DUBLIN, June 2, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Smart Lock Market 2017-2021" report to their offering.
The global Smart Lock market to grow at a CAGR of 80.6% during the period 2017-2021.
Global Smart Lock Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the total shipments of smart locks to customers worldwide.
The latest trend gaining momentum in the market is growth of IoT market. IoT has revolutionized traditional hardware functionalities including traditional locks. The technology enables users to monitor their premises in case of any forced entry or break-ins by alerting them through a text message. It also provides pictures of the broken lock and the intruder. Smart locks are an integrated part of IoT, where users are able to secure their premises using technology. The growing market for IoT across the globe due to the rise in digitalization will drive the market for technologically compatible smart locks.
According to the report, one of the major drivers for this market is benefits of smart locks over traditional locks. Smart locks are more convenient than traditional locks. As the smart locks are paired with the smartphones or smartwatches, the users do not have to carry the keys. The automatic locking and opening system is activated through smartphones or smart watches. Another major advantage of smart locks is the implementation of security standards. These locks can provide exclusive access only to authorized people.
Further, the report states that one of the major factors hindering the growth of this market is low price of digital door locks. As of 2017, digital locks are the most popular option for door locking. In digital locks, the user can lock the door using a number code or fingerprint. Low ASP of digital locks as compared to smart locks is one of the major reasons for the predominance of digital locks in the market . Countries like India and China are adopting digital locks in residential construction due to their low price. In addition, the presence of vendors such as Samsung has increased the popularity of digital locks, which again negatively affects the adoption of smart locks.
- August Home
- Candy House
- Unikey Technologies
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by end-user
Part 07: Geographical segmentation
Part 08: Decision framework
Part 09: Drivers and challenges
Part 10: Market trends
Part 11: Vendor landscape
Part 12: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/jgvz8m/global_smart_lock
Laura Wood, Senior Manager
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SOURCE Research and Markets