Global Smart Locks Market: Snapshot
Smart locks - the lock technology consisting of locks that can be operated with the help of unconventional means such as remote control and provide the user with alerts and tracking data about who entered or left the locked premise, are increasing emerging as promising alternatives to conventional locks. The market has expanded at a promising pace in the past few years, in tandem with the development of mobile computing devices and telecommunication networks. The rising focus and investments into smart city infrastructure have also increased massively aided overall development of the global smart locks market.
Moreover, the fact that smart locks provide increased security, as the virtual keys for smart locks cannot be easily duplicated as conventional keys, has also acted as a key factor driving the demand for smart locks in the last few years. In the years to come, the increased proliferation of smart, inexpensive, and technologically advanced mobile computing devices, mobile technologies, and IoT solutions across the globe will encourage an increased uptake of smart locks.
The report states that the global smart locks market will register a promising 18.3% CAGR from 2016 to 2024, rising to a valuation of US$1.01 bn by the end of 2024 from US$226.7 mn in 2015.
Deadbolts to Remain Ahead in Terms of Overall Demand
Smart locks have started finding increased usage and adoption in residential, commercial, government, and industrial establishments. While all these are considered to be lucrative end-use areas for the global smart locks market, the segment of commercial establishments is expected to remain the most lucrative in the next few years. The vast rise in crime rate across the globe in the past years has remained imperative for the increased adoption of smart locks in the commercial sector and is likely to remain the key factor pushing ahead the adoption of smart locks in commercial settings in the next few years as well.
Of the key varieties of products available in the global smart locks market, the segments of deadbolts and lever/knobs are currently witnessing the most demand. Of these again, the segment of deadbolts accounts for the dominant share in the overall market, thanks to factors such as the low cost of installation and high durability of these products.
Developed Economies to Continue to Spell Growth for Market
Geographically, the report presents an overview of the growth prospects of the market across regions such as North America, Europe, Asia Pacific, Middle East and Africa, and South America. The report states that the smart locks market is currently dominated by developed regions such as North America and Europe, with the latter trailing the former in 2015. The North America market accounted for a significant 33.6% of the overall market.
It is however estimated that the technology and infrastructure required for large-scale use of smart locks will eventually become more accessible and economical for developing economies such as China, South Korea, Japan, and India, driving the Asia Pacific market for smart locks. As a result, the demand and uptake of smart locks in these regions will also rise at a promising pace over the report’s forecast period.
Some of the leading companies operating in the global smart locks market are Panasonic Corp., Honeywell International Inc., Schlage, Apigy Inc., Vivint Inc., Assa Abloy Group, Samsung SDS Co. Ltd., Havenlock Inc., Home Inc., and Kwikset.
Advantages of added security boosts Smart Locks Market
Increasing use of smart locks across residential, commercial, and industrial establishments is expanding the horizon of smart locks market. Unlike conventional locks, smart locks are technology driven and have sensors to raise alerts. Smart locks can be operated using a remote control, and for such reasons are emerging as a promising alternative to conventional locks.
Smart locks feature greater security. This is because virtual keys for smart locks cannot be duplicated easily, hence, this factor is serving to fuel the smart locks market. With the increasing proliferation of advanced yet inexpensive computing devices, smart locks are expected to witness surge in demand.
Rising demand for mobile computing devices and expansion of telecommunication networks is another significant factor
Deadbolts and lever/knobs witness the leading demand among other key products in the smart locks market. Deadbolts enjoy larger share in the smart locks market, thanks to the low cost of installation and durability of these products.
North America is currently at the forefront among key regions in the smart locks market. However, Asia Pacific smart locks market is rising at a promising pace to emerge prominent among other key regions. Rapid infrastructural advancements in emerging economies of the region that will support the technology for smart locks, therefore, will attract adoption of smart locks. Countries such as South Korea, Japan, India, and China in Asia Pacific that are witnessing monumental economic growth are likely to provide immense opportunities to the smart locks market in the region.
