Smart Locks Market

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SMART LOCKS MARKET ANALYSIS

• Smart Locks Market, By Product Type (Deadbolt
  and Lever/Knob), by Unlocking Mechanism( Keypad,
  Touch Screen, App Based and Hybrid/Integrated) ,
  by Application(Government, Commercial, Industrial
  and Residential) and by Region (North America,
  Latin America, Europe, APAC and Middle East
  Africa) - Size, Share, Outlook, and Opportunity
  Analysis, 2019 - 2027

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• Market Overview
• The global smart locks market was valued for US
  434.4Mn in 2019 is expected to exhibit a CAGR of
  18.8 during the forecast period.
• Market Drivers
• Growing adoption of smart home technologies is
  expected to drive growth of the global smart
  locks market during the forecast period
• Technological advancements making mobile
  communication cost-effective are expected to
  propel the global smart locks market growth over
  the forecast period

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Figure 1. Market Share
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Market Dynamics-Restraints

• Concerns regarding system compromise and a threat
  from hacking are expected to restrain growth of
  the global smart locks market over the forecast
  period
• Low awareness among customers is expected to
  hinder the global smart locks market growth over
  the forecast period

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Market Opportunities

• High adoption of smart locks in commercial
  sectors can provide lucrative growth
  opportunities
• Growing adoption of IoT-based security systems is
  expected to present excellent business
  opportunities

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Figure 2. Market Opportunity Analysis
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Market Trends

• Growing popularity of smart home-as-a-service and
  home automation
• Advent of novel technologies
• Segment Information
• In global smart locks market, by product type
  segment, deadbolt sub-segment dominated the
  global market in 2019, accounting for 63.5 share
  in terms of value.

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Figure 3. Market Segmentation
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Competitive Section

• Key players operating in the global smart locks
  market are Apigy Inc. (Lockitron), Schlage,
  Kwikset, Honeywell International Inc., Havenlock
  Inc., Panasonic Corporation, Samsung SDS Co.,
  Ltd, Vivint, Inc., August Home Inc., and Assa
  Abloy Group.

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