Global Smart Lock Market to grow at a CAGR of 80.6% during the period 2017-2021

Albany, New York, 26 May, 2017: Smart locks are devices that integrate sensors and integrated circuits (ICs) designed to lock and unlock doors and systems through signals received from an authorized device in the form of a digital key. The increase in the popularity of smart locks over the last few years can be attributed to the number of emerging smart homes with technologically advanced home appliances and infrastructure. The most promising offerings among these are security cameras and smart locks. The growing automation in homes and monitoring of premises in developed regions has resulted in the growth of the smart lock market.

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This industry research report identifies August Home, Candy House, Kwikset, Goji, Lockitron, OKIDOKEYS, HAVEN, Poly-Control, KISI, Schlage, Unikey Technologies, and Yale as the key vendors in the “global smart lock market” . This industry research report also presents a competitive analysis of the market by end-user (commercial and residential) and by geography (the Americas, APAC, and EMEA).

Market research analysts at Market Research Hub predict that the global smart lock market will grow at an impressive CAGR of close to 81% by 2021. This market research analysis identifies the benefits of smart locks over traditional locks as one of the primary growth factors for this market. Smart locks are paired with smartphones or smartwatches and users do not have to carry the keys, making them more convenient than traditional locks. Additionally, these smart locks grant access only to authorized people and are difficult to tamper with, which makes them less vulnerable to break-ins. Moreover, the replacement of traditional locks with a smartphone detection unit or a biometric reader can also allow users to record their in and out time along with the dates.

One of the latest trends that will gain traction in the smart lock market during the next few years is the growth of the Internet of Things (IoT) market. The rise in digitalization that is driving the growth of the IoT market across the globe will create the need for technologically compatible smart locks. With the adoption of IoT that is revolutionizing the functionalities of traditional hardware, the coming years will witness a significant demand for smart locks since they enable users to monitor their premises from remote locations and get notified in case of any forced entry or break-ins.

Market Research Hub analysts forecast the global Smart Lock market to grow at a CAGR of 80.6% during the period 2017-2021.

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Covered in this report
The report covers the present scenario and the growth prospects of the global smart lock market for 2017-2021. To calculate the market size, the report considers the total shipments of smart locks to customers worldwide.

The market is divided into the following segments based on geography:
Americas
APAC
EMEA

Market Research Hub’s report, 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.

Key vendors
August Home
Candy House
Kwikset
Goji
Lockitron
OKIDOKEYS
HAVEN
Poly-Control
KISI
Schlage
Unikey Technologies
Yale

Market driver
Benefits of smart locks over traditional locks
For a full, detailed list, view our report

Market challenge
Low price of digital door locks
For a full, detailed list, view our report

Market trend
Growth of IoT market
For a full, detailed list, view our report

Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?

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