SAN FRANCISCO, June 13, 2018 /PRNewswire/ --

The global smart lock market size is expected to reach USD 24.20 billion by 2024, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 60.1% during the forecast period. Rising awareness about smart home solutions, surging demand for portable connected smart devices, and growing preference for dynamic keyless locking/unlocking mechanisms are some of the primary factors fostering the growth of the smart lock market.

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Governments across the globe are increasingly focusing on their efforts to enhance the adoption of smart homes in their respective regions. Proliferation of wireless communication technologies coupled with growing awareness regarding connected devices is expected to propel the market over the forecast period. Moreover, rising material costs and increasing prominence of Asian suppliers in international markets are projected to have an offsetting impact on the average sale price in short term.

Growing adoption of smart lock technology for non-residential applications is anticipated to provide a fillip to the market. For example, the hospitality industry has started adopting smart locks in response to growing concerns among customers regarding security during overseas stays. Hotels are, particularly, installing smart locks in order to enhance their brand image.

Browse full research report with TOC on "Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise, Critical Infrastructure), By Region, And Segment Forecasts, 2018 - 2024" at: https://www.grandviewresearch.com/industry-analysis/smart-lock-market

Further Key Findings From the Report Suggest: 

• The residential segment is estimated to witness significant growth over the coming years, particularly in Asia Pacific, where the residential and commercial construction sector is booming and governments are emphasizing on establishing smart cities
• The padlock segment is likely to experience substantial growth over the forecast period owing to versatility and wide application base covering garages, warehouses, commercial vehicles, perimeter gates, high security doors, water covers, storefronts, and construction sites
• Deadlocks accounted for the leading share in the market in terms of revenue in 2016 owing to their easy operations and highly dependable locking mechanisms
• Increasing usage of smart locks owing to increasing security-related concerns among consumers during their stay at foreign locations is expected to contribute to the growth of the hospitality segment

Browse related reports by Grand View Research: 

• Airport Security Market  - The global airport security market size was estimated at USD 8.37 billion in 2014. Such systems encompass devices and software solutions that assist in monitoring, detection, and prevention of threats to the commercial facility.
• Video Analytics Market - The global video analytics market size was valued at USD 1.6 billion in 2016. This growth can be primarily attributed to increasing concerns regarding safety and security of the public.
• Physical Security Market - The global physical security market size was valued at USD 133.94 billion in 2016, registering a CAGR of 9.1% over the forecast period.
• Biometrics Technology Market - The global biometrics technology market size was valued at USD 10.41 billion in 2015, owing to its advantages such as high level of security in the private, public, and commercial sectors.

Grand View Research has segmented the global smart lock market on the basis of type, application, and region: 

- Smart Lock Type Outlook (Revenue, USD Million, 2013 - 2024) 

• Deadbolt
• Lever Handle
• Padlock
• Others

- Smart Lock Application Outlook (Revenue, USD Million, 2013 - 2024) 

• Residential
• Hospitality
• Enterprise
• Critical Infrastructure
• Others

- Smart Lock Regional Outlook (Revenue, USD Million, 2013 - 2024) 

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
• Asia Pacific
  • China
  • India
  • Japan
  • Korea
• Latin America
• Middle East & Africa

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About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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SOURCE Grand View Research, Inc.