18-Jun-2020 | Zion Market Research
As per Zion Market Research, the global smart lock market is predicted to cross USD 1.2 Billion by 2025 from USD 478 million in 2018, with a CAGR of almost 16%. Increasing acceptance of connected devices and smartphones serves as a booster for the development of the market. In addition to this, increasing safety and security concerns and improved features compared with conventional lock systems also power the development of this market.
Major players of smart lock market include Allegion Plc, ASSA ABLOY AB, Spectrum Brands Holdings, Inc., Onity, Inc., Salto Systems S.L., Gantner Electronic GmbH, Cansec Systems Ltd., MIWA Lock Co. and Master Lock Company LLC among others.
Deadbolts Had The Biggest Share Of The Global Market By Lock Type
The global market for smart lock is divided based on communication protocol, lock type, geography, and vertical. Deadbolts had the biggest share of the global market by lock type. The elevated employment of deadbolts in the commercial and residential verticals, and advantages offered by deadbolts such as high durability, low installation cost, and effective safety in opposition to the intense attack or intrusion in the commercial, residential, and other applications add to a high development for this segment of the market.
The Global Market For Wi-Fi Is Predicted To Develop At The Max Speed In The Coming Years
The global market for Wi-Fi is predicted to develop at the max speed in the coming years. Wi-Fi can be used via different devices, such as personal computers, smartphones, and tablets. The development of the market for Wi-Fi can be credited to the reasons such as wireless connectivity and high speed provided to smart lock system. In addition to this, the rising acceptance of IoT, all over the world, is boosting the development of this market.
Residential Segment Will Have The Biggest Share Of The Global Market In The Coming Period
The residential segment will have the biggest share of the global market in the coming period. Smart locks are employed in the residential areas to avoid invasion, theft, unauthorized access, and burglary. The rising acceptance of Internet-supported home security solutions, increasing requirement for smart homes, and increasing urbanization contribute to the development for this vertical of the market.
Asia Pacific Smart Lock Market Is Predicted To Develop At The Max Speed In The Coming Period
The Asia Pacific smart lock market is predicted to develop at the max speed in the coming period. Asia Pacific is predicted to observe elevated acceptance of safety systems as the nations in this areas are the emerging countries with an increasing number of production bases and rising requirement for connected security machines. Moreover, a large number of R&D activities, huge population base, and rising urbanization in Asia Pacific power the acceptance of smart locks in this area.
Browse the full “Smart Lock Market: By Lock Type (Padlocks, Lever Handles, Deadbolt and Other Locks), By Technology (Bluetooth, Wi-Fi and Others), By Vertical (Commercial, Residential and Industrial) And By Region: - Global Industry Perspective, Comprehensive Analysis And Forecast, 2019 – 2025..” Report at https://www.zionmarketresearch.com/report/smart-lock-industry
The global smart lock market is segmented as follows:
By Lock Type
By Communication Protocol
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