Global Smart Lock Market 2017-2021
About Smart Lock
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.
Technavio’s analysts forecast the global Smart Lock market to grow at a CAGR of 80.6% during the period 2017-2021.
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:
Technavio Announces the Publication of its Research Report – Global Smart Lock Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart lock market: August Home, Candy House, Kwikset, Goji, Lockitron, OKIDOKEYS, HAVEN, Poly-Control, KISI, Schlage, Unikey Technologies, and Yale
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growth of IoT market. IoT has revolutionized traditional hardware functionalities including traditional locks. The technology enables users to monitor their premises in case of any forced entry or break-ins by alerting them through a text message. It also provides pictures of the broken lock and the intruder. Smart locks are an integrated part of IoT, where users are able to secure their premises using technology. The growing market for IoT across the globe due to the rise in digitalization will drive the market for technologically compatible smart locks.”
According to the report, one of the major drivers for this market is benefits of smart locks over traditional locks. Smart locks are more convenient than traditional locks. As the smart locks are paired with the smartphones or smartwatches, the users do not have to carry the keys. The automatic locking and opening system is activated through smartphones or smart watches. Another major advantage of smart locks is the implementation of security standards. These locks can provide exclusive access only to authorized people.
Further, the report states that one of the major factors hindering the growth of this market is low price of digital door locks. As of 2017, digital locks are the most popular option for door locking. In digital locks, the user can lock the door using a number code or fingerprint. Low ASP of digital locks as compared to smart locks is one of the major reasons for the predominance of digital locks in the market . Countries like India and China are adopting digital locks in residential construction due to their low price. In addition, the presence of vendors such as Samsung has increased the popularity of digital locks, which again negatively affects the adoption of smart locks.
August Home, Candy House, Kwikset, Goji, Lockitron, OKIDOKEYS, HAVEN, Poly-Control, KISI, Schlage, Unikey Technologies, and Yale
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