Press Release / Technology / Smart Lock Market Insights, Growth and Overview 2018-2023

Smart Lock Market Insights, Growth and Overview 2018-2023

Smart Lock Market - Overview:

The study reveals that North America region dominates the smart lock market. Innovation in technology and biometric smart lock technologies with fingerprint technology for smart homes are boosting the demand for smart locks in the market. These locks are embedded with sensors that are used for security purposes. There are a number of smart lock screen security options in the market with different operating system such as android, windows and others.

The global Smart Lock Market is growing rapidly across the world. The demand for smart locks is growing with the increasing demand for auto-lock technologies for smart lock are boosting the growth of this market. Wi-Fi-based smart lock is gaining demand in the smart lock market as it is designed with advanced technology that are connected with smart home hub and other connected devices like the owner’s smartphone etc.. The Bluetooth and NFC are gaining demand in the market as it is integrated with sensors that can enable a door to unlock whenever an authorized user approaches with his smartphone. These smart locks are inbuilt with electronic key code capabilities and physical keypads provide a backup if needed.

Companies such The Assa Abloy Group (Sweden), Allegion Plc. (Ireland), Dormakaba Holding AG (Switzerland), Spectrum Brands Holdings, Inc. (U.S), Salto Systems S.L. (Spain), are the leading providers of smart lock in the global market. In 2017, The Assa Abloy Group has acquired August Home, a leading provider of smart locks in the market. With this acquisition, companies have strengthen their smart locks integrated with sensors and two generations of digital doorbells.

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The smart lock market is gaining momentum due to touchscreen lock are widely used among users as these locks are smudge and fingerprint-resistant. These locks are connected with smart home hubs via Z-wave, ZigBee and others so as to be controlled it remotely. The RFID based smart locks are gaining more demand in the market as its helps people save time and maintain a managed security. These Radio Frequency Identification are integrated with chips to communicate with RFID readers. These RFID chips are used in the small to mid-scale industry as it creates high-tech, keyless, safe RFID door locks..

The use of smart locks in commercial, residential, industrial, and other sectors, are gaining momentum due to its proximity-based unlocking techniques used in these locks. The companies are investing in providing smart locks embedded with biometrics, touchscreen, RFID and other advanced features. It also features the use of advanced RFID technology which is integrated with LED indicator and inbuilt buzzer. It is designed in rugged, sleek and compact way, which is gaining more demand in the smart locks market that meets the requirement of consumers at a reasonable cost.

The Global Smart Lock Market is expected to reach USD ~ 2 billion at a CAGR of over 11% by the end of the forecast period

Market Research Analysis:

The global smart lock market is studied on the basis of four regions: the Americas, Europe, Asia Pacific, and Rest of world. North America region is dominating the global smart lock market. The smart lock market is witnessing a high growth due to huge demand due to use of Bluetooth, WI -Fi, ZigBee, Z-Wave, Thread, NFC, and others. Europe is projected to hold the second largest share of smart lock market during the forecast period. Asia Pacific is expected to witness the highest CAGR in the coming years.

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Intended Audience

Smart lock companies
Smart lock providers
Technical universities
System integrators
Managed Security Service Providers
Professional service providers
Research and development companies
Market research and consulting firms
Solution providers
Technology standards organizations
Technology investors
System Integrators
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