The smart lock market is expected to reach USD 2.67 Billion by 2023 from USD 1.28 Billion in 2017, at a CAGR of 13.11% between 2017 and 2023. The major factors driving the growth of this market include growing security and safety concerns, enhanced features compared with traditional lock systems, and rising adoption of smartphones and other connected devices.
The report also profiles the most promising players in the smart lock market. The competitive landscape of this market presents an interesting picture where a large number of big and small players have become a considerable force. The key players in this market are ASSA ABLOY (Sweden), Allegion (Ireland), dorma+kaba (Switzerland), Spectrum Brands (US), Salto Systems (Spain), Onity (US), Cansec Systems (Canada), and Master Lock (US) among others.
Smart lock market for residential vertical to grow at highest CAGR during forecast period
The smart lock market for the manufacturing vertical is expected to grow at the highest CAGR between 2017 and 2023. In the residential segment, smart locks have applications in both condominiums and individual houses. Checking access to an unauthorized person is considered as the critical component of security to protect assets. This growth of the smart lock market for this vertical could be attributed to the increasing demand for smart home, increasing urbanization, and security solutions.
The Bluetooth segment held the largest share of the smart lock market based on communication protocol in 2016. A large size of the market for Bluetooth can be attributed to the ability of this protocol to maintain a balance between range, low power consumption, reliability, bandwidth, and cost. Further, Bluetooth ensures interoperability and increases consumer confidence in smart data transfer, leading to more nodes per network and creating value for both the end users and the service aggregators.