Smart Lock Market by End-users and Geography - Forecast and Analysis 2019-2023
Global Smart Lock Market: About this market
Technavio’s smart lock market analysis considers sales from residential and other end-users. Our study also finds the sales of smart lock in APAC, Europe, North America, South America, and MEA. In 2018, the residential segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as facial recognition, voice activation, geofencing, and other smart lock features will play a significant role in the residential segment to maintain its market position. Also, our global smart lock market report looks at factors such as developments in connectivity technologies, integration of HM technologies in smart locks, growing ecosystem of IoT devices. However, high cost of smart locks, growing security and privacy concerns, and interoperability issues in smart locks may hamper the growth of the smart lock industry over the forecast period.
Global Smart Lock Market: Overview
Integration of HMI technologies in smart locks
Vendors in the market are integrating human-machine interface (HMI) technologies including facial recognition, biometrics, and virtual assistants in their product offerings. These technologies are enabling the end-users to control functions such as locking, unlocking, and changing settings of smart locks through voice commands. These features also help in enhancing security and the user experience will lead to the expansion of the global smart lock market at a CAGR of almost 15% during the forecast period.
Integration of advanced technologies in smart locks
The integration of wireless technologies, such as Wi-Fi, BLE, and Zigbee, enables end-users to connect with other smart home devices such as smart alarms, smart doorbells, and security cameras. In addition, to enhance the security system of smart locks, several smart lock manufacturers are introducing modern technologies such as fingerprint and facial recognition. Some of the smart locks also incorporate built-in alarms and cameras to offer additional features. The integration of advanced technologies in smart locks products ensures high security and reliability. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global smart lock market during the forecast period 2019-2023, click here.
With the presence of several major players, the global smart lock market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading smart lock manufacturers, that include Allegion Plc, APX Group Holdings Inc., ASSA ABLOY AB, dormakaba Holding AG, Honeywell International Inc., Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., Spectrum Brands Holdings Inc., and Yunding Network Technology (Beijing) Co. Ltd
Also, the smart lock market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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