Smart Locks Market Expected to Reach $1,175 Million Globally by 2023

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GLOBAL SMART LOCKS MARKET
GLOBAL OPPORTUNITY AND FORECAST 2023
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SMART LOCKS MARKET ANALYST REVIEW
Smart home devices are considered as the most
evolutionary innovation for the residential
commercial spaces, owing to their convenient,
secure, and sustainable features. The global
smart locks market is expected to evidence
significant growth due to rise in security
concerns and enhanced safety features provided
through smart automation security systems. With
an increase in the working population, safety
concerns with respect to aged parents and
children is the biggest challenge. Smart locks
address these issues with highly-sophisticated
remote monitoring technologies. Deepankar
Bose Manager, Consumer Goods at AMR
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CURRENT AND FUTURE MARKET SCENARIO

• The global smart locks market size was valued at
  416 million in 2016.
• The global smart locks market is estimated to
  reach at 1,175 million by 2023.
• The global smart locks market growing at a CAGR
  of 16.4 from 2017 to 2023. 
• The lever handle smart locks segment is expected
  to grow at the highest CAGR of 18.1 from 2017 to
  2023.
• The commercial segment is expected to dominate
  the market, owing to rise in penetration in
  hospitality industry, government offices, and
  office buildings.

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TOP FACTORS CONTRIBUTING TO MARKET GROWTH

• Applications in Commercial and Government Sectors
• Smart locks technology plays a vital role in the
  government, residential, and commercial sectors.
  The safety and security of personal assets
  information and law enforcements are the major
  concerns behind the adoption of smart lock
  technology in the government sector. .
• Unique Technology and Usage
• Smart lock technology is unique and easy-to-use
  as compared to conventional methods. The
  technologies before smart locks were use of ID
  codes, passwords, mechanical locks, code words,
  and paper slips, which are tedious to maintain
  and have a high possibility of data theft or
  loss..
• Standards of Living
• The standard of living of people in the world has
  increased due to increased awareness of
  technology, higher disposable incomes, and
  developments in various industry verticals such
  as healthcare, government, and infrastructure..
• Initial Investments
• Core technology development is a crucial part in
  the smart locks market, for which a strong RD
  department is necessary, which incurs additional
  expense for maintenance.

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SMART LOCKS MARKET SEGMENTATION

• BY PRODUCT TYPE
• Deadbolts
• Lever Handles
• Padlocks
• Others

• BY TECHNOLOGY
• Bluetooth
• Wi-Fi

BY END USER Residential Commercial
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The commercial segment is expected to dominate
the market, owing to rise in penetration in
hospitality industry, government offices, and
office buildings.
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GEOGRAPHICAL OVERVIEW

• Based on region, it is analyzed across North
  America, Europe, Asia-Pacific, and LAMEA.
• Rise in construction activities in Asia-Pacific
  are expected to fuel the demand for smart locks
  in the market.
• U.S. accounted for the highest customer base in
  the North American smart locks market in 2016,
  and is anticipated to dominate the market
  throughout the forecast period.

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DOMINATING MARKET 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.

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A Report Titled Smart Locks Market-
Opportunities And Forecasts, 2017 2023 has been
recently published by Allied Market Research. It
makes an In-depth Analysis of current trends,
drivers, and restraining factors that affect
Financial Ratios relevant to the industry.
Company profiles for key vendors in business
builds a comprehensive picture of profitable
opportunities from Stakeholders Perspective. To
Know More About Smart Locks Market- Opportunities
and Forecasts 2017-2023 https//www.alliedmarketre
search.com/smart-locks-market Get PDF Sample
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ABOUT ALLIED MARKET RESEARCH
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