The global smart lock market 2020, according to MRFR, is poised to grow at USD 2 billion by 2023, at a CAGR of 11% over the review period 2017-2023.
The advent of the internet of things and the introduction of advanced technologies are the drivers of Smart Lock Market Share development. Advanced devices such as near-field contact, Bluetooth , ZigBee, and others at all times help to synchronize with smart locks. The rising demand for cloud services is also experiencing the upsurge in business growth. Rapid adoption of technologically advanced safety and security solutions in developed and emerging regions is driving the development of the global smart lock market to a large extent. Growing reliance on biometric protection systems as a result of increased illicit activity and increased adoption of smart homes equipped with smart solutions also fuel the growth of the global smart lock market. However, high costs and uncertainties associated with device configuration are restricting the growth of the global smart lock market during the evaluation period.
The global smart lock market is segmented into type of lock, type of products, protocol of communication, end user, and area. The type of locks is segmented into deadbolt, padlocks, lever handles, and others. The product category is segmented into the smart lock based on Bluetooth, the smart lock based on Wi-Fi and others. Bluetooth, ZigBee, WI -Fi, Z-Wave, Thread, NFC and others are segmented into the communication protocol. The end users are segmented into residential, commercial , institution government, industrial and other institutions.
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Business geographical data for regions such as Asia Pacific, North America , Europe and the Rest of the World is being studied.
The smart lock market in Europe area is projected to see rapid growth in the years ahead. The Europe region commands the second largest share of the global smart lock market, due to the growing popularity of keyless entry into commercial and residential buildings, rapid technological developments and increased dependence on technologically advanced protection systems over conventional locking systems in this area.
In terms of market share North America is one of the world's leading regions. Market growth is driven primarily by increasing sales of security systems that drive large-scale business development. The smart lock market in this area is in enormous demand due to the increasing popularity of smart homes with smart locks installed in them, increased integration of technologically advanced solutions to enhance the protection of commercial and residential premises and high demand for biometric systems in government offices and other medium to large organizations for optimum use.
Whereas Asia Pacific countries such as Japan , China, and India are expected to be the largest smart lock market in the coming years due to the growing focus of various key players on targeting the smart lock in these markets to meet the security needs of customers. The market is also driven by a growing awareness of the benefits of technologically advanced security systems for both commercial and residential purposes, high demand for keyless locks as a result of increased criminal activity and property theft in urban areas and rapid infrastructural development in this region's emerging economies.
Some of the major players in the global smart lock market are The Assa Abloy Group (Sweden), Dormakaba Holding AG (Switzerland), Salto Systems S.L. (Spain), Spectrum Brands Holdings, Inc. (U.S.), Onity Inc. (U.S.), Allegion Plc (Ireland), Master Lock (U.S.), August, Inc. (U.S.), Cansec Systems Ltd. (Canada), Kwikset (U.S.), Haven Holidays (U.K), and among others.
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