Smart Lock market share research by applications and regions for 2018-2024

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Smart Lock market share research by applications
and regions for 2018-2024 Global Market
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Overview of Smart Lock Market

• 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. In June 2017, ASSA
  ABLOY announced the acquisition of the Atlantic
  Door Control, which provides automatic door and
  entrance systems. This strategy was undertaken to
  strengthen their presence across the world and
  increase their product offerings strengthening
  their presence in the smart lock market.
• 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.

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• In the light of the rising trend of IoT in the
  recent years, intelligent and connected devices
  have found increasing applications in personal
  and commercial settings, propelling the smart
  lock market growth. These devices use connective
  technologies such as Wi-Fi, Bluetooth, infrared,
  and NFC to connect to handheld and controlling
  devices over a short range and internet to
  connect to the devices over a long range. The
  users can access their home security systems from
  a remote location by connecting through the
  internet. The proliferation of smart lock market
  is projected to grow at a rapid rate as they are
  equipped with advanced technological features
  such as remote access and intercom and camera
  facilities.
• A major factor impeding the smart lock market
  growth is the high cost of purchasing and
  deploying these systems. The equipment is priced
  relatively higher than its traditional
  counterparts and requires technical expertise to
  be operated. However, the declining costs of raw
  materials and labor for manufacturing the
  equipment are aiding in overcoming the hurdle.
  Another challenge hindering the smart lock market
  is the perception of the unreliability of these
  security electronics and consumer reluctance to
  adopt them. As a major portion of the
  functionality is in the digital platform, these
  are highly susceptible to third-party
  cyber-attacks. Hacking and malware attacks can
  lead to the loss of financial funds and physical
  properties. Additionally, safety issues can lead
  to the loss of reputation in organizations,
  causing a decline in the customer trust and an
  inflow of new customers.

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• 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.
• Smart lock market segmentation by connectivity
  technologies indicates that the Wi-Fi segment
  dominated in terms of revenue in 2017 as it
  provides long-range connectivity, strong
  connectivity, and is the most favorable
  technology in smart devices. Wi-Fi comes is
  relatively more expensive than Bluetooth and
  requires a dedicated power source contributing to
  the strong projected growth of the Bluetooth
  smart lock market over the forecast time period.
  These are equipped with battery systems and can
  function effectively even during times of power
  outages.
• 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.

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• The residential end-user 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.
• 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.

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Methodology

• Market
  research reports Key analytical components

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