Smart Lock Market is estimated to $0.97 billion in 2016 and is expected to expanse USD 2.40 billion by 2023 growing at a CAGR of 13.7% from 2016 to 2023.
Rising demand for the gingery unlocking mechanism is a primary factor promoting the market. Some of the key factors that artery the market growth include growing awareness regarding safe home solutions, stable growth in portable connected smart devices and rising demand for secure locks. However, threat from phones as its backing being cramps and issues associated with high R&D costs are creating hurdles in the market growth. Moreover, home access and cloud based lock management solutions are likely to present considerable growth opportunities in this market. A smart lock is an electromechanical lock which is programmed to perform locking and unlocking operations on a door when it admits such instructions from an authorized device using a wireless protocol and a cryptographic key to implement the authorization process. It also monitors access and some other critical events related to the status of the device and sends alerts for the different events. It monitors most of the smart locks are bare and are at-home installable devices that can fit over the hitch turn of a deadbolt contained on the inside portion of the door. By application, hospitality segment commanded the largest market share due to growing security related threats among consumers during their stay at foreign locations. Due to the elevations in security tools such as remote door locking, window and door opening sensors the demand for smart locks is increasing from residential section. Asia Pacific witnessed a consequential growth in the market featured to rising commercial as well as residential infrastructure projects across countries such as China, India and Korea. North America is awaited to emerge as a leading region during the forecast period. Some of the key players in global Smart Lock market contain Cansec System, Weiser Lock, Avent Security, Yale Real Living, Sheorey Digital Systems Pvt. Ltd, AT&T Intellectual Property, Kwikset Company, Lowes Companies, Inc, Comcast Corp, Mul-T-Lock Company, Smart Locking Logic, Okidokeys, SentriLock, UniKey Technologies, Inc and Schlage.
Lock Types Covered:
By Application Covered:
Institution & Government
Communication Protocols Covered:
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Hello, I am Mithilesh D, working at Frank n Raf Market Research and Consulting Services, seen last 1 year as a Market Research Analyst. My responsibilities to help with direct marketing and run campai..
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