Smart Locks Market By Application (Residential, Commercial, Hospitality, Industrial, Others) - Growth, Future Prospects, Competitive Analysis And Forecast 2017 - 2025

Smart locks refer to electromagnetic locks designed to operate using smartphones, laptops or similar mobile devices. These locks are typically operated through a mobile app, email or SMS using communication technologies such as Wi-Fi and Bluetooth Smart locks are also capable to monitor and send alerts for any skeptical events to the homeowners. The increasing installation of smart locks can be attributed to the growing popularity of home automation across different regions. Smart locks enable enhanced control enabling the users to lock/unlock the door remotely, irrespective of their location. Additionally, users can extend "digital keys" to friends, family, caregivers and anyone else who is a regularly visitor to the house. Thus, smart locks offer better flexibility as compared to the conventional locks along with improved security features.

The overall smart locks market is primarily driven by the increasing focus towards safety and security among residents as well as commercial spaces. Smart locks offers a plethora of features and thus, allow the users to have a better control over people accessing their homes/commercial spaces. Smart locks offer numerous advantages such as granting permission to others to control the locks with their phones and also the convenience to lock/unlock the door. Moreover, factors such as growing penetration of smartphones, mobile apps and internet usage too contribute significantly to the adoption of smart locks.

Smart Locks Market

The report titled “Global Smart Locks Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025” offers strategic insights into the global smart locks market along with the market size and estimates for the duration 2015 to 2025. The said research study covers in-depth analysis of market segments based on product type, application and cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2016 & 2025. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities. In addition, the report includes a section providing insights on the key trends followed in the market. 

In order to help strategic decision makers, the report also includes competitive profiling of the leading smart locks vendors, their business strategy analysis, market positioning and key developments. Some of the major players profiled in the report are Cansec Systems Ltd., Allegion Plc., Dormakaba Holding AG, Assa Abloy AB, Spectrum Brands, Inc., Master Lock Company LLC, Onity, Inc., Salto Systems S.L., MIWA Lock Co., Ltd. and UniKey Technologies, Inc. among others. Apart from the company profiles, the report includes a section covering the competitive landscape wherein the market positioning of the companies has been discussed. The section also provides a view of key business strategies adopted by the leading market players. Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the smart locks market
  • Comparative analysis for different segments for the years 2016 & 2025
  • Market fuelers, market impediments, and their impact on the market growth
  • In-depth competitive environment analysis including the positioning of market players and their business strategy analysis
  • Trailing 2-Year market size data (2015 – 2016)
  • SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global smart locks market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above mentioned factors.

On the basis of application, the global smart locks market is segmented into following categories:

  • Residential
  • Commercial
  • Hospitality
  • Industrial
  • Others

Their contribution to the global smart lock market in 2016 is as shown in the figure below:

Smart Locks Market

In 2016, the overall smart locks worldwide market was led by the residential segment. The segment contributed to over 1/4th of the total market revenue in 2016. Commercial and hospitality segments follow the residential segment, in terms of revenue and volume. The residential segment growth is primarily attributed to the rising popularity of smart homes worldwide. In addition, growing home automation industry is another prominent factor supporting the market growth. Advanced security tools such as remote door locking, motion detectors and window & door opening sensors have witnessed gradual price decline over the period of time. This in turn is expected to drive the adoption of smart locks in the residential applications in the following years. 

The hospitality segment growth is expected to be significant during the forecast period. Hotels across the world are laying more focus towards improving their security standards. This in turn is expected to bolster the adoption of these keyless access devices in the hospitality sector. Moreover, installation of these systems in hotels are also beneficial in enhancing the brand value of the hotel, thereby favoring the adoption of smart locks.

Based on the geography, the global smart locks market is segmented as per following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • South Asia
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Middle East & Africa (MEA)
    • Latin America


Smart Locks Market

The global smart locks market is dominated by North America contributing to more than 35% of the overall market revenue in 2016. The smart locks market growth here is majorly attributed to the strong home automation industry and rising spending over security systems. Factors such as sophisticated communication infrastructure, high penetration of smartphone and strong inclination towards ‘smart’ technologies contribute heavily to the market growth here. Furthermore, growing investment in the IoT sector by major companies such as IBM Corporation, Amazon Web Services, Cisco Systems, Inc. and several others would ensure the region maintain its dominant position in the market over the forecast period. 

Asia Pacific is estimated to witness a significant growth over the forecast period. The growth can be attributed to the rising inclination towards home automation in the region. Major markets for smart locks in the region include China, South Korea, Japan and some of the Southeast Asian countries. Rapidly growing penetration of smartphone and internet-based services is estimated to play a major role in smart locks market in the region.

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Published Date:  Nov 2017
Category:  Semiconductor & Electronics
Report ID:   58782
Report Format:   PDF
Pages:   120
Rating:    4.3 (50)
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