The Smart Lock Market is expected to grow at a CAGR of 13.11% between 2017 and 2023. Smart Lock Market report contains the top corporate profiles and strategies with industry analysis and trends. The Smart Lock Market is growing and the experts have predicted the future stats of Smart Lock.
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The complete report of Smart Lock Market by Lock Type (Deadbolts, Lever Handles, Padlocks), Communication Protocol (Bluetooth, Wi-Fi), Vertical (Residential, Commercial, Institution and Government, Industrial) and Geography - Global Forecast to 2023 is now available on www.rnrmarketresearch.com/smart-lo…rket-report.html
The smart lock market is expected toreachUSD2.67 billion by 2023 from USD 1.28 billion in 2017, at a CAGR of 13.11% between 2017 and 2023.The growing security and safety concerns is one of the major factors fueling the growth of this market. Moreover, the enhanced features compared with traditional lock systems and rising adoption of smart phones and other connected devices are expected to generate demand for these systems.
The key restraining factors for the growth of this market are the high cost and perception of unreliability and lack of awareness among customers.
The deadbolts segment is expected to hold the largest share of the smart lock market based on lock type during the forecast period.
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The benefits associated with deadbolts such as low installation cost, high durability, and high security from the intense intrusion or attack in the residential, commercial, and others applications contribute to high growth of the market for this segment.
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Break of primary participants in Smart Lock Market was as mentioned below:
By Company Type: Tier 1 – 27%, Tier 2 – 46%, and Others – 27%
By Designation: C-level – 36%, Director-level – 28%, and Others – 36%
By Region: Asia-Pacific – 46%, Europe – 27%, North America – 18%, South America-1%, and Middle East & Africa – 8%
Major players of Smart Lock Market Report are:
The report also profiles the key players in the smart lock market and analyzes their market rankings. The prominent players profiled in this report are ASSA ABLOY (Sweden), Allegion (Ireland), dorma+kaba (Switzerland), Spectrum Brands (US), Salto Systems (Spain), Onity (US), Cansec Systems (Canada), and Master Lock (US), among others.
FAQ’s regarding the Smart Lock Market Report are:
What is Market Penetration of Smart Lock?
Comprehensive information on the product portfolios of the top players in the Smart Lock market
What is Product Development/Innovation of Smart Lock?
Detailed insights on the upcoming technologies, R&D activities, and product launches in the Smart Lock market
What is Competitive Assessment of Smart Lock?
In-depth assessment of the market strategies, geographic and business segments, and product portfolios of the leading players in the Smart Lock market
What is Market Development of Smart Lock?
Comprehensive information about emerging markets. This report analyzes the market for various Smart Lock products across geographies
What is Market Diversification of Smart Lock?
Exhaustive information about new products, untapped geographies, recent developments, and investments in the Smart Lock market
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The market is segmented on the basis of type, application, and region. This report covers the Smart Lock market, in terms of volume and value, and forecasts its market size till 2022.
The report also provides company profiles and competitive strategies adopted by the key players in the Smart Lock market. The report offers detailed information on major factors such as drivers, restraints, opportunities, industry-specific challenges, and winning imperatives influencing the growth of the market.
The Smart Lock market in APAC is expected to grow at the highest CAGR during the forecast period owing to the increasing investment in the semiconductor industry and higher consumption rate of consumer electronics in the region. The telecom and automotive verticals are also playing a significant role in the growth of the Smart Lock market in the region.
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