The global smart locks market is segmented as below:
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By Product Type |
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By Unlocking Mechanism |
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By Application |
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By Geography |
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1. Preface
1.1. Report Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary
4. Market Overview
4.1. Key Industry Developments
4.2. Market Indicator
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunity
4.4. Global Smart Locks Market Analysis and Forecasts, 2014 – 2024
4.4.1. Market Revenue Projections (US$ Mn)
4.5. Key Findings
4.6. Key Trends
4.7. Porter’s Five Forces Analysis
4.8. Market Outlook
5. Global Smart Locks Market Analysis and Forecasts, By Product Types
5.1. Introduction & Definition
5.2. Market Size (US$ Mn) Forecast By Product Types, 2014 – 2024
5.2.1. Deadbolt
5.2.2. Lever/Knob
5.3. Market Attractiveness By Product Types
6. Global Smart Locks Market Analysis and Forecasts, By Unlock Mechanism
6.1. Introduction & Definition
6.2. Market Size (US$ Mn) Forecast By Product Types, 2014 – 2024
6.2.1. Deadbolt
6.2.2. Lever/Knob
6.3. Market Attractiveness By Product Types
7. Global Smart Locks Market Analysis and Forecasts, By Application
7.1. Introduction & Definition
7.2. Market Size (US$ Mn) Forecast By Application, 2014 – 2024
7.2.1. Government
7.2.2. Commercial
7.2.3. Industrial
7.2.4. Residential
7.3. Market Attractiveness By Application
8. Global Smart Locks Market Analysis and Forecasts, By Region
8.1. Market Size (US$ Mn) Forecast By Region
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Middle East and Africa
8.1.5. South America
8.2. Market Attractiveness By Country/Region
9. North America Smart Locks Market Analysis and Forecast
9.1. Key Findings
9.2. Key Trends
9.3. Market Size (US$ Mn) Forecast By Product Types, 2014 – 2024
9.3.1. Deadbolt
9.3.2. Lever/Knob
9.4. Market Size (US$ Mn) Forecast By Application, 2014 – 2024
9.4.1. Government
9.4.2. Commercial
9.4.3. Industrial
9.4.4. Residential
9.5. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
9.5.1. The U.S.
9.5.2. Canada
9.5.3. Rest of North America
9.6. Market Attractiveness Analysis
9.6.1. By Product Types
9.6.2. By Application
9.6.3. By Country
10. Europe Smart Locks Market Analysis and Forecast
10.1. Key Findings
10.2. Key Trends
10.3. Market Size (US$ Mn) Forecast By Product Types, 2014 – 2024
10.3.1. Deadbolt
10.3.2. Lever/Knob
10.4. Market Size (US$ Mn) Forecast By Application, 2014 – 2024
10.4.1. Government
10.4.2. Commercial
10.4.3. Industrial
10.4.4. Residential
10.5. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
10.5.1. France
10.5.2. United Kingdom
10.5.3. Russia
10.5.4. Rest of Europe
10.6. Market Attractiveness Analysis
10.6.1. By Product Types
10.6.2. By Application
10.6.3. By Country
11. Asia Pacific Smart Locks Market Analysis & Forecast
11.1. Key Findings
11.2. Key Trends
11.3. Market Size (US$ Mn) Forecast By Product Types, 2014 – 2024
11.3.1. Deadbolt
11.3.2. Lever/Knob
11.4. Market Size (US$ Mn) Forecast By Application, 2014 – 2024
11.4.1. Government
11.4.2. Commercial
11.4.3. Industrial
11.4.4. Residential
11.5. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
11.5.1. China
11.5.2. India
11.5.3. Japan
11.5.4. Australia
11.5.5. Rest of APAC
11.6. Market Attractiveness Analysis
11.6.1. By Product Types
11.6.2. By Application
11.6.3. By Country
12. Middle East and Africa Smart Locks Market Analysis and Forecast
12.1. Key Findings
12.2. Key Trends
12.3. Market Size (US$ Mn) Forecast By Product Types, 2014 – 2024
12.3.1. Deadbolt
12.3.2. Lever/Knob
12.4. Market Size (US$ Mn) Forecast By Application, 2014 – 2024
12.4.1. Government
12.4.2. Commercial
12.4.3. Industrial
12.4.4. Residential
12.5. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
12.5.1. UAE
12.5.2. Saudi Arabia
12.5.3. Rest of Middle East
12.6. Market Attractiveness Analysis
