued at USD 423 million in 2017 and is expected to reach USD 1,375 million in 2024, at a CAGR of 17.3%. The factors driving the growth of the market includes increasing demand for smart phones, adoption of sophisticated keyless access device, growing demand for connected home solutions, and increasing security and privacy concerns among users. Moreover, rise in disposable income and rapid urbanization further fuels the demand of smart lock market during the forecast period. Furthermore, emergence of internet of things (IoT) and advancement in technology is also driving the market growth. However, lack of awareness among users may sometimes hamper the growth of market.
Smart lock is an emerging door lock device that is replacing many of the conventional locks due to their affordable price and user convenience. It is also playing a vital role in providing real time information, and helps to deny or grant access remotely by a mobile app. This lock enables the user to trace the entries and exits, also observes and restricts the particular entries. It is highly efficient home security system that can enhance connectivity and provide better control among all the devices.
Smart Home Facilities fueling the marketOwing to rapid advancements in technology and increasing crime rates across worldwide, smart locks are gaining popularity. It is a convenient and easy way to access and monitor the locks using smart phones. Moreover, the comfort of being able to reach out at the door without keys and unlock it automatically is also driving the growth of the market. The rise in digitalization as well as technological advancements is driving the market growth. Bluetooth has become the most demanding wireless technique in commercial and research domain, as it enables to produce various kinds of wireless systems via smart phones or handsets.
Smart Lock Market – Regional insight
North America is anticipated to dominate the global smart lock market. The growth in this region is attributed to the increasing security concerns, well-established technological infrastructure, and high investments from major IoT players. However, Asia-Pacific (APAC) is expected to be the fastest-growing industry for smart lock during the forecast period, owing to rising number of commercial as well as residential projects, rapid urbanization and disposable income. China is expected to be a key revenue generating region owing to increasing demand from construction industry.
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Key findings from the report:
-- On the basis of product, remote locks held the major share of the industry in 2017 -- Based on lock type, Deadbolt (51%) smart locks held the major share of the industry in 2017, owing to its strong protection against forceful attacks. Whereas, lever handles (31%) smart locks is a fastest growing segment over the forecast period. -- Bluetooth is a leading communication protocol in the global smart lock market -- The residential segment held the largest share in 2017 and is likely to exhibit the fastest CAGR from 2018 to 2024. The growth is attributed to the rapid urbanization and growing concern of government on smart cities. -- Key players in the smart lock market includes ASSA ABLOY; Allegion plc; AMADAS Inc.; Anviz Global; Guangdong Archie Hardware Co., Ltd.; Candy House, Inc.; Cansec Systems Ltd.; Dahua Technology Co., Ltd.; Gate; Samsung Electronics Co., Ltd.; Master Lock Company LLC; and Onity, Inc. among others.
The report segments the global smart lock market on the basis of product type, lock type, communication protocol, application, and region.
By Product Type
-- Fingerprint Locks -- Electronic Cipher Locks -- Remote Locks -- Others
By Lock type
-- Deadbolts -- Lever Handles -- Padlocks -- Other Locks (rim/mortise locks and rim cylinders, Knob locks, and rim latch locks)
By Communication Protocol
-- Bluetooth -- Wi-Fi -- Others (Thread, Zigbee/Z-Wave, and Near Field Communication)
-- Residential -- Commercial -- Industrial -- Hospitality -- Institution and Government -- Others
-- North America
• US• Canada• Mexico
• UK• France• Germany• Rest of Europe
-- Asia-Pacific (APAC)
• Japan• China• India• South Korea• Rest of APAC
-- Rest of the World (ROW)
• Middle East and Africa (MEA)• South America
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