Rise in security concerns, increased adoption of smart homes, and rapid advancements in the IoT technology are expected to propel the growth of the global smart locks market
PORTLAND, Oregon, Feb. 7, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Locks Market by Product Type (Deadbolts, Lever handles, Padlocks, and Others), Technology (Wi-Fi and Bluetooth), and End User (Commercial and Residential) - Global Opportunity Analysis and Industry Forecast, 2017–2023". The report offers in-depth analysis of the top winning strategies, market size & estimations, industry dynamics, key market segments, and competitive landscape. According to the report, the global smart locks market accounted for $473.1 million in 2017 and is expected to reach $1,175.1 million by 2023, registering a CAGR of 16.4% during the period 2017–2023.
Increase in concerns regarding safety, high adoption of smart homes, and growing demand for IoT enabled devices have boosted the growth of the global smart locks market. However, connectivity issues in developing countries and high cost of smart locks hamper market growth. On the contrary, rising penetration of smartphones that enable remote control features and improvement in living standards across the world are expected to create lucrative opportunities for the market players in the near future.
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Deadbolt segment holds largest share
The deadbolt segment accounted the largest share in the market, contributing about half of the total market in 2017, as it offers enhanced protection against forceful attack in residential and commercial spaces. However, the lever handle segment is expected to register the fastest CAGR of 18.1% during the forecast period, owing to its effectiveness to unlock doors with its keyless solution and wide range of applications in the commercial utility segment such as garages, workshops, offices, and hotels. The report analyzes other segments such as padlock and others.
Wi-Fi segment to manifest fastest growth
The Wi-Fi segment is estimated to portray the fastest growth, registering CAGR of 17.4% during the study period, owing to increase in adoption of smart homes and its ability to easily connect with single internet connection. However, the Bluetooth segment garnered the largest share in 2017, contributing more than half of the total market, owing to increasing penetration of smartphones to unlock doors using Bluetooth.
Residential segment to portray fastest growth
The residential segment is projected to manifest the fastest CAGR of 17.8% during the forecast period, owing to rise in concerns regarding home security and increased inclination of people toward smart home technology to modernize houses. However, the commercial segment held the largest share in 2017, contributing nearly two-thirds of the total revenue, owing to rise in use of internet and increased prevalence of data security measures at commercial places.
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North America to retain lion's share
North America dominated the market in terms of revenue in 2017, contributing more than one-third of the market share, owing to increased investment by the government and defense sector for security & access management. However, Asia-Pacific region is projected to manifest the fastest CAGR of 18.2% through 2023, owing to rise in security concerns in government offices & research centers and increase in construction activities in the developing countries. The report analyzes the other regions such as Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The report profiled the major market players including Schlage, Panasonic Corporation, ASSA ABLOY AB, Haven Lock, Inc., Spectrum Brands, Inc., Honeywell International Inc., Vivint, Inc., UniKey Technologies Inc., August Home, and Samsung SDS Co. Ltd.
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