12.6.1. By Product Types
12.6.2. By Application
12.6.3. By Country
13. South America Smart Locks Market Analysis and Forecast
13.1. Key Findings
13.2. Key Trends
13.3. Market Size (US$ Mn) Forecast By Product Types, 2014 – 2024
13.3.1. Deadbolt
13.3.2. Lever/Knob
13.4. Market Size (US$ Mn) Forecast By Application, 2014 – 2024
13.4.1. Government
13.4.2. Commercial
13.4.3. Industrial
13.4.4. Residential
13.5. Market Size (US$ Mn) Forecast By Country, 2014 – 2024
13.5.1. Brazil
13.5.2. Argentina
13.5.3. Rest of South America
13.6. Market Attractiveness Analysis
13.6.1. By Product Types
13.6.2. By Application
13.6.3. By Country
14. Competition Landscape
14.1. Competition Matrix (By Tier and Size of companies)
14.2. Market Share Analysis By Company (2015)
14.3. Company Profiles
14.3.1. Kwikset
14.3.1.1. Company Details
14.3.1.2. Company Description
14.3.1.3. Business Overview
14.3.1.4. SWOT Analysis
14.3.1.5. Strategic Overview
14.3.1.6. Financials
14.3.2. Havenlock Inc.
14.3.2.1. Company Details
14.3.2.2. Company Description
14.3.2.3. Business Overview
14.3.2.4. SWOT Analysis
14.3.2.5. Strategic Overview
14.3.2.6. Financials
14.3.3. Samsung SDS Co., Ltd
14.3.3.1. Company Details
14.3.3.2. Company Description
14.3.3.3. Business Overview
14.3.3.4. SWOT Analysis
14.3.3.5. Strategic Overview
14.3.3.6. Financials
14.3.4. August Home Inc
14.3.4.1. Company Details
14.3.4.2. Company Description
14.3.4.3. Business Overview
14.3.4.4. SWOT Analysis
14.3.4.5. Strategic Overview
14.3.4.6. Financials
14.3.5. Apigy Inc (Lockitron)
14.3.5.1. Company Details
14.3.5.2. Company Description
14.3.5.3. Business Overview
14.3.5.4. SWOT Analysis
14.3.5.5. Strategic Overview
14.3.5.6. Financials
14.3.6. Assa Abloy Group
14.3.6.1. Company Details
14.3.6.2. Company Description
14.3.6.3. Business Overview
14.3.6.4. SWOT Analysis
14.3.6.5. Strategic Overview
14.3.6.6. Financials
14.3.7. Vivint, Inc.
14.3.7.1. Company Details
14.3.7.2. Company Description
14.3.7.3. Business Overview
14.3.7.4. SWOT Analysis
14.3.7.5. Strategic Overview
14.3.7.6. Financials
14.3.8. Panasonic Corporation
14.3.8.1. Company Details
14.3.8.2. Company Description
14.3.8.3. Business Overview
14.3.8.4. SWOT Analysis
14.3.8.5. Strategic Overview
14.3.8.6. Financials
14.3.9. Honeywell International Inc.
14.3.9.1. Company Details
14.3.9.2. Company Description
14.3.9.3. Business Overview
14.3.9.4. SWOT Analysis
14.3.9.5. Strategic Overview
14.3.9.6. Financials
14.3.10. Schlage
14.3.10.1. Company Details
14.3.10.2. Company Description
14.3.10.3. Business Overview
14.3.10.4. SWOT Analysis
14.3.10.5. Strategic Overview
14.3.10.6. Financials
15. Key Takeaways
List of Tables
Table 1: Global Smart Lock Market Size (US$ Mn) Forecast, by Product, 2014 - 2024
Table 2: Global Smart Lock Market Size (US$ Mn) Forecast, by Unlocking Mechanism, 2014 - 2024
Table 3: Global Smart Lock Market Size (US$ Mn) Forecast, by Application, 2014 - 2024
Table 4: Global Smart Lock Market Size (US$ Mn) Forecast, by Region, 2014 - 2024
Table 5: North America Smart Lock Market Size (US$ Mn) Forecast, by Product, 2014 - 2024
Table 6: North America Smart Lock Market Size (US$ Mn) Forecast, by Unlocking Mechanism, 2014 - 2024
Table 7: North America Smart Lock Market Size (US$ Mn) Forecast, by Application, 2014 - 2024
Table 8: North America Smart Lock Market Size (US$ Mn) Forecast, by Country, 2014 - 2024
Table 9: Europe Smart Lock Market Size (US$ Mn) Forecast, by Product, 2014 - 2024
Table 10: Europe Smart Lock Market Size (US$ Mn) Forecast, by Unlocking Mechanism, 2014 - 2024
Table 11: Europe Smart Lock Market Size (US$ Mn) Forecast, by Application, 2014 - 2024
Table 12: Europe Smart Lock Market Size (US$ Mn) Forecast, by Country, 2014 - 2024
Table 13: Asia Pacific Smart Lock Market Size (US$ Mn) Forecast, by Product, 2014 - 2024
Table 14: Asia Pacific Smart Lock Market Size (US$ Mn) Forecast, by Unlocking Mechanism, 2014 - 2024
Table 15: Asia Pacific Smart Lock Market Size (US$ Mn) Forecast, by Application, 2014 - 2024
