Global Smart locks Market Research and Forecast 2018-2023

A smart lock is an electro-mechanical lock. It is designed for performing locking and unlocking operations on a door on receiving such instructions from an authorized device. The instructions are provided using a wireless protocol and a cryptographic key for executing the authorization process. In addition, it monitors access and sends alerts for the different events it monitors and some other critical events regarding the status of the device. Smart locks can be considered as a part of a smart home. In a simple way, smart locks integrate sensors and integrated circuits (ICs) that are designed for locking and unlocking doors and systems via signals that are received from an authorized device in digital key form. The factors that are contributing significantly to the growth of global smart lock market includes safety concern coupled with increasing crime rates globally; high penetration of smartphones and other connected devices, rising demand for smart home services and development of smart cities; benefits offered by the smart lock systems such as enabling users to grant access to their locks directly from their phones and convenience of automatically unlocking door without having to reach for keys. In addition, increasing urbanization demanding for better and safe infrastructure is another driving factor for the growth of the global market. There are some privacy and security issues that hinders the growth of the market. However, growth in IoT market holds huge opportunity in the global smart lock market.

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The smart locks market can be segmented on the basis of type, application and communication protocol. Based on the type, the smart locks market is bifurcated as padlocks, lever handles, deadbolts and others (rim latch lock and knob lock). On the basis of application, the smart lock market is sub-divided as residential, government and commercial. And as per communication protocol, the market is diversified as Bluetooth, wi-fi and others. Among the various applications, the residential segment is expected to hold the major share and is projected to be dominating in global smart lock market owing to the high adoption of and increasing demand for smart home services.

The global smart locks market is further analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. The regions analyzed in the report involve North America, Europe, APAC and Rest of the World. The North America is expected to be dominating in the smart locks market owing to the presence of well-established technological infrastructure. In addition, investment from various IoT players in the region is another factor responsible for the regional growth. Europe is another significant market and holds a considerable market share in the global smart locks market.

Some of the players operating in the global smart locks market are Assa Abloy, Candy House Inc., Advent Security Services Pty Ltd, UniKey Technologies Inc., and several others. In order to sustain in the competitive market, these players adopt various strategies such as merger & acquisitions, expansions, joint ventures and product development and partnership and collaboration. For an instance, Assa Abloy in October 2017 has acquired August Home.

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