Smart Lock Market Size, Share, Analysis, Growth and Forecast 2026
The global smart lock market is estimated to grow at a CAGR of 12.17% during forecast period 2019-2026.
(EMAILWIRE.COM, October 16, 2019 ) Smart Lock-Market Worth around US $2,295.53 Million by 2026
The global smart lock market is estimated to grow at a CAGR of 12.17% during forecast period 2019-2026.
A smart lock is an electromechanical lock designed to perform locking operations when it receives such instructions from an authorized device using a wireless protocol and a cryptographic key to execute the authorization process. Thus, the benefit offered by these devices along with increasing technology awareness is the major factor that is expected to drive the market over the forecast period.
Increase in adoption of home automation by customers in the both developing and developed nation due to advantages/ benefits associated with the devices and increased usage of smart lock as the security are driving the global smart lock market during the forecast period. According to the survey conducted by International home housewares show 2018, more than 60% of buyer’s states that they wanted smart home products to help them monitor their homes via smart phones, cameras and video doorbells. 63% of them wanted smart locks and alarms and 56% want carbon monoxide detectors. So, Safety is most primary concern for the smart home buyers. According to the Canadian Consumer connected Mobility and Connected home devices Install base in 2017, the total percentage of volume of home security and monitoring increased from 15% in 2016 to 16% in 2017.
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Commercial segment exhibited as a largest segment in global smart lock market in 2018.
In commercial application the smart locks are majorly used in office workstations, hospitality sector and co workspace. The Z-wave and NFC smart locks are used office work stations and co-workspaces. Increase in establishments of commercial floor spaces and co-work spaces across the globe, and increase in disposable spending by the corporates in smart locks for entry and exit of their employees are driving the commercial segment in global smart lock market. According to IEA/OECD, energy technology perspective Paris in 2016, the global building floor area is expected to increase from 223.2 billion m^2 in 2015 to 415.2 billion m^2 in 2050 generating equal market growth to commercial segment in global smart lock market.
Asia-Pacific is expected to grow at a higher pace during the forecast period.
Asia-Pacific smart lock market is valued at USD 606.38Mn in 2018 and is estimated to grow at a CAGR of 12.93 % over the forecast period.
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Asia-pacific global smart market is expected to grow at a steady pace during the forecast period due to increased adoption of security systems as the countries in this region are the emerging economies with growing manufacturing bases and growing demand for connected security devices. The growth can be attributed to the rising number of new residential and commercial construction projects. Additionally, a huge population base, a large number of research and development (R&D) activities, and increasing urbanization in APAC drive the adoption of smart locks in this region. The key developments in this region is associated to the fund raising by the entrepreneur for the developments of novel technologies to meet the consumer demand. For instance in 11th February 2019, Smart lock-making start-up OpenApp has raised $1.3 million in pre-Series A funding round from Unicorn India Ventures and KARSEMVEN Fund, backed by Karnataka government.
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Market Players
The global smart lock market is moderately concentrated market with top four players accounting for more than 40% market share. ASSA ABLOY is one the biggest player in the market and accounted for major share in the market. For the company, Smart lock solutions and sustainable energy saving products remain important growth drivers. The company completed 19 acquisitions during the year FY2018, mainly strengthening and expanding its core business areas. In December 2017, ASSA ABLOY completed the acquisition of August Home, Inc. All market participants will be looking to expand and aim to gain more market share as market is at introduction stage of PLC.
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About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: pr@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
The global smart lock market is estimated to grow at a CAGR of 12.17% during forecast period 2019-2026.
A smart lock is an electromechanical lock designed to perform locking operations when it receives such instructions from an authorized device using a wireless protocol and a cryptographic key to execute the authorization process. Thus, the benefit offered by these devices along with increasing technology awareness is the major factor that is expected to drive the market over the forecast period.
Increase in adoption of home automation by customers in the both developing and developed nation due to advantages/ benefits associated with the devices and increased usage of smart lock as the security are driving the global smart lock market during the forecast period. According to the survey conducted by International home housewares show 2018, more than 60% of buyer’s states that they wanted smart home products to help them monitor their homes via smart phones, cameras and video doorbells. 63% of them wanted smart locks and alarms and 56% want carbon monoxide detectors. So, Safety is most primary concern for the smart home buyers. According to the Canadian Consumer connected Mobility and Connected home devices Install base in 2017, the total percentage of volume of home security and monitoring increased from 15% in 2016 to 16% in 2017.
>View Full Report Summary<
Commercial segment exhibited as a largest segment in global smart lock market in 2018.
In commercial application the smart locks are majorly used in office workstations, hospitality sector and co workspace. The Z-wave and NFC smart locks are used office work stations and co-workspaces. Increase in establishments of commercial floor spaces and co-work spaces across the globe, and increase in disposable spending by the corporates in smart locks for entry and exit of their employees are driving the commercial segment in global smart lock market. According to IEA/OECD, energy technology perspective Paris in 2016, the global building floor area is expected to increase from 223.2 billion m^2 in 2015 to 415.2 billion m^2 in 2050 generating equal market growth to commercial segment in global smart lock market.
Asia-Pacific is expected to grow at a higher pace during the forecast period.
Asia-Pacific smart lock market is valued at USD 606.38Mn in 2018 and is estimated to grow at a CAGR of 12.93 % over the forecast period.
>Enquire About The Report<
Asia-pacific global smart market is expected to grow at a steady pace during the forecast period due to increased adoption of security systems as the countries in this region are the emerging economies with growing manufacturing bases and growing demand for connected security devices. The growth can be attributed to the rising number of new residential and commercial construction projects. Additionally, a huge population base, a large number of research and development (R&D) activities, and increasing urbanization in APAC drive the adoption of smart locks in this region. The key developments in this region is associated to the fund raising by the entrepreneur for the developments of novel technologies to meet the consumer demand. For instance in 11th February 2019, Smart lock-making start-up OpenApp has raised $1.3 million in pre-Series A funding round from Unicorn India Ventures and KARSEMVEN Fund, backed by Karnataka government.
>Download Free Sample Report<
Market Players
The global smart lock market is moderately concentrated market with top four players accounting for more than 40% market share. ASSA ABLOY is one the biggest player in the market and accounted for major share in the market. For the company, Smart lock solutions and sustainable energy saving products remain important growth drivers. The company completed 19 acquisitions during the year FY2018, mainly strengthening and expanding its core business areas. In December 2017, ASSA ABLOY completed the acquisition of August Home, Inc. All market participants will be looking to expand and aim to gain more market share as market is at introduction stage of PLC.
>Buy This Premium Report<
About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: pr@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results