Table 16: Asia Pacific Smart Lock Market Size (US$ Mn) Forecast, by Country, 2014 - 2024
Table 17: Middle East and Africa Smart Lock Market Size (US$ Mn) Forecast, by Product, 2014 - 2024
Table 18: Middle East and Africa Smart Lock Market Size (US$ Mn) Forecast, by Unlocking Mechanism, 2014 - 2024
Table 19: Middle East and Africa Smart Lock Market Size (US$ Mn) Forecast, by Application, 2014 - 2024
Table 20: Middle East and Africa Smart Lock Market Size (US$ Mn) Forecast, by Country, 2014 - 2024
Table 21: South America Smart Lock Market Size (US$ Mn) Forecast, by Product, 2014 - 2024
Table 22: South America Smart Lock Market Size (US$ Mn) Forecast, by Unlocking Mechanism, 2014 - 2024
Table 23: South America Smart Lock Market Size (US$ Mn) Forecast, by Application, 2014 - 2024
Table 24: South America Smart Lock Market Size (US$ Mn) Forecast, by Country, 2014 - 2024
List of Figures
Figure 1: Executive Summary: Market Size, Indicative (US$ Mn) and Top Solution Segments
Figure 2: Global Smart Locks Market Share, By Region, 2024
Figure 3: Global Smart Locks Market Revenue Projection (US$ Mn), 2014 – 2024
Figure 4: Global Smart Locks Market Y-o-Y Growth (Value %) Forecast, 2015 - 2024
Figure 5: Global Smart Locks Market CAGR by Type (2016 – 2024)
Figure 6: Global Smart Locks Market CAGR by Application (2016 – 2024)
Figure 7: Global Smart Locks Market CAGR by Unlocking- Mechanism (2016 – 2024)
Figure 8: Global Smart Locks Market CAGR by Region (2016 – 2024)
Figure 9: Global Smart Locks Market Value Share Analysis by Product Type, 2015 and 2024
Figure 10: Global Smart Locks Market Attractiveness Analysis by Product Type
Figure 11: Global Smart Locks Market Revenue and Y-o-Y Growth, by Product Type – Deadbolt, 2014 - 2024, (US$ Mn and Value %)
Figure 12: Global Smart Locks Market Revenue and Y-o-Y Growth, by Product Type – Lever/Knobs, 2014 - 2024, (US$ Mn and Value %)
Figure 13: Global Smart Locks Market Value Share Analysis by Unlocking Mechanism, 2015 and 2024
Figure 14: Global Smart Locks Market Attractiveness Analysis by Unlocking Mechanism
Figure 15: Global Smart Locks Market Revenue and Y-o-Y Growth, by Unlocking Mechanism – Keypad, 2014 - 2024, (US$ Mn and Value %)
Figure 16: Global Smart Locks Market Revenue and Y-o-Y Growth, by Unlocking Mechanism – Touch Screen, 2014 - 2024, (US$ Mn and Value %)
Figure 17: Global Smart Locks Market Revenue and Y-o-Y Growth, by Unlocking Mechanism – Touch to Open, 2014 - 2024, (US$ Mn and Value %)
Figure 18: Global Smart Locks Market Revenue and Y-o-Y Growth, by Unlocking Mechanism – App Based, 2014 - 2024, (US$ Mn and Value %)
Figure 19: Global Smart Locks Market Revenue and Y-o-Y Growth, by Unlocking Mechanism – Hybrid/Integrated, 2014 - 2024, (US$ Mn and Value %)
Figure 20: Global Smart Locks Market Value Share Analysis by Application, 2015 and 2024
Figure 21: Global Smart Locks Market Attractiveness Analysis by Application
Figure 22: Global Smart Locks Market Revenue and Y-o-Y Growth, by Application – Government, 2014 - 2024, (US$ Mn and Value %)
Figure 23: Global Smart Locks Market Revenue and Y-o-Y Growth, by Application – Commercial, 2014 - 2024, (US$ Mn and Value %)
Figure 24: Global Smart Locks Market Revenue and Y-o-Y Growth, by Application – Industrial, 2014 - 2024, (US$ Mn and Value %)
Figure 25: Global Smart Locks Market Revenue and Y-o-Y Growth, by Application – Residential, 2014 - 2024, (US$ Mn and Value %)
Figure 26: Global Smart Locks Market Value Share Analysis by Region, 2015 and 2024
Figure 27: Global Smart Locks Market Attractiveness Analysis, by Region
Figure 28: North America Smart Locks Market Revenue (US$ Mn), 2014 – 2024
Figure 29: North America Smart Locks Market Y-o-Y Growth, 2015 - 2024
Figure 30: North America Smart Locks Market Value Share Analysis by Product Type, 2015 and 2024
Figure 31: North America Smart Locks Market Value Share Analysis by Unlocking Mechanism, 2015 and 2024
Figure 32: North America Smart Locks Market Value Share Analysis, by Application, 2015 and 2024
