Smart Locks Market Valuation Worth $14,972.3 Million by 2025, Registering At a CAGR of 20.1%
The major factor that drives the growth of the smart lock segment is the increase in the prevalence of data security in commercial spaces.
PORTLAND , PORTLAND, OR, UNITED STATE, September 5, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global Smart Lock Market Size contributed $473.1 million in 2017 and is projected to reach $1.17 billion by 2023, growing at a CAGR of 16.4% during the forecast period, 2017–2023.
Rise in concerns related to safety, adoption of smart homes, and rise in demand for IoT-enabled devices to facilitate the growth in the market. However, issues related to connectivity in developing economies and expensive smart locks hinder the market growth.
On the contrary, an increase in the penetration of smartphones to offer features related to remote control and enhanced standards of living across the world would create new opportunities for the market players in the future.
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The deadbolt segment contributed the largest share in the market, accounting for nearly half of the total market share in 2017, as it provides better protection against attacks in commercial and residential spaces.
However, the lever handle segment would register the highest growth rate, with a CAGR of 18.1% during the forecast period, owing to its efficacy in unlocking doors with keyless solutions along with a variety of applications in the commercial utility segment such as offices, workshops, garages, and hotels.
The Wi-Fi segment would register the fastest growth, with a CAGR of 17.4% during the forecast period, owing to a surge in the adoption of smart homes and connection to different devices through a single internet connection.
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However, the Bluetooth segment held the largest market share in 2017, accounting for more than half of the total share, owing to a rise in penetration of smartphones for unlocking doors.
North America accounted for the largest market share in terms of revenue in 2017, contributing more than one-third of the total share, owing to a rise in investment by government and defense sectors for security purposes.
However, Asia-Pacific is expected to grow at the fastest CAGR of 18.2% from 2017 to 2023, owing to an increase in concerns regarding security in government offices & research centers along with rising in construction activities in developing nations.
Key Benefits For Stakeholders:
• The study provides an in-depth analysis of the smart locks market share along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the smart locks market size is provided.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the smart locks market.
• The quantitative analysis of the smart locks market share from 2020 to 2030 is provided to determine the market potential.
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The report offers insights on the major market players including Schlage, ASSA ABLOY AB, Panasonic Corporation, Spectrum Brands, Inc., Haven Lock, Inc., Vivint, Inc., Honeywell International Inc., August Home, UniKey Technologies Inc., and Samsung SDS Co. Ltd.
COVID-19 scenario:
• Increase in adoption of smart locks during the pandemic affected the global smart locks market positively. Commercial and government sectors have adopted smart locks to overcome concerns regarding the safety and security of the public and enterprises.
• As the world is getting back to normalcy, organizations are focusing on advanced technology such as machine learning (ML), artificial intelligence (AI), the internet of things (IoT), and cloud computing across residential and commercial sectors to perform contactless operations. This is expected to boost the demand for smart locks in the market.
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The report offers key drivers that propel the growth in the global smart locks market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining the potential in untapped regions.
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1. Home Control & Security Systems Market
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