Figure 33: North America Smart Locks Market Value Share Analysis, by Country, 2015 and 2024
Figure 34: North America Smart Locks Market Attractiveness Analysis by Product Type
Figure 35: North America Smart Locks Market Attractiveness Analysis by Unlocking Mechanism
Figure 36: North America Smart Locks Market Attractiveness Analysis, by Application
Figure 37: North America Smart Locks Market Attractiveness Analysis, by Country
Figure 38: Europe Smart Locks Market Revenue (US$ Mn), 2014 – 2024
Figure 39: Europe Smart Locks Market Y-o-Y Growth, 2015 - 2024
Figure 40: Europe Smart Locks Market Value Share Analysis by Product Type, 2015 and 2024
Figure 41: Europe Smart Locks Market Value Share Analysis by Unlocking Mechanism, 2015 and 2024
Figure 42: Europe Smart Locks Market Value Share Analysis, by Application, 2015 and 2024
Figure 43: Europe Smart Locks Market Value Share Analysis, by Country, 2015 and 2024
Figure 44: Europe Smart Locks Market Attractiveness Analysis by Product Type
Figure 45: Europe Smart Locks Market Attractiveness Analysis by Unlocking Mechanism
Figure 46: Europe Smart Locks Market Attractiveness Analysis, by Application
Figure 47: Europe Smart Locks Market Attractiveness Analysis, by Country
Figure 48: Asia Pacific Smart Locks Market Revenue (US$ Mn), 2014 – 2024
Figure 49: Asia Pacific Smart Locks Market Y-o-Y Growth, 2015 - 2024
Figure 50: Asia Pacific Smart Locks Market Value Share Analysis by Product Type, 2015 and 2024
Figure 51: Asia Pacific Smart Locks Market Value Share Analysis by Unlocking Mechanism, 2015 and 2024
Figure 52: Asia Pacific Smart Locks Market Value Share Analysis, by Application, 2015 and 2024
Figure 53: Asia Pacific Smart Locks Market Value Share Analysis, by Country, 2015 and 2024
Figure 54: Asia Pacific Smart Locks Market Attractiveness Analysis by Product Type
Figure 55: Asia Pacific Smart Locks Market Attractiveness Analysis by Unlocking Mechanism
Figure 56: Asia Pacific Smart Locks Market Attractiveness Analysis, by Application
Figure 57: Asia Pacific Smart Locks Market Attractiveness Analysis, by Country
Figure 58: Middle East and Africa Smart Locks Market Revenue (US$ Mn), 2014 – 2024
Figure 59: Middle East and Africa Smart Locks Market Y-o-Y Growth, 2015 - 2024
Figure 60: Middle East and Africa Smart Locks Market Value Share Analysis by Product Type, 2015 and 2024
Figure 61: Middle East and Africa Smart Locks Market Value Share Analysis by Unlocking Mechanism, 2015 and 2024
Figure 62: Middle East and Africa Smart Locks Market Value Share Analysis, by Application, 2015 and 2024
Figure 63: Middle East and Africa Smart Locks Market Value Share Analysis, by Country, 2015 and 2024
Figure 64: Middle East and Africa Smart Locks Market Attractiveness Analysis by Product Type
Figure 65: Middle East and Africa Smart Locks Market Attractiveness Analysis by Unlocking Mechanism
Figure 66: Middle East and Africa Smart Locks Market Attractiveness Analysis, by Application
Figure 67: Middle East and Africa Smart Locks Market Attractiveness Analysis, by Country
Figure 68: South America Smart Locks Market Revenue (US$ Mn), 2014 – 2024
Figure 69: South America Smart Locks Market Y-o-Y Growth, 2015 - 2024
Figure 70: South America Smart Locks Market Value Share Analysis by Product Type, 2015 and 2024
Figure 71: South America Smart Locks Market Value Share Analysis by Unlocking Mechanism, 2015 and 2024
Figure 72: South America Smart Locks Market Value Share Analysis, by Application, 2015 and 2024
Figure 73: South America Smart Locks Market Value Share Analysis, by Country, 2015 and 2024
Figure 74: South America Smart Locks Market Attractiveness Analysis by Product Type
Figure 75: South America Smart Locks Market Attractiveness Analysis by Unlocking Mechanism
Figure 76: South America Smart Locks Market Attractiveness Analysis, by Application
Figure 77: South America Smart Locks Market Attractiveness Analysis, by Country
Figure 78: Global Smart Locks Market Share Analysis By Company (2